Nigerian business executive Michael Nzewi has led CardinalStone Securities, the trading arm of CardinalStone Partners Limited, to a historic milestone, recording N2 trillion ($1.4 billion) in transaction value on the Nigerian Exchange (NGX) in 2025. This achievement makes CardinalStone the first Nigerian broker to surpass both N1 trillion and N2 trillion thresholds in a single year, cementing its position as the country’s largest stockbroker by transaction value.
According to NGX data, CardinalStone Securities, under Managing Director Peter Omoregie, accounted for 18.3 percent of total market transactions in 2025, ahead of competitors such as Chapel Hill Denham Securities, Stanbic IBTC Stockbrokers, and Cordros Securities. The firm’s success coincided with Nigeria’s equity market posting a 51.19 percent gain in 2025, the strongest performance in 18 years and far above the S&P 500’s 16.39 percent return.
Speaking on the milestone, Nzewi highlighted that the achievement reflects client trust and the depth of domestic capital, emphasizing the company’s commitment to research-driven insights, innovative solutions, and consistent execution to support Nigeria’s capital markets. Omoregie added that the firm’s performance demonstrates strong execution capabilities in a competitive market and a focus on deepening liquidity and institutional participation.
Founded in 2008, CardinalStone Partners Limited offers investment banking, asset management, securities trading, registrar services, and financing solutions to institutional, high-net-worth, and retail clients. Under Nzewi’s leadership since 2017, the firm has executed complex transactions while maintaining global standards. In 2024, CardinalStone Capital Advisers sold a 65 percent stake in i-Fitness to Verod Capital Management for $18.5 million, generating $12 million from the deal.
Looking ahead, CardinalStone Capital Advisers is raising a $120 million private equity fund, Growth Fund II, to invest in small and medium-sized enterprises across Nigeria, Ghana, Côte d’Ivoire, and Senegal, targeting sectors including consumer goods, healthcare, agribusiness, industrials, and financial services. The fund recently secured $15 million from the IFC, signaling confidence in the next wave of scalable African businesses.
This landmark year positions CardinalStone as a driving force in Nigeria’s financial markets while expanding its influence across West Africa and beyond.
