FxPro's websiteEFG Hermes Nigeria in Nigeria — review, licence and costs
Score (4 of 6 axes scored)
shown, not ranked: no cost
Who actually onboards you
- Entity that onboards Nigeria residents
- EFG Hermes Nigeria Limited (Victoria Island, Lagos), part of EFG Holding (formerly EFG Hermes)
- Local standing
- SEC-regulated domestic stockbroker
- Licence as the register states it
- SEC Nigeria licensed; NGX (Nigerian Exchange) member for brokerage & research
- Leverage for this entity
- no retail forex/leverage; long-only equities
- The firm behind it
- Nigerian arm of EFG Holding; entered Nigeria in 2018 by acquiring Primera Africa Securities Limited (renamed EFG Hermes Nigeria); equities trading and award-winning research for domestic and international corporate/institutional clients; among top NGX brokers by value (~$44.43m in May per source). HQ: 24 Kofo Abayomi Street, Victoria Island, Lagos
- What we hold against it
- not verified at review
Leverage by entity
The licence belongs to the firm; a leverage figure belongs to one entity. Only the entity that onboards Nigerian residents enters the score.
no retail forex/leverage; long-only equities
Scale from 1:10 to 1:3000, logarithmic.
Client protection
- Local entity onboards youSEC-regulated domestic stockbroker
- Regulator warning on filenone found
— means the broker does not state it in any source we captured. It is not read as “no protection” and it is not scored.
Accounts
Account types the broker names for this country: Brokerage/investment account (primarily corporate & institutional clients). The figures below are the broker's own and do not differ by account in any source we captured.
Swap-free account terms
Terms read from the account page on 01.10.2026. The cap on open positions is not published.
Payouts(1 method)
| Method | Deposit, h | Withdrawal, h | Fee, USD | Min, USD |
|---|---|---|---|---|
| Bank transfer | 24 | — | 0 | 50 |
Taxes for a Nigerian resident(1 rule)
- Trading profits are taxable and must be declared to the Nigeria Revenue Service (NRS, formerly FIRS).https://efgholding.com/en/about/our-presence/ngr
Not tax advice. Check with the FIRS.
Deposit and withdrawal methods (1 methods · 0 local rails)
Bank transfer;
- Bank transfer
- Account currency
- NGN
- Fee declared
- 1 of 1 methods
- Withdrawal back to
- the funding method
Where it does not serve(1 countries)
From the client agreement, clause 2.3. A country missing from a translated page is not read as “served”.
Platforms and markets
Reviews(1 platform · 25% of the score)
| Snapshot | Rating | Reviews |
|---|---|---|
| 04.10.2026 | 2 | — |
Share of reviewers in Nigeria: — The platform does not publish it.
Pros and cons(2 for and 5 against, each tied to a figure on this page)
- Authorised by the Nigeria regulator in its own register
- Track record 100 of 100, its strongest of 4 scored axes
- Round-turn cost not priced: the pair of spread and commission is not published
- A regulator warning is on file against this broker
- Withdrawal time not published
- Platforms 0 of 100, its weakest of 4 scored axes
- Not scored on round-turn cost, payouts: the broker publishes no figure we could read
Alternatives in Nigeria(6 of 81 scored in Nigeria)
- Round turn, USD
- 4NG
- Min deposit, USD
- 20NG
- Leverage
- 200NG
- Rank in this country
- #20
- Round turn, USD
- 7NG
- Min deposit, USD
- 100 groupNG
- Leverage
- 500NG
- Rank in this country
- #31
- Round turn, USD
- 9NG
- Min deposit, USD
- 0 groupNG
- Rank in this country
- #47
- Round turn, USD
- 10NG
- Min deposit, USD
- 10 groupNG
- Rank in this country
- #48
- Round turn, USD
- 13.6NG
- Min deposit, USD
- 0 groupNG
- Leverage
- 200NG
- Rank in this country
- #50
- Round turn, USD
- 6NG
- Min deposit, USD
- 0 groupNG
- Leverage
- 500NG
- Rank in this country
- #17
"group" marks a figure the broker publishes for the group rather than for this country. It is shown because the broker states it, and it is not ranked, averaged or used to sort.
Methodology(6 axes · formula v1.0)
Score = 2 + 3 × weighted mean of six axes scored 0–100. Range 2.0–5.0. An axis without data drops out and the remaining weights are renormalised; it is never scored zero or estimated. Group-wide figures never enter a Nigeria score. Full methodology
| Axis | Weight | What is measured | EFG Hermes Nigeria |
|---|---|---|---|
| Reviews | 25% | Rating, volume and recency on one public review platform | 6 |
| Round-turn cost | 20% | Round turn on 1 lot EURUSD: spread plus commission, against the country median | — |
| Safety | 20% | Local authorisation, the entity that onboards you, any regulator warning | 90 |
| Payouts | 15% | Published withdrawal time, fees and the methods available in the country | — |
| Track record | 10% | Years since the firm was founded, from its own filings | 100 |
| Platforms | 10% | Which trading platforms the broker confirms for this country | 0 |
Where EFG Hermes Nigeria sits in the Nigeria base(81 brokers)
Round-turn cost, USD (57 of 81 priced)
Median 6.5 USD · range 3-20 · 24 of 81 brokers do not publish it
Minimum deposit, USD (29 of 81 priced)
Median 20 USD · range 0-100 · 52 of 81 brokers do not publish it
Retail leverage (53 of 81 with a Nigeria figure)
Median 1:500 · range 100-3000 · 28 of 81 brokers do not publish it
Withdrawal time published (81 brokers)
FAQ
- Does EFG Hermes Nigeria accept residents of Nigeria?
- Yes. SEC-regulated domestic stockbroker Onboarding entity: EFG Hermes Nigeria Limited (Victoria Island, Lagos), part of EFG Holding (formerly EFG Hermes)
- Is EFG Hermes Nigeria licensed to serve clients in Nigeria?
- SEC Nigeria licensed; NGX (Nigerian Exchange) member for brokerage & research
- How can I withdraw money from EFG Hermes Nigeria in Nigeria?
- Bank transfer; other methods not verified at review
- What account types does EFG Hermes Nigeria offer?
- Brokerage/investment account (primarily corporate & institutional clients)
- Does EFG Hermes Nigeria offer a swap-free (Islamic) account?
- No. EFG Hermes Nigeria publishes no swap-free (Islamic) account for Nigeria.