Senior Inter-Dealer Broker at a Licensed Stockbroking and Dealing Firm - Dicalo Consulting Group

Dicalo Consulting Group - Our client is one of Nigeria's most established and respected capital markets institutions, a licensed stockbroking and dealing firm with a multi-decade track record in securities dealing, asset management, and financial advisory. Headquartered on Lagos Island, the firm operates through an investment banking subsidiary with an active advisory and transaction arranger mandate across domestic and pan-African markets.

The firm is in the process of perfecting its Inter-Dealer Broker (IDB) licence, which will position it as a principal intermediary in the Nigerian fixed income and foreign exchange inter-dealer markets , providing anonymous, real-time price discovery and execution services to Tier 1 and Tier 2 commercial banks, primary dealers, and institutional counterparties on FMDQ Exchange.

They are recruiting to fill the position below:

Job Title: Senior Inter-Dealer Broker

Location: Lagos Island, Lagos
Employment Type: Full-time
Division: Proprietary Trading Desk
Reporting To: Chairman & Group Managing Director/CEO
Licence Requirement: SEC-registered Dealing Clerk or eligibility to be sponsored

Job Summary

• The IDB Trader will be a founding member of the firm's proprietary trading desk , a rare opportunity to build a market-making and prop trading franchise from inception within a well-capitalised, senior-led institution.
• The IDB Trader will be responsible for executing and managing proprietary trading positions across the firm's inter-dealer broker books, with a focus on FGN bond futures arbitrage, FX basis trading, yield curve positioning, and FX carry strategies.
• The role requires deep familiarity with the FMDQ Exchange ecosystem, Nigerian fixed income market microstructure, and derivative instrument pricing.
• This is a senior, high-accountability position. The trader will operate within defined risk limits, work directly with the CEO on strategy execution, and contribute to the build-out of the IDB trading infrastructure, systems, and counterparty relationships.

Responsibilities
Proprietary Trading & Execution

• Execute inter-dealer trades across FGN bonds, FGN bond futures (BF02, BF10), NAFEX/FMDQ FX futures, and fixed income derivatives on FMDQ Exchange
• Manage live positions across multiple prop books including FX Basis, Bond Futures Arbitrage, Yield Curve Steepener, and FX Carry strategies
• Identify and exploit mispricings between OTC cash markets and exchange-traded derivative contracts
• Monitor real-time FMDQ Q-Nuggets data, NDF rates, settlement prices, and average daily turnover to inform position management

Market Making & IDB Facilitation:

• Provide anonymous price discovery and order matching services to bank and institutional counterparties in the inter-dealer market
• Build and maintain voice and electronic brokerage relationships with dealing desks at commercial banks, primary dealers, and asset managers
• Facilitate client flow across FGN bond secondary market, FX spot, and futures instruments

Risk Management:

• Operate within approved trading limits, position limits, and stop-loss thresholds as defined in the firm's Risk Framework
• Monitor DV01, duration, basis risk, and counterparty exposure in real time
• Escalate limit breaches and exceptional market conditions to the CEO immediately
• Maintain full audit trail and trade reconciliation for all executed transactions

Strategy & Reporting:

• Contribute to weekly and monthly prop desk P&L reporting, attribution analysis, and position commentary
• Work with the CEO and advisory team to identify new alpha opportunities as market conditions evolve
• Support the build-out of IDB trading infrastructure including Bloomberg/Reuters terminal setup, FMDQ connectivity, and back-office reconciliation

Qualifications
Essential:

• Bachelor's Degree in Finance, Economics, Accounting, or a quantitative discipline
• Minimum 5 years' trading experience at a Nigerian commercial bank, primary dealer, stockbroking firm, or financial institution, with direct exposure to FGN bond secondary market or FX trading
• Demonstrable experience trading or pricing FGN bonds, Treasury Bills, and/or NAFEX/FMDQ FX products
• Strong understanding of FMDQ Exchange market structure, trading conventions, and settlement mechanics
• Familiarity with FGN bond futures (BF02/BF10) and FMDQ FX Futures pricing and basis dynamics
• SEC registration as Dealing Clerk, or eligibility to be sponsored

Preferred:

• CFA charterholder or CIBN/ICAN membership
• Experience at a CBN-licensed primary dealer (PD) bank — particularly in the fixed income or FX dealing room
• Hands-on experience with Bloomberg Terminal, Reuters Eikon, or FMDQ trading platforms
• Prior exposure to yield curve analysis, bond futures basis trading, or NDF/FX basis strategies
• Understanding of CBN monetary policy transmission, OMO operations, and their impact on fixed income pricing

Skills:

• Decisive under pressure — able to execute and size positions quickly in fast-moving markets
• Numerically rigorous — comfortable with DV01, carry calculations, NPV, and basis pricing
• High integrity — the IDB function requires strict adherence to confidentiality and market conduct standards
• Self-directed — able to manage a live book independently within defined risk parameters
• Collaborative — able to work closely with a small, senior team in a flat organisational structure
• Ambitious — motivated by performance-linked compensation and the opportunity to build a franchise from inception.

Benefits

• Base Salary: N500,000 – N1,000,000 / month; Competitive — commensurate with experience and market benchmarks
• Performance Bonus: Discretionary profit-sharing linked to prop desk net alpha — structured to align with long-term desk performance
• SEC Sponsorship: The firm will sponsor SEC Dealing Clerk registration where applicable
• Professional Development: Support for CFA, CIBN, and relevant market certifications
• Career Trajectory: Opportunity to grow into Head of Proprietary Trading as the IDB desk scales

Application Closing Date
17th August, 2026.

How to Apply
Interested and qualified candidates should send their applications to: zainab@dicaloo.com using the job title as the subject of the email.

Note

• This role is being managed exclusively by our recruitment partner.
• All applications, enquiries, and expressions of interest should be directed to the agency.
• The identity of the hiring firm will be disclosed to shortlisted candidates only.
• Shortlisted candidates will be contacted for a structured interview process including a market knowledge assessment and a trading scenario exercise.