Admirals, an Estonia-based retail FX and CFDs broker, has expanded its presence in Africa with the opening of new offices in Lagos, Nigeria. The firm announced the development on Monday, noting that it decided to establish its physical presence in the West African country after it received “significant traction from traders in Nigeria.”

Admirals Expands Presence in Africa

The launch comes months after Admirals received a license to provide CFDs execution and share trading options in South Africa and to operate a non-dealing online forex trading brokerage in Kenya. Previously, the fintech company disclosed that its Cypriot and South African subsidiaries had signed an agreement to jointly take over Seychelles-based securities dealer, Aglobe Investments Limited.

Speaking on the development, Boriss Gubaidulin, Admirals’ Director of Africa, noted that the new offices are targeted at providing “strong financial services and support” to Nigerian traders in order to enhance financial accessibility and literacy. Davies Babalola, Admirals’ Nigeria Manager and Global Sales Team Lead, added that the offices will “better support the community of local traders in Nigeria.”

With the launch, Admirals says it is offering a broad category of financial products and services to traders in Nigeria. This includes access to trading opportunities in stocks, forex and CFDs on indices, metal, energies, stocks, bonds and cryptocurrencies. On top of that, the broker plans to step up its financial literacy programme in Nigeria and will provide educational materials, such as courses, webinars, seminars and e-books.

“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,” said Gubaidulin. “Admirals is looking forward to helping the growth of our traders, investors, partners and anyone who is interested in expanding their financial knowledge," he added.

Admirals Sees Record Year

Admirals’ latest expansion move in Nigeria follows a record year in the company’s operational history. In 2022, Admirals Group AS generated €69 million in revenue with a net profit of €23.5 million.

However, Finance Magnates reports that the brokerage’s operations remained focused on the European markets with 87% of its total trading volume last year coming from the region. On the other hand, accounts from the United Kingdom and Australia only accounted for 3% and 1% of the Estonian firm’s revenue, respectively.