Admirals launches two new offices in Nigeria amid plans to expand in Africa
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Admirals, a retail forex and contracts for difference (CFD) broker based in Estonia, is expanding its presence across Africa. The brokerage platform has announced plans to set up new offices in Lagos, Nigeria.
Admirals set up new offices in Nigeria
Admirals is growing its presence in Africa, with Nigeria becoming an ideal market for the firm. The firm said that it decided to grow its physical presence in Nigeria after obtaining significant traction from traders based in the country.
The launch of these two offices in Nigeria comes months after Admirals obtained a license to offer CFDs execution and share trading options in South Africa. The company also established a non-dealing online forex trading brokerage platform in Kenya.
The fintech company had initially disclosed that its subsidiaries based in Cyprus and South Africa had signed an agreement deal for the joint takeover of Aglobe Investments Limited. Aglobe is a securities operator based in Seychelles.
The Director of Admirals for Africa, Boriss Gubaidulin, commented on the development, saying that these offices will offer “strong financial services and support” to traders in Nigeria. These services aim to boost financial literacy and ensure that financial products are easily accessible.
The Manager and Global Sales Team Lead at Admirals, Davies Babalola, also commented on the development, saying that these offices will support the community of local traders in Nigeria. Nigeria is one of the largest financial markets in Africa, and the expansion of Admirals into the country is strategic.
Following this launch, Admirals has said that it will provide a wide range of financial offerings to traders based in Nigeria. Some of the offerings that will be made available include access to trading opportunities for stocks. Traders can also trade forex and CFDs in indices. Admirals also support cryptocurrencies, indices, metals, energies, and bonds.
The broker has also announced plans to grow its financial literacy program in Nigeria. It will offer access to various educational materials such as e-books, webinars, courses, and seminars.
Gubaidulin commented on the development: “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, investor, partners, and anyone who is interested in expanding their financial knowledge.”
Admirals see record numbers during the year
Admirals is expanding into Nigeria after reporting record figures in the company’s operational history. Last year, Admirals Group AS reported revenues of €69 million last year, with the net profits reaching €23.5 million.
The operations of Admirals are largely focused on the European markets. 87% of the total trading volume at Admirals came from Europe in 2022. On the other hand, accounts from Australia and the United Kingdom accounted for 3% and 1% of the revenues at the company, respectively. The company wants to add Africa to its revenue base amid the latest expansion plans.
