Broker Comparison

Find the Right Broker
for the Dangote IPO

Accurate commissions, minimums, and IPO eligibility for all 12 major Nigerian stockbrokers. Updated August 2026.

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4 Primary IPO Managers: The Dangote Group appointed Stanbic IBTC Capital, Vetiva Capital Management, and FirstCap as lead issuing houses/advisors, alongside Zedcrest Securities as an official joint stockbroker. While these four institutions anchor the bookbuilding, distribution, and structuring of the offer, any licensed broker in Nigeria can process and submit your subscription to the registrar via authorized electronic channels.
Two things to know before choosing a broker:
(1) “No minimum balance” (Stanbic IBTC, ARM) means opening is free — but you still need enough funds to buy at least one unit of your chosen stock.
(2) Fintech platforms like Bamboo and Cowrywise may embed fees inside deposit gateways (approx 1.4% card processing). Always check your total cost, not just the stated commission.
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Key Insights for Nigerian Investors

Lowest Commission

Stanbic IBTC offers 0.70% via E-Trade — significantly below all other appointed brokers.

Best for IPO Access

For the Dangote IPO use one of the 4 appointed brokers: Zedcrest, Stanbic IBTC, Vetiva, or FirstCap.

Lowest Entry Barriers

Chapel Hill Denham accepts from ₦100 via InvestNaija. ARM and Stanbic have zero minimum balance.

Fintech vs Traditional

Stanbic (0.70%) and CardinalStone (1.20%) give cheaper raw execution. Fintech deposit fees may add ~1.4%.

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