CSL Stockbrokers Ltd (CSLS) has over 30 years operating history on the Nigeria Stock Exchange.

CSLS is a fully owned subsidiary of FCMB Group Plc and provides Institutional and corporate brokerage services to investors and select issuers. At the heart of CSLS is a robust research platform which supports local and international investors who desire in-depth coverage of the Nigerian capital markets and the economy as a whole.

Our brokerage platform is accessible through our regulated offices in Lagos, London, and New York.

Institutional Sales & Trading

At CSLS we provide Nigerian companies (Corporate) local and international (Institutional) investors with research orientated, investor focused and uncompromised solutions. We serve their diverse needs in the areas of institutional sales and trading, corporate finance, corporate broking and research.

Daily, we execute a significant portion of all trading in Nigerian equities. Our research product is recognized as consistent and comprehensive in the market and distributed to institutional investors around the world.

In 2009, our parent company (FCMB) opened an office in London and was authorised as an Investment firm by the Financial Services Authority (FSA) with Register No. 502704. The exacting standards of the FSA has naturally permeated the entire organisation and today we have become the natural port of call for global brokers and emerging market funds looking for access to Nigeria.

Corporate Finance

Through our sister company FCMB Capital Markets Limited we have become reputable and recognize advisers of choice to Nigeria's leading companies and public institutions, and have been involved in landmark transactions, in Nigeria, over the past three decades. We provide comprehensive advisory services, combining innovative advice and proven execution skills, to our domestic and multinational clients. Our services include but are not limited to financial advisory, debt and equity capital raising including initial public offerings, mergers and acquisitions, infrastructure and project finance.

Our broad approach is to:

Leverage on our deep industry knowledge and financial expertise to provide informed advice on a broad array of business and financing strategies to address specific client needs;

Review government and regulatory policies that will best suit our clients and offer bespoke advice aimed at creating value;

Identify and create profitable solutions for our clients;

Interact with the various units/divisions within the First City Group in order to provide comprehensive solutions for our clients.

Corporate Broking

As a research orientated and Investor focused entity we have built our reputation and loyal client base over 30 years by identifying the best investment opportunities in our market. Our Corporate Broking Solution compliments this philosophy as we identify and develop "partnerships" with companies that offer great investment opportunities to our global investor client base.

We provide insightful market and firm specific information to our institutional investors, to help them promote and maintain investor interest in issues by the clients as well as keeping the client informed about its share price and sector activity.

CSLS will act as a long-term retained adviser on activities which include investor relations, market marking, listing sponsorship, research, placements/capital raising to local and foreign institutional investors and corporate action advice in light of market realities.

We provide advisory services to our corporate clients. Helping ensure that their valuation in the market (share price) appropriately reflects their true worth.

Research

Research is the focal point of our value proposition to investors in Sub-Saharan Africa. Our analysts provide insight, information and recommendations that allow our clients to act objectively and decisively on the key markets that we cover.

Excellence in the research arena is achieved through the quality of our personnel and the breadth and depth of their knowledge and understanding of the African investment theatre. The team focuses on four main areas:

Strategy and economics: our economic research is respected not only for its analysis of the critical issues affecting Nigeria and Sub-Saharan Africa, but also for its in-depth insights on how the major global issues can provide opportunities or threats in the region, across different African countries and across asset classes.

Sector reviews: by providing analysis of equities across their local peer groups, across the African continent and across other emerging markets, our analysts provide clients with the knowledge and understanding that they need to anticipate the next big move in share prices. Our sector reports have received widespread acclaim. In the recent past, they have included reports on the banking industry, building materials, petroleum marketing, breweries and fast moving consumer goods.

Company research: on numerous listed African companies, our analysts provide thought provoking and innovative research and analysis, sometimes allowing the inherent value in a security to be truly appreciated by market participants. Our research employs only detailed fundamental analysis, using state-of-the-art modeling techniques to forecast performance and to pick the winners. Our company coverage is timely and thoughtful, making use of extensive industry expertise on the stocks that we cover.

Multi-asset research: our strategy team incorporates analysis of money markets, bond markets and equity markets to give Nigerian clients a comprehensive analysis of the Nigerian markets. These insights feed into the equity and fixed income research for international investors.

Our research is used by a wide variety of institutional money managers including pension funds, mutual funds, hedge funds and other asset managers. Importantly, our research serves as a tool for the market, enabling stocks to reach their correct and fair valuation levels. Analysts visit clients regularly to discuss their ideas and expand upon their most recent findings.

 

 

Special Reports

Power Sector Report

Power sector in-depth report (Part 1)

Power sector in-depth report (Part 2)

Diamonds in Delta

Diamonds in Delta Report (part 1A)

Diamonds in Delta Report (Part 1B)

Diamonds in Delta Report (Part 2)

Oil and Gas Sector

Nigeria Oil and Gas Sector Report (Part 1)

Nigeria Oil and Gas Sector Report (Part 2)

Nigeria Oil and Gas Sector Report (Part 3)

Nigeria Oil and Gas Sector Report (Part 4)

 

 

Online Trading Form

Individual/Joint Account opening

Corporate Account Opening form

 

Our Heritage

CSL Stockbrokers Limited was incorporated on September 27, 1977, and commenced business in January 1978 providing, individual, corporate and government clients, with high quality professional and personalized financial and investment services. Since inception, CSL has played a notable role in the development of the Nigerian capital market by arranging public issues and private placements of equity and debt of leading Nigerian companies.

Amongst which were the public issue of 18 million shares, valued at Sixteen million Naira for Mobil Oil Nigeria Limited in June of 1978, which at the time was the largest single equity issue to be brought to the Nigerian capital market and the acquisition of 60% equity stake of AgipPetroli in Agip Nigeria Plc by Unipetrol Nigeria Plc, worth N8.413 billion, one of the largest block trade ever in the history of the Nigerian Stock Exchange till date. Also in 1980, City Securities Limited, in partnership with the London merchant bank, Charterhouse Japhet Limited, advised on the financial restructuring of the Nigerian National Petroleum Corporation [NNPC].

 

Our Ideology

Our actions are directed by laid down ideologies that embody our true nature, right from inception. These enduring traits are what drive us and help us deliver every time.

Our unique research abilities and profound insight into critical investment matters enables us to meet our client's requirements.

At CSLS, we roll up our sleeves and dig deep to offer you profound financial and investment insights in order to ensure that your investments grow bountifully. With the insight that we derive from our broad and intense research, knowledge gathering, creative analysis and the innovative application of such principles learned through time, what we offer you is returns beyond expectation.

Vision

To be the investment management services provider of choice in sub-Saharan Africa.

Mission

CSLS is committed to meeting its clients' needs by providing full complement world class investment services, in a professional and efficient manner.

Values

Our track record and vision shows that we possess world class investment management capabilities, seamless trading and settlement processes and an un-paralleled knowledge of our chosen market. We are experts at what we do.

Value Proposition

Investment solutions driven by deep market knowledge and global standard investment management expertise.

 

Board of Directors

Ladi Jadesimi - Chairman

Ladi Jadesimi has an MA in Jurisprudence from the University of Oxford.

He is a Fellow of the Institute of Chartered Accountants in England and Wales as well as the Canadian Institute of Chartered Accountants.

He was a founding partner of Arthur Andersen, Nigeria and after retirement from practice went into private business in finance, real estate and oil and gas.  He is currently Executive Chairman of LADOL, owners and operators of an industrial free zone engaged in industrial agro business, maritime operations including ship and rigs repairs and maintenance, high end engineering design services, large offshore oil and gas fabrication, maintenance and other services.

 

 

 

Gboyega Balogun - Managing Director

Gboyega holds a B.Sc. in Economics and Management from the University of London (Royal Holloway College), and M.Sc. in Property Investment from City University, London. He was a registered representative of the New York Stock Exchange (Series 7), the London Stock Exchange, through his accreditation with Futures and Securities Association Registration (SFA) and is now an authorized dealer on The Nigerian Stock Exchange.

Gboyega professional career began as a trainee with Merrill Lynch International Bank Chester Street, London and subsequently moved to Private Wealth Management in Merrill Lynch Financial Centre (London) within a team of Financial Consultants managing in excess of $600mm in assets for Ultra High Net Worth clients in the African and Middle East Region. Gboyega returned to Nigeria in 2003, assuming the position of divisional head of stock broking, asset management and, registrars business. In 2008 Gboyega was appointed Managing Director of CSL Stockbrokers Ltd.

 

Jonathan A. D. Long (Dr) - Non-Executive Director

Jonathan Long joined the FCMB group in 1985 as Deputy Managing Director. Two years later he became the Managing Director of the bank between 1987 and 2005. He has over 31 years corporate finance experience, working in merchant banking in the United Kingdom, Switzerland and Nigeria.

He began his working career with William & Glyn's Bank Limited in 1973 and was appointed Manager, Corporate Finance, with Charterhouse Japhet Limited in London in 1976, before becoming General Manager of the bank's Swiss investment management subsidiary Charterhouse Japhet (Suisse) SA in Geneva in 1979 and eventually Assistant Director in 1981.

He later established the operations of Standard Chartered Bank Plc in Geneva, Switzerland in 1982. He holds bachelor's (1967) and master's (1970) degrees from Balliol College and a Doctorate degree (1973) from St. Anthony's College, both at Oxford University in the United Kingdom.

Ladi Balogun - Non-Executive Director

Ladi Balogun joined the FCMB group in 1996 as an Executive Assistant to the Chairman and Chief Executive. He has worked in various areas of the bank, including Treasury, Corporate Banking and Investment Banking.

He was appointed an Executive Director in charge of the Institutional Banking Group (IBG) in 1997. In 2000, he was made Executive Director in charge of Strategy and Business Development and in 2001 Deputy Managing Director.

He was appointed the Managing Director in 2005. He has over 18 years' experience in commercial and investment banking in Europe, the United States of America and Africa. He began his banking career in 1993 at Morgan Grenfell and Co Limited, where he worked in the areas of risk management and corporate finance (debt origination).

He was responsible for managing the bank's trading and investment positions in debt instruments in Latin America and Eastern Europe, and also part of a team that structured numerous complex debt deals in Latin America, Eastern Europe and the Asian sub-continent. Subsequently he worked at Citibank in New York before returning to Nigeria as in 1996. Ladi holds a bachelor's degree in Economics from the University of East Anglia, United Kingdom and an MBA from Harvard Business School, United States of America.

Professor Oluwatoyin Ashiru - Non-Executive Director

Professor Oluwatoyin Ashiru is a graduate of the University of Sussex, Brighton UK where he obtained a B.Sc in Materials Science and Engineering. He concluded his Ph.D in Industrial Metallurgy at the University of Birmingham, UK.

He began his career as a lecturer in Mechanical Engineering at the Universities of Lagos and Ibadan respectively before serving as Nigerian Senior Research Fellow at the International Tin Research Institute in the UK. He is currently the Managing Director and CEO of Tricontinental Oil Services Ltd. He is an accomplished Materials and Metallurgical Engineer with over 30 years of comprehensive professional experience in academia, entrepreneurship, management engineering, technologies, invention, and consulting for the enhancement of productivity in major industries worldwide.

Professor Ashiru also has a strong background in program development and quality assurance, with an outstanding history of managing projects from initial conception, through development, to implementation for major oil and gas, chemical, petrochemical, steel production, and energy production industries worldwide.

He holds an exceptional record for executing mission-critical projects on schedule and within budget, and is highly skilled on strategic planning, budget controls and problem solving. He also has an extensive international experience in the UK, USA, Canada, Saudi Arabia, Bahrain, Far East, and Asia.

Professor Ashiru has extensive project management experience in major international refining, chemical, petrochemical, offshore oil & gas development, pipeline, infrastructure, and power generation projects ranging from US$40 million to US$2 billion. He is also a successful businessman as he has worked extensively on multi-national joint ventures projects representing owners or as a contractor. He has served on Joint Venture and Consortium Executive Committees and has participated directly in claims negotiations and settlement agreements in excess of US$100 million. His wealth of experience also includes membership on the Governing Board responsible for strategic and operational decisions, and he was responsible for worldwide engineering operations for proposals and projects.

Professor Ashiru is an expert consultant and Board Member of many international research centers and major industrial sectors; and has served worldwide on various governmental multi-disciplinary task forces and technical committees. He holds USA, British, European, Brazilian, and other international patents for products and systems that he invented. He is a recipient of several merit awards which include (but not limited to) his recognition in the USA as a “Professional with Extraordinary Ability”, listings in Who is Who in the World and Dictionary of International Biography, and the prestigious Distinguished Innovator Award of the Association of Tin Producing Countries.

Professor Ashiru was appointed as a Director on the Board of CSLS on October 15, 2014. He is also a Director on the Board of FCMB Group PLC.

 

Management Team

Gboyega Balogun - Managing Director

Gboyega holds a B.Sc. in Economics and Management from the University of London (Royal Holloway College), and M.Sc. in Property Investment from City University, London. He was a registered representative of the New York Stock Exchange (Series 7), the London Stock Exchange, through his accreditation with Futures and Securities Association Registration (SFA) and is now an authorized dealer on The Nigerian Stock Exchange.

Gboyega professional career began as a trainee with Merrill Lynch International Bank Chester Street, London and subsequently moved to Private Wealth Management in Merrill Lynch Financial Centre (London) within a team of Financial Consultants managing in excess of $600mm in assets for Ultra High Net Worth clients in the African and Middle East Region. Gboyega returned to Nigeria in 2003, assuming the position of divisional head of stock broking, asset management and, registrars business. In 2008 Gboyega was appointed Managing Director of CSL Stockbrokers Ltd.

Abiodun Fagbulu (Head, Institutional Sales & Trading - Lagos)

Biodun is the head of Institutional Sales and Trading. Prior to joining CSLS, he was head, Asset Management and Securities at Kedari Capital where he was responsible for all investment management activities of the firm. Prior to this, he was Head of Dealing (Nigeria) at African Alliance, a Pan-African investment management firm with offices in 11 African countries. In this capacity he was responsible for equities and fixed income trading in Nigeria with a mandate to provide direction to international clients who sought insights (macro, policy, industry and company-specific) required to navigate the local market. 

Before this, he was a director at TDA Capital where he established and managed a fund for a group of HNI’s with assets under management of over NGN 3bn. He also participated in the execution of several advisory mandates in the oil and gas sector.             

Biodun has over 15 years experience of which the last 13 have been spent in the capital market. He has an MSc in Financial and Business Economics from the University of Greenwich and a BSc Accounting from Obafemi Awolowo University (OAU). He is also an Associate member of the Chartered Institute of Stockbrokers and an Authorised Dealing Clerk of the Nigerian Stock Exchange (NSE).

Guy Czartoryski (Head, Research - Lagos)

Guy Czartoryski has 14 years’ experience as an Analyst and Investment Strategist in    emerging markets.  He has consistently held top-5 Greenwich survey rankings for his multi-sector research on Central and Eastern European emerging markets. He has brought deals to market in the banks, telecoms and media sectors.  He has worked for Deutsche Bank, UBS, HSBC and most recently for a emerging market hedge fund.  He is a graduate of Cambridge University.

John Gannon (Head, Trading - London)

John joined Orme & Co (Jardine Matheson) a London based private & institutional stockbrokerage as a messenger. He later covered all aspects of UK & international settlements. John was also responsible for unit trust dealing at Matheson.  In 1989, John joined Enskilda Asset Management as a dealer in global equities & bonds, trading for funds with AUM of USD$5billion. In 1993, John joined a leading LATAM investment bank called BBVA LatInvest and he was responsible for sales trading to UK & European institutions. He was also a registered SEAQ international market maker/trader where he made prices in over 150 listed and OTC stocks ADR/GDR stocks. In 2000, John joined ABN AMRO to spearhead the company’s push into LATAM from London. John was an integral part of the EMEA/Emerging market team at ABN.

In 2002 John Joined Falcon Securities as an independent stockbroker covering emerging market stocks and trading on behalf of institutional clients. In 2004 John moved to Evolution China, a boutique Investment bank covering local & Hong Kong listed stocks. In 2009 John joined FCMBUK / CSL stockbrokers to set up there UK sales trading platform covering clients in UK & Europe who want trading access solution for Sub Sahara Africa.

Adekunle Awoderu (HEAD, Finance & Operations)

He holds a Higher National Diploma in Accountancy from Federal Polytechnic Ilaro. He is a fellow of the Institute of Chartered Accountants of Nigeria (ICAN); fellow of Certified Pension Institute of Nigeria: Associate member of Chartered Institute of Taxation of Nigeria and certified member of Institute of Financial Consultant, Canada. He started his career as a trainee in KPMG. In 1995, he worked as an Account Officer in United Bank for Africa Plc from where he moved to Adewale Osinowo & Co., as a Senior Auditor. Adekunle also an Assistant Manager in charge of Finance and Accounts at Toyota Nigeria Limited. Adekunle joined FCMB Group in 2004 as the Deputy Head, Financial Control. Thereafter, he became the Head, Financial Control.  He is currently the Head of Finance and Operations.

 

Abiodun Jinadu (HEAD, Risk Management, Control & Compliance)

He joined the FCMB group in the Management Internal Control Department of CSL Stockbrokers Limited in October 2006. Thereafter, he was redeployed to the Branch Control Unit of First City Monument Bank Plc in September, 2010 from where he returned to CSL Stockbrokers Limited as Head, Internal Control and later as Chief Compliance Officer of its subsidiary, First City Asset Management Limited. Prior to joining FCMB Group in 2006, he was an Internal Control Officer with United Bank for Africa Plc and later moved to Space World International Airline Limited as a Station Accountant. He had a brief stint with Skye Bank Plc in 2006. Abiodun holds a Higher National Diploma in Accountancy from Federal Polytechnic Offa, Kwara State. He has been an Associate of the Institute of Chartered Accountants of Nigeria (ICAN) since 2007. He is currently the Head, Risk Management, Internal Control & Compliance.

 

 

James Ilori, CFA

James joined FCMB investment group in July 2014 as the Chief Executive Officer of the company’s wealth and investment management subsidiary, First City Asset Management Ltd. Previously, he was a Fund Manager with Crown Agents Investment Management in the United Kingdom, where he worked for over seven years. He had primary responsibility for managing single-currency portfolios in excess of US$220million for institutional clients, including Central Banks and Pension Funds. Almost all his over 15 Funds outperformed the benchmarks, with his best performing Fund returning 473 basis points above the benchmark target, during the period he was in charge,.  Also, James co-managed multi-currency portfolios of about US$1billion and provided the in-house bond strategy for markets in the United Kingdom, Canada and Australia. In addition, he wrote weekly and monthly market commentaries on economies and financial markets in developing countries. Having worked at different periods in Research, Business Development, Risk Management, Performance Management, and, to some extent, Client Administration, he has practical experience in all areas of the investment decision-making process. Previously, James worked for Guaranty Trust Bank plc in Nigeria for eight years, and gained exposure to corporate banking, internal control and domestic operations. James holds a BSc (Hons) in Accounting from the Obafemi Awolowo University, Nigeria and an MSc in Economics from the University of Lagos, Nigeria. He also has an MBA from Warwick Business School, United Kingdom. Until he left the United Kingdom to return to Nigeria, he was registered with the Financial Conduct Authority as a Fund Manager. James is a Certified Financial Analyst (CFA).

Contact Us

Address:

4th Floor, First City Plaza

Marina, P.O. Box 9117

Lagos State, Nigeria

Phone: +234 1 2713920-24, +234 1 2713928, +234 1 4485420

Fax: 2662033, 2713929            

Email: cslservice@fcmb.com; cslresearch@fcmb.com