Admirals expands into Africa with new office in Nigeria
FX brokerage firm Admirals (formerly Admiral Markets) has opened a new office in Nigeria as part of its growth strategy to solidify its position as a key financial services provider in Africa.
Admirals plans to provide a diverse array of financial offerings to traders in Nigeria through this launch. These offerings include trading in stocks, forex, and CFDs on indices, metals, energies, stocks, bonds, and cryptocurrencies. Additionally, Admirals said it aims to enhance financial education in the region by providing educational materials such as courses, webinars, seminars, e-books, and more.
While it sees Africa a fantastic opportunity to continue its geographic expansion, Admirals looks to see how the local market takes up the product offering and what unique selling points the company can provide.
The forex industry in Nigeria is jointly regulated by the country’s Securities and Exchange Commission and the Central Bank.
In recent years, the government introduced new regulations aimed at curbing illegal forex trading and money laundering in the country. Among other things, all forex brokers are obliged to register with the CBN and to provide information about their clients and transactions.
Boriss Gubaidulin, Admirals’ Africa Director, said “We are extremely thrilled to have opened another hub in the African continent. Our end goal remains the same, and that is, enhancing financial accessibility and literacy for traders in the local region by providing them with strong financial services and support. Being a well-regulated and renowned fintech company, we plan to expand our conventional trading by granting access to international financial markets and educational resources in Nigeria. Admirals is looking forward to helping the growth of our traders, investors, partners and anyone who is interested in expanding their financial knowledge.”
Admirals’ Nigeria Manager and Sales Team Lead, Davies Babalola, added: “We have received significant traction from traders in Nigeria, prompting us to establish a local presence to better support community of local traders in Nigeria. With this launch we are reiterating our goal to allow traders to safely engage in online forex trading in developing countries and diversify their investment portfolio with our tailor-made solutions.”
The milestone comes less than a year after Admirals SA (PTY) Ltd, an operating subsidiary of Admirals, received regulatory approval to offer CFDs trading to investors in South Africa.
The new entity is headquartered in Cape Town. Acting as an execution dealer, Admirals SA (PTY) Ltd provides both CFDs and stock trading, but it plans to launch additional products in the future under its this South-African license. However, the broker is not allowed to provide investment advice or recommendations regarding CFDs transactions.
The Estonian-based firm, which celebrated its 22nd anniversary in March, described the move as a first stage with plans already in place to increase the scope of its activities in Africa over the coming year.
