Trove Takes Full Control of Brokerage Operations with Innova Securities Acquisition

Trove Finance  has announced a major milestone in its journey to democratize investing, revealing that it now operates through its own Nigerian SEC-licensed broker-dealer, Innova Securities Limited.  The move marks a significant shift from its previous model of routing trades through third-party licensed brokers.

Since launching nearly seven years ago, Trove has enabled access to both local and global markets via mobile, facilitating over ₦500 billion in trades through regulated partners. The company has introduced several industry firsts in Nigeria, including fractional investing in global markets, pre-market and after-hours trading of U.S. securities, combined access to Nigerian and U.S. stocks in one platform, and social investing features.

As the platform expanded, Trove said it recognized the need to take full control of the brokerage experience to deepen trust, improve regulatory oversight, and accelerate innovation. This led to the acquisition of Innova Securities Ltd, formerly known as Union Stockbrokers and later UCML Securities Ltd, which is now fully owned by Trove. The company confirmed that all required regulatory approvals from the Securities and Exchange Commission (SEC) and the Nigerian Exchange (NGX) are in place. Innova is also a member of the NASD OTC Securities Exchange.

By owning its broker-dealer, Trove gains direct control over trade execution, governance, and compliance processes. The company says this structure will allow it to move faster in rolling out new features while maintaining high standards of safety and transparency.

For users, Trove emphasized that the transition will be gradual. Existing accounts currently held with partner brokers such as ARM Securities and Sigma Securities will remain there for now before being migrated over time. Meanwhile, new users trading Nigerian stocks will have Innova Securities Ltd as the broker of record, handling order execution, settlements, and regulatory reporting.

Trove stated that this phased approach is designed to ensure stability and continuity without disrupting users’ trading activities. The company added that the acquisition lays the foundation for further innovation and expanded investing opportunities.

With over 500,000 app downloads to date, Trove described the milestone as a reflection of user trust and a launchpad for its next phase of growth, promising more features and enhanced access to investment opportunities across markets.