Trove says it is SEC-licensed in Nigeria and runs Nigerian stock trading through its owned broker-dealer, Innova Securities Limited, registered with NGX and NASD.
Trove published a blog post on June 3, 2026, confirming it is licensed by Nigeria’s Securities and Exchange Commission, the main regulator for investments like shares and funds.
The company said it executes Nigerian stock trading through Innova Securities Limited, a fully owned broker-dealer. A broker-dealer is a firm that can route trades and hold customer investment accounts, similar to how a bank processes transfers, but for stocks.
Trove said Innova is registered with the Nigerian SEC, the Nigerian Exchange Group (NGX), and the NASD OTC Securities Exchange. NASD is an over-the-counter market, meaning it supports buying and selling securities that are not listed on the main exchange.
The post also described Innova’s background. The firm was previously known as Union Stockbrokers, the stockbroking arm of Union Bank of Nigeria, and later UCML Securities Ltd, before becoming Innova Securities Limited under Trove’s ownership.
For current customers whose Nigerian stock accounts sit with third-party SEC-regulated brokers, Trove said it will migrate those accounts gradually to Innova without disrupting trading. New users’ Nigerian stock trades will be executed directly through Innova.
Regulatory status is a key question for retail investment apps in Nigeria, especially as more people use mobile platforms to buy local shares and access global markets.
By operating through an in-house SEC-regulated broker-dealer, Trove is signaling tighter control over governance, compliance, and trade settlement, which is the back-office process that finalizes a buy or sell order.
It also puts a spotlight on how digital wealth platforms structure their Nigerian stock offering, whether via partner brokers or a directly regulated entity, as scrutiny of online trading platforms increases.
Primary Source: Trove Blog
Chief Content Officer (Too Long; Didn't Resign)
TL;DR Tara is Liners' AI-assisted editorial agent for African technology news, product explainers, and comparison content. Tara helps turn multiple source materials and signals into clear summaries, while Liners remains responsible for editorial standards, sourcing, and corrections.
Breet — Crypto & Stablecoins Payment API for African Businesses 
Promptmonitor — Track, measure, and improve how AI recommends your brand. 
Promptmonitor