Educational Disclaimer: This site is for education only. We do not give investment advice. Shares are volatile — prices go up and down and you may lose money. Always do your own research and speak to a professional adviser.
Education only. This is not a formal endorsement of any broker. Always verify SEC registration directly at sec.gov.ng before opening an account. Verify halal status of any financial products offered with a qualified Shariah scholar.
What to look for as a Muslim investor
Meristem Securities Limited
Full Service Shariah-friendly SEC RegisteredMeristem Securities is one of Nigeria's largest and most respected stockbroking firms. Their Meritrade platform (iOS & Android) allows you to open an account, trade all NGX-listed stocks, set price alerts, subscribe to IPOs, and track your portfolio in real time. Account opening starts from ₦10,000.
🕌 Halal note
Meristem sponsors Cowrywise's halal investing feature, which gives investors direct access to the NGX Lotus Islamic Index — a basket of Shariah-screened Nigerian stocks. If you prefer a full-service broker with an Islamic conscience, Meristem is the strongest option. Decline any margin or lending add-ons.
- ✓Largest full-service broker in Nigeria by client reach
- ✓Meritrade app is fast and well-designed (2024 relaunch)
- ✓Backs Cowrywise's halal investing product
- ✓Access to IPOs, ETFs, and all NGX equities
- ✓Strong research and wealth management arm
- —Not an exclusively Islamic institution
- —Some conventional products offered — pick and choose carefully
Lotus Capital Limited
Full Service Shariah-friendly SEC RegisteredLotus Capital is Nigeria's pioneer Islamic asset manager, founded in 2004. It manages the Lotus Halal Equity ETF (LOTUSHAL15), the Lotus Halal Fixed Income Fund (Sukuk, Ijarah, Murabaha instruments), and advises on Nigeria's sovereign Sukuk issuances. Opening an account gives you access to their full suite of halal products.
🕌 Halal note
Lotus Capital is explicitly and exclusively Shariah-compliant. Their Shariah Advisory Board oversees all products. They maintain the NGX Lotus Islamic Index — the official screen used across this site. They do not offer margin trading or interest-bearing products. This is the gold-standard halal broker in Nigeria.
- ✓Nigeria's only fully Shariah-compliant broker
- ✓Manages the NGX Lotus Islamic Index ETF
- ✓Advised on Nigeria's first sovereign Sukuk (2017)
- ✓Dedicated Shariah Advisory Board oversight
- ✓Offers halal fixed income (Sukuk) as well as equities
- —Higher minimum deposit than mainstream brokers
- —Smaller firm — fewer branch locations
- —Research tools not as extensive as bank-backed brokers
CardinalStone Securities
Online SEC RegisteredCardinalStone Securities is a leading independent Nigerian investment bank and broker. It offers an online trading platform with access to all NGX equities. Account opening can be completed online without visiting a branch.
🕌 Halal note
CardinalStone is a conventional broker. You can buy halal NGX stocks through their platform. Avoid their margin facility (lending to buy more stocks) as this involves interest. Focus on cash-funded equity purchases only.
- ✓Independent broker — not bank-owned
- ✓Competitive fees
- ✓Good online platform and mobile app
- ✓Supports CSCS (Central Securities Clearing System) account
- —Not a Shariah-compliant institution
- —Smaller research team than bank-backed brokers
Cowrywise (via Meristem)
Online Shariah-friendly SEC RegisteredCowrywise is a SEC-licensed digital investment platform, sponsored by Meristem Stockbrokers. It offers a dedicated Halal Investing feature that gives you exposure to the 11 NGX Lotus Islamic Index stocks. Setup is fully digital and takes minutes. Minimum investment is very low — making it ideal for first-time investors.
🕌 Halal note
Cowrywise's Halal Portfolio invests only in stocks that pass the NGX Lotus Islamic Index screen. This means no banks, no insurance companies, no breweries — only companies with clean revenue and acceptable debt ratios. It is one of the most beginner-friendly halal investing options available in Nigeria today.
- ✓Easiest halal investing onboarding in Nigeria
- ✓Very low minimum investment (₦1,000)
- ✓Automatically tracks the NGX Lotus Islamic Index
- ✓No interest-based products
- ✓Slick mobile app — great for beginners
- —Halal portfolio limited to the 11 Lotus Index stocks only
- —Cannot buy individual stocks outside the index via this route
- —Not a full-service broker
CardinalStone Securities Limited
Full Service SEC RegisteredCardinalStone has been Nigeria's #1 broker by trading volume and value for multiple years running. Their CS Alpha app (iOS/Android) offers real-time portfolio management, equity trading, fixed income, and mutual fund access. Account opening is done online.
🕌 Halal note
CardinalStone is a conventional broker. You can use it to buy halal NGX stocks (any of the Lotus Index constituents or other screened equities). Avoid their margin facility and interest-bearing products. Stick to cash-funded equity purchases only.
- ✓#1 NGX broker by volume and value (2022–2024)
- ✓CS Alpha app is well-designed and feature-rich
- ✓Low minimum deposit
- ✓Strong institutional and retail reach
- —Not Shariah-compliant as an institution
- —Margin trading is offered — decline it
Stanbic IBTC Stockbrokers
Full Service SEC RegisteredStanbic IBTC Stockbrokers is one of Nigeria's largest brokerage houses, backed by the Standard Bank Group. They offer direct market access through both a web platform and mobile app, with zero account balance required to open. Strong research and institutional-grade infrastructure.
🕌 Halal note
Stanbic IBTC is a conventional broker. You can buy halal stocks through their platform, but decline margin accounts and any interest-linked products. Equity-only investing through Stanbic IBTC is permissible if the underlying stocks pass a Shariah screen.
- ✓One of Nigeria's largest and most stable brokers
- ✓Strong technology infrastructure and market access
- ✓Good customer support and branch network
- ✓Zero balance account opening
- —Not a Shariah-compliant institution
- —Wide range of interest-based products offered — avoid these
United Capital Securities
Full Service SEC RegisteredUnited Capital Securities operates the InvestNow platform (investnow.ng), one of Nigeria's most modern retail investment portals. It supports stocks, mutual funds, treasury bills, and Eurobonds. Account opening is fully digital with zero minimum balance to start.
🕌 Halal note
United Capital is a pan-African conventional investment group. Their InvestNow platform gives you access to all NGX stocks, including Lotus Index halal equities. Avoid fixed-income and treasury bill products (these are interest-based). Use only the equity trading feature.
- ✓InvestNow platform is polished and easy to use
- ✓Zero minimum balance to open an account
- ✓Pan-African institutional backing
- ✓Access to full NGX stock list
- —Not Shariah-compliant — offers T-bills and bonds (riba)
- —Must manually avoid interest-based products
Cordros Securities
Full Service SEC RegisteredCordros Securities has operated for 17+ years and is consistently one of the top NGX brokers by volume. They are NGX, FMDQ, and NASD members, giving you access to equities, bonds, and over-the-counter securities. Primarily institutional but open to retail clients.
🕌 Halal note
Cordros is a conventional broker. Muslim investors can use them for NGX equity trading only. Avoid fixed income products. Their research reports can be valuable for understanding the market even if you execute through a different platform.
- ✓Consistently top 5 by NGX trading volume
- ✓17+ years market experience
- ✓Strong institutional research
- ✓NGX, FMDQ, and NASD access
- —Not Shariah-compliant
- —Less retail-focused than some competitors
- —No dedicated mobile app
Afrinvest Securities
Full Service SEC RegisteredAfrinvest Securities has over 30 years of experience in Nigerian capital markets. Their Afrinvestor 2.0 app (Android) provides portfolio management, real-time market data, and equity trading. They are well regarded for their annual banking sector reports.
🕌 Halal note
Afrinvest is a conventional broker. Muslim investors can trade halal NGX equities through their platform. Do not use their fixed income desk (bonds, treasury bills involve riba). Equity-only engagement is acceptable.
- ✓30+ years in Nigerian capital markets
- ✓Strong equity research — useful for stock analysis
- ✓Mobile app available
- ✓Well-established institutional reputation
- —Not Shariah-compliant
- —App has fewer features than newer platforms
Chapel Hill Denham Securities
Full Service SEC RegisteredChapel Hill Denham Securities is an investment bank and broker founded in 2005. They operate InvestNaija (investnaija.com), a retail-facing platform with low entry points for stocks and ETFs. They hold market maker status on the NGX.
🕌 Halal note
Chapel Hill Denham is a conventional broker. Their InvestNaija platform gives retail access to all NGX equities including Lotus Index stocks. Avoid fixed income and any interest-based products on the platform.
- ✓InvestNaija retail app is beginner-friendly
- ✓Market maker status on NGX
- ✓NGX, FMDQ, and NASD membership
- ✓Low minimum entry via InvestNaija
- —Not Shariah-compliant
- —Fixed income products available — avoid these
FBNQuest Securities
Full Service SEC RegisteredFBNQuest Securities is the investment banking arm of FBNHoldings Plc (First Bank group). They offer full-service stockbroking, asset management, and research. Their online portal (myportfolio.fbnquest.com) allows clients to view and manage positions.
🕌 Halal note
FBNQuest is a conventional broker linked to a conventional bank. Muslim investors can trade halal NGX equities here but must strictly avoid all interest-based products including treasury bills, fixed deposits, and margin accounts.
- ✓Backed by the First Bank group — very stable
- ✓Strong equity research and daily market insights
- ✓Good for institutional-volume trades
- ✓Online portfolio portal available
- —Not Shariah-compliant
- —No dedicated mobile app
- —Primarily institutional — retail experience could improve
Vetiva Securities
Full Service SEC RegisteredVetiva Capital Management is a pan-African full-service broker with issuing house, market maker, and fund manager licenses. They offer investment banking, securities trading, asset management, and trust services across Nigeria's capital markets.
🕌 Halal note
Vetiva is a conventional broker. You can buy halal NGX equities through them. Do not engage their fixed income, consumer finance, or any interest-bearing product lines.
- ✓Market maker and issuing house status
- ✓Pan-African capital markets reach
- ✓Experienced team with broad product suite
- —Not Shariah-compliant
- —No dedicated retail mobile app
EFG Hermes Nigeria
Full Service SEC RegisteredEFG Hermes is a leading MENA investment bank with a Nigerian operation. Their EFG Hermes ONE platform allows you to open an account in 3 minutes and access 35 global markets including the NGX. Account verification takes up to 48 hours.
🕌 Halal note
EFG Hermes parent company offers Islamic finance products in MENA markets, though the Nigerian arm operates as a conventional broker. You can buy halal NGX stocks through the ONE platform. The global market access (including Gulf and MENA halal stocks) may be an added advantage.
- ✓Access to 35 global markets via one account
- ✓Fast account opening — 3 minutes
- ✓Strong MENA Islamic finance heritage
- ✓Slick EFG Hermes ONE app
- —Nigerian arm is not explicitly Shariah-compliant
- —Global product suite includes interest-based instruments
ARM Securities
Full Service SEC RegisteredARM Securities is the stockbroking arm of the ARM Group, one of Nigeria's oldest and most respected investment managers. They offer equity trading and portfolio management services for both retail and institutional clients.
🕌 Halal note
ARM Securities is a conventional broker. Use them to buy halal NGX equities only. Do not engage ARM's fixed income, money market, or pension products as these involve interest.
- ✓Part of the well-established ARM Group
- ✓Trusted brand with decades of track record
- ✓Good for long-term portfolio building
- —Not Shariah-compliant
- —Less retail-focused than newer digital platforms
APT Securities and Funds
Full Service SEC RegisteredAPT Securities is a consistent top-10 NGX broker by trading value. Based at Church House, Marina (Lagos's financial district), they focus on mandate execution and securities dealing for institutional and high-net-worth clients.
🕌 Halal note
APT is a conventional broker. Suitable for halal equity trading, but avoid any interest-linked products they may offer. Best for investors who prefer a traditional broker relationship over a digital-first platform.
- ✓Consistently ranked top 10 on NGX by volume
- ✓Strong institutional execution capability
- ✓Longstanding SEC and NGX member
- —Not Shariah-compliant
- —No mobile app
- —Less retail-facing — better for larger accounts
Anchoria Asset Management
Full Service SEC RegisteredAnchoria Asset Management has over 30 years of capital markets experience and is a member of both the NGX and NASD OTC exchange. They offer stockbroking and asset management services for retail and institutional clients.
🕌 Halal note
Anchoria is a conventional firm. Muslim investors can trade halal NGX equities through them. Avoid fixed income products.
- ✓30+ years of experience in Nigerian capital markets
- ✓NGX and NASD dual membership
- ✓Suitable for long-term investors
- —Not Shariah-compliant
- —No mobile app
- —Primarily targets institutional and HNW clients
Atlass Portfolios
Full Service SEC RegisteredAtlass Portfolios is a leading NGX brokerage firm that has consistently appeared in the top 10 brokers by transaction value. They focus on portfolio management and securities trading.
🕌 Halal note
Atlass is a conventional broker. Halal stock investing is possible through their platform — restrict your activity to equity purchases only.
- ✓Consistent top 10 NGX performer
- ✓Strong portfolio management focus
- —Not Shariah-compliant
- —Limited online/digital presence
Cowry Asset Management
Full Service SEC RegisteredCowry Asset Management (not to be confused with Cowrywise) was incorporated in 2005 and holds NGX and NASD membership. They offer investment management, securities trading, real estate, and advisory services.
🕌 Halal note
Cowry Asset Management is a conventional firm. Muslim investors can trade halal NGX stocks through them. Avoid their real estate and fixed income offerings if interest is involved.
- ✓Multi-service firm with broad product offering
- ✓NGX and NASD member
- ✓20+ years in operation
- —Not Shariah-compliant
- —Limited digital/app presence
Greenwich Securities
Full Service SEC RegisteredGreenwich Securities is the stockbroking arm of the Greenwich Merchant Bank Group. They offer equity trading and research services for retail and institutional clients on the NGX.
🕌 Halal note
Greenwich is a conventional broker. Use their equity desk to buy halal NGX stocks only. Avoid all interest-bearing fixed income products from the Greenwich group.
- ✓Backed by Greenwich Merchant Bank — stable and credible
- ✓Equity research available
- —Not Shariah-compliant
- —No dedicated mobile app
WSTC Securities
Full Service SEC RegisteredWSTC Financial Services has over 30 years of experience and is an active NGX dealing member. They handled ₦37.2 billion in trading value recently. Services include stockbroking, investment advisory, and portfolio management.
🕌 Halal note
WSTC is a conventional broker. Muslim investors can buy halal NGX equities through their platform. Avoid fixed income products.
- ✓30+ years of market experience
- ✓Significant trading volume on NGX
- ✓Investment advisory services available
- —Not Shariah-compliant
- —No mobile app
- —Primarily institutional focus
Sigma Securities Limited
Discount SEC RegisteredSigma Securities Limited was founded in 1995 and has a long track record on the NGX. They cater primarily to high-net-worth individuals and institutional investors, with a higher minimum account threshold.
🕌 Halal note
Sigma is a conventional broker. Suitable for halal equity investing at the high-net-worth level. Avoid interest-linked products.
- ✓Long-established — founded 1995
- ✓Experienced team for large-ticket trades
- —Not Shariah-compliant
- —High minimum deposit (₦5,000,000) — not for beginners
- —No mobile app
Looking for more brokers?
There are over 100 SEC-registered stockbrokers on the Nigerian Exchange Group (NGX). We feature the 20 most relevant for halal investors above. To see the full list, verify SEC registration, or check monthly trading performance, use these official sources:
Always verify a broker's SEC registration at sec.gov.ng before opening an account.