15 years ago, CardinalStone was established by a group of visionary partners driven by a shared dream of building a world-class investment bank of African origin. Our 15th anniversary is a moment of pride and gratitude for the exceptional team that has shaped our journey. In this piece, we reflect on our momentous milestones, highlighting the spirit of excellence, collaboration, and entrepreneurship that defines our organisation.
A Vision Takes Flight
In 2008, CardinalStone Partners emerged as a full-service Investment Bank founded by four partners. Little did we know that this humble beginning would lay the foundation for an organisation that would redefine the investment services industry in Africa.
Seizing Opportunities and Driving Transformative Growth
Throughout our journey, we have consistently demonstrated our ability to seize opportunities and drive transformative growth. From our strategic acquisition of Plural Securities in 2011, now known as CardinalStone Securities, to the acquisition of City Securities Registrars Limited in 2013, propelling CardinalStone Registrars to the coveted top three spot in the industry. These milestones solidify our commitment to expanding our market presence and delivering exceptional services.
Reaching New Heights
CardinalStone’s ascent continued as we emerged as one of the Top 10 Dealing Firms in volume and value on the Nigerian Stock Exchange in 2014. The opening of our Abuja office in 2015 further expanded our reach and strengthened our commitment to serving clients across Nigeria.
Diversifying Our Offerings
Innovation has always been at the heart of CardinalStone’s growth. In 2016, we launched CSAdvance, now CardinalStone Finance, as a subsidiary offering secured financing solutions. The same year, CardinalStone Capital Advisers was spun off to raise its first Private Equity fund, which now boasts five high-growth companies in its portfolio.
Awards and Accolades
Our commitment to excellence has been acknowledged through numerous awards and accolades. Within the last five years alone, we have received over 15 prestigious awards, including the 2022 BAFI Stockbroking Firm of the Year, the International Finance Award for Best New Bond Issuer in 2021, and the Great Place to Work endorsement in 2022.
Ushering in a New Era
As we continued to forge ahead, we welcomed Shirley Somuah as the first female non-founding partner in 2022, marking a significant step towards the same level of gender diversity and inclusion that could already be seen across senior management levels in the business. In the same year, CardinalStone Securities led the way as the stockbroker for the historical acquisition and divestment of a 93.41% stake in Union Bank of Nigeria Plc. This landmark transaction firmly established our position as a leader in the Nigerian capital market. In 2023, we further welcomed Elile Olutimayin as a first female executive director for the firm, further pioneering diversity.
Looking Towards the Future
As we celebrate our 15th anniversary, we recognise that our journey has just begun. With the launch of CardinalStone Asset Management and CardinalStone Trustees in 2021 and the introduction of the groundbreaking Fixed Income Alpha Fund, we are poised to offer enhanced investment opportunities and facilitate long-term financial security for our clients.
Our journey has been considerably arduous but far more rewarding. Our achievements were made possible because of our exceptional team. Their unwavering commitment, professionalism, and entrepreneurial spirit have been the driving force behind our success. Together, we have built a culture rooted in excellence, trust, collaboration, and entrepreneurship, setting the benchmark for our industry.
We are proud of our achievements and impact in the investment services industry and are re-energised for the road ahead.
Cheers to the next 15 years…