HotForex or HFM is not licensed by any regulatory intuition in Nigeria. They are operating any license, and when you open you account, it is under “HF Markets (SV) Ltd”, which is an offshore entity. All your trades are being placed with this foreign entity, registered under the laws of St. Vincent & the Grenadines.
But this does not imply that HFM is illegal in Nigeria, because there is no legal notice on this as such (or regulation related to forex trading). But it does mean that you are trading with HFM at your own risk.