A small group of brokerage firms handled more than half of trading activity on the Nigerian Exchange (NGX) during the week ended August 21, highlighting the growing concentration of market execution among major intermediaries.
The latest NGX brokerage data showed the top 10 stockbrokers dominated trading across equities, fixed income and ETFs during the week, with their combined activity accounting for a substantial share of transactions. The figures were reported by Punch on August 26.
The concentration is not entirely new. Earlier NGX data analysed by Nairametrics showed the top 10 brokers already accounted for 54.52% of equity-market volume and 48.83% of value during the first full trading week of 2026. For full-year 2025, the group handled 61.82% of total market value, indicating that institutional and large-ticket transactions are consistently concentrated among a relatively small number of firms.
For investors, the trend matters because broker concentration can provide insight into where institutional trading and liquidity are being channelled. It also means that the execution capacity and institutional relationships of major brokers remain important to the functioning of the market.
The latest figures should be watched alongside NGX turnover and investor participation as the exchange navigates its recent correction. Sustained concentration could reinforce the influence of large intermediaries over market liquidity and price discovery.
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