Daba Markets Inc. (Daba Finance) has partnered with Coronation Securities Limited and Coronation Asset Management Limited to make Nigerian capital market products more accessible to eligible investors through its digital investment platform.
The partnership is expected to help address one of the key challenges facing investors outside Nigeria: accessing credible local market information and navigating the structures required to invest in African markets from abroad.
Announced at a signing ceremony in Lagos on Wednesday, the agreement brings together Daba’s digital technology and international reach with Coronation’s knowledge of Nigeria’s capital market. Through the arrangement, Daba will serve as Coronation’s corporate client under a trust structure, allowing eligible users to access products and services provided by Coronation’s locally regulated businesses.
These will include Nigerian stocks, investment funds, securities trading and investment research, giving investors a more direct route into one of Africa’s largest capital markets.
Creating a More Accessible Investment Route
The partnership comes at a time when Nigeria’s stock market has recorded strong growth. The Nigerian Exchange (NGX) ended August with an All-Share Index year-to-date return of 56.93%, reflecting increased buying interest in the market.
However, foreign participation has remained relatively low compared with domestic activity. The NGX’s July Domestic and Foreign Portfolio Investment Report showed that foreign transactions fell by 29% between June and July, accounting for only 5.6% of total transactions during the month.
Nigeria’s return to the FTSE Russell Frontier Market classification has also placed its equity market back within a recognised group of investable markets followed by international investors.
Daba Finance CEO Boum III Jr said the partnership would help address the difficulties faced by Africans in the diaspora and international investors who want exposure to African markets.
“Millions of Africans in the diaspora and investors around the world follow African markets closely but find it hard to participate from a distance because accessing credible information and navigating local market structures can be challenging,” he said.
The partnership therefore seeks to make participation easier by combining Coronation’s local expertise with Daba’s technology and international reach.
Combining Digital Access With Market Knowledge
Founded in 2021 by Boum III Jr and Anthony Miclet, Daba was established with the goal of making investment opportunities across Africa’s private and public markets easier to access through a single platform.
The company currently tracks 194 listed companies across the Bourse Régionale des Valeurs Mobilières (BRVM) and the NGX. It says it serves more than 250,000 customers globally, connecting individuals and institutions in Africa, the United States, Europe and Canada to African stocks, bonds, funds and private-market investments.
Under the new partnership, eligible users will be able to access Nigerian products through Daba, subject to the investment and regulatory requirements applicable in their countries of residence. The platform will support digital onboarding, multiple-currency funding, investment requests or trade placement and investment reporting.
Daba will manage the customer relationship and digital user experience, while Coronation will provide the local market expertise and investment products.
Coronation Securities Managing Director and CEO Jibola Odedina said greater participation would require more than simply providing access.
“Nigeria’s capital market presents significant opportunities for investors seeking exposure to one of Africa’s most dynamic economies,” he said, adding that credible market intelligence and investor confidence were also important.
To support this, Daba will provide Nigerian market news, data, analysis and research, backed by Coronation’s local expertise. The companies will also provide investor education through Daba Academy and Coronation Investment Academy, as well as joint webinars covering investment instruments, market institutions, safeguards, opportunities and risks.
