Trove, one of Nigeria’s leading stock investment platforms, has made one of the most significant moves in its history.
The company announced that it has now acquired and operates through its own Nigerian SEC-licensed broker-dealer: Innova Securities Limited.
Innova Securities Ltd began as Union Stockbrokers, the brokerage arm of Union Bank of Nigeria, one of the country’s oldest and largest banks and later operated as UCML Securities Ltd. Today, it operates under the Innova Securities Ltd name, which is fully owned by Trove, giving the company direct control of trade execution, regulatory oversight, and governance.
Register for Tekedia Mini-MBA edition 19 (Feb 9 – May 2, 2026).
Register for Tekedia AI in Business Masterclass.
Join Tekedia Capital Syndicate and co-invest in great global startups.
Register for Tekedia AI Lab.
This acquisition is a strategic decision as it will allow the company to internalize its brokerage operations and gain greater control over trade execution, regulatory compliance, and overall customer experience.
Announcing the development, Trove explained that owning its broker enables faster innovation, stronger safeguards, and more flexibility in delivering features users have consistently requested.
It wrote,
“By owning our broker, Trove can move faster, deliver the experiences you want, and maintain the highest standards of safety and transparency. People often ask us to add new features, innovate, and disrupt, but when you rely on third-party brokers, you’re bound by a mutual set of rules. Owning Innova Securities Ltd gives us the flexibility to innovate on your behalf, while keeping your trades secure.”
Founded seven years ago, Trove has remained focused on democratizing investing by giving Africans access to both local and global financial markets directly from their mobile phones in a regulated and transparent manner.
In its early years, the platform partnered with SEC-licensed third-party brokers, compliantly routing trades through them. Through this model, Trove facilitated over N500 billion in trades across Nigerian and global markets.
Over time, the company has pioneered several firsts in Nigeria’s investment space, including fractional investing for global markets, pre-market and after-hours trading of U.S. securities, access to both Nigerian and U.S. stocks within a single product, and social investing features.
These innovations reflect Trove’s commitment to delivering world-class investing experiences tailored for African users.
As the platform scaled and its user base expanded, Trove recognized the need to take full ownership of the brokerage layer, not only to strengthen regulatory compliance, but also to deepen user trust and improve the overall investing experience. Acquiring Innova Securities Limited represents the next phase of that evolution.
What The Acquisition Means for Users
With this transition, Trove now directly manages its own broker-dealer, ensuring clearer accountability and tighter operational control. Trades executed through Innova Securities Limited are backed by SEC licensing, reinforcing compliance and investor protection.
The move also positions Trove as a more stable, long-term platform while preserving its focus on continuous innovation across features such as fractional investing, multi-market access, and extended trading hours.
For existing users, accounts currently held under third-party SEC-regulated brokers such as ARM and Sigma Securities will remain with those partners for now and will be migrated gradually to Innova Securities Limited. For new users, Innova Securities Limited will serve as the broker of record for Nigerian equities, handling order execution, settlement, and regulatory reporting directly.
Today, the Trove app has surpassed 500,000 downloads, surpassing billion of Naira in trades since its launch. This milestone underscores the trust users have placed in the company and signals a new chapter defined by deeper control, stronger infrastructure, and sustained growth in Nigeria’s evolving investment landscape.