How to Invest on the Nigerian Stock Exchange

The Nigerian Stock Exchange hasn’t exactly sizzled of late. But the potential of Africa’s most populous nation is enormous. First things first, however. I need a Nigerian brokerage account. So, how exactly do I go about opening one?

The Nigerian Stock Exchange hasn’t exactly sizzled of late.

A domestic banking crisis and political turmoil slashed the MSCI Nigeria Index 60% from its record 2008 highs.

But the potential of Africa’s most populous nation is enormous. A 60% drop tells me that it’s an opportune time to scour sub-Saharan Africa’s second largest stock market for bargains.

But first things first. I need a Nigerian brokerage account. So, how exactly do I go about opening one? Let’s take a look-see.

Nigerian Stockbrokers

In all previous posts in this “How to Invest” series, I have made an attempt to contact every single stockbroker registered as a dealing member of each respective exchange. I must confess that I didn’t succeed in doing that for this article. Why not? Because there are 327 brokers licensed to trade on the Nigerian Stock Exchange.

I narrowed this list down by visiting each of their websites. Any websites that seemed out of date or less than professional looking, didn’t make the shortlist. I admit this was a totally subjective process that may have excluded some fine brokers, but I needed to start somewhere.

Photo by S. Remeika

I then emailed all brokers that survived my initial website evaluation – a few dozen in all. I asked each broker if they catered to foreign investors, how much they required to open an account, and what documentation was necessary. I found nine brokers with reasonable account minimums to be particularly helpful and responsive. Each broker below responded to my initial query within one business day.

Broker Minimum Initial Deposit Account Opening Form Research Sample
ARM Securities N100,000 (approx. $635.00) Here Here
CardinalStone N1,000,000 (approx. $6,350.00) Here Here
Chapel Hill Denham None Here Here
Cowry Securities N500,000 (approx. $3,150.00) Here Here
Lead Capital N50,000 (approx. $315.00) Here No Recent Online Research
Meristem N2,500,000 (approx. $15,850.00) Here Here
UBA Stockbrokers N250,000 (approx. $1,585.00) Not Available Online No Recent Online Research
Zenith Securities N250,000 (approx. $1,585.00) Here No Recent Online Research

Trading Costs

Commissions and fees are assessed on a sliding scale that is standard across all brokers. For transaction amounts less than N1,000,000 (roughly $6,350.00) you will pay 1.86% when purchasing a stock and 2.19% when selling one. For larger transactions, commissions and fees total 1.49% of the total transaction value to buy and 1.82% of the total transaction value to sell.

Opening a Nigerian Brokerage Account

Now let’s walk through the process of opening an account with a Nigerian stockbroker and buying your first shares.

Step 1: Complete the CSCS Account Opening Form

The Central Securities Clearing System (CSCS) records the ownership of Nigerian securities via electronic accounts. When you ask a broker to open a trading account, they will send you a copy of the CSCS Account Opening Form (sample from ARM Securities here). You will then be assigned a CSCS account number. This number will accompany every Nigerian stock trade you execute, allowing the CSCS to keep record of all your holdings in the country.

Step 2: Complete the Broker’s Account Opening Form

After your first email to the broker requesting information on how to open an account, they will also send you a blank account opening form. Sample forms from each broker may be found in the above table. The form typically requires disclosure of your passport number or other ID number, your address, and banking details.

Step 3: Collect two color passport-sized photos of yourself

You might as well get a bunch of them while you’re at it. They always seem to come in handy.

Step 4: Photocopy your passport

If you don’t have a valid passport, a copy of your driver’s license may suffice.

Step 5. Photocopy a recent utility bill that can be used to verify your place of residence

Most brokers require a water or electricity bill dated within the most recent three months.

Step 6. Send the original CSCS form, account opening form, passport photos, copy of your ID, and copy of your utility bill to your broker via DHL or FedEx

You may email photocopies of all documents to your broker to get a head start on the account opening process, but they must eventually receive the original documentation. And do yourself a favor by sending it via a courier like DHL or FedEx. Couriers are expensive, but they’re more reliable than the postal service. I’ve learned that the hard way.

Step 7. Wire Funds to Your Brokerage Account

After opening your trading account, your broker will provide you with its bank details so that you can fund your account. The most efficient way to do this is via wire transfer. If you haven’t sent an international wire before, I suggest that you take your broker’s bank details to your local bank branch and ask them to walk you through the process. They’ll make sure that your funds arrive securely. Note that most US banks charge about $25 for outgoing international wires.

Step 8. Submit a Trade Order

You’ve done your research and found a stock that you’d like to buy. What now?

While some brokers will request a signed trade mandate form, for most brokers, all you need to do is send an email to your broker with your trade instructions. Keep in mind that some shares on the Nigerian Stock Exchange are rather illiquid, so I advise specifying a limit price for all of your orders. This will help you avoid paying significantly more for your shares than you had intended to pay.

Your broker will then execute your trade and send you a contract note that specifies the buy or sell price, commissions, and fees. Settlement of share trades takes four business days on the Nigerian Stock Exchange, so if you’ve sold shares, don’t expect to receive the proceeds of a sale before then unless you’re willing to incur a penalty to settle the trade more quickly.

A Note on Dividends

Collecting dividends from Nigerian stocks is relatively painless. Upon opening your account, simply instruct your broker (in writing) that you would like all dividends paid on your holdings to be deposited directly into your trading account.

Mission Accomplished

That’s it! Follow these steps and you’re all set to begin investing in Nigerian stocks.

The process of opening a foreign brokerage account can be confusing. If you found this walk-thru to be clear as mud, please don’t be shy. Post your questions in the comments, and I’ll do my best to get answers for them.

Further Reading

How to Invest on the Botswana Stock Exchange
How to Invest on the Ghana Stock Exchange
How to Invest on the Ivory Coast’s BRVM
How to Invest on the Uganda Securities Exchange
How to Invest on the Zimbabwean Stock Exchange
How to Invest on the Nairobi Stock Exchange

229 thoughts on “How to Invest on the Nigerian Stock Exchange”

  1. I have 50,000 and i want to invest,how do i get in touch with a stockbroker and will it be enough to start.

    1. Hi Emmanuel,
      The chart in the post indicates two brokers who reported that they would open a trading account for N50,000 — Chapel Hill Denham and Lead Capital. You can find contact info for both on their websites. Just click on their names in the table.

      Investing in stocks can be risky, so don’t invest any funds that you will need in the next few years.

      Let us know how it goes, and happy Investing!

      1. Hello ,
        I came across this site while i was searching for a trading platform that allows me to do TA on Nigerian stocks.
        Do you or anyone else on this board know of a platform that does this?

        Thanks in advance

        1. Hi Deji

          You might also try they have a very good trading platform with good charts, TA and streamling quotes and they are starting to list some Nigerian companies (NGE is one that comes to mind) also lists NGE not sure of any others. Stock charts is not a trading platform but it is one of my hangouts as I am really big on technical analysis and they cover everything TA. Stock charts is free; there are subscriptions available but you get a lot on the free side too. Options Xpress is perhaps my favorite trading platform; an account is required but it is free to open and no minimum deposit is required – you place money in the account only when you are ready to act. Once the account is open, you are available to use all of Options Xpress services and platforms for free. Hope this helps and best of luck to you.

          1. hi deji,
            i have a little problem, since all this day i’m looking for online brokerage, that l can trade on their platform. but l dont see anyone.i just need your help if you can recomend one for me that can operate with someone here in Nigeria. pls kindly assist me with my findings
            best regards

        2. Hello. Just came across this forum and I am impressed with the demand for investment in the Nigerian market. I will advise that anyone thinking of putting money in any market; the Nigerian market inclusive, will need to get the proper education required to invest/trade successfully. As no one can become a doctor overnight, so can no one become an investor overnight. You need the education, skill and discipline all merging to form a habit such that you you get to the point where you make good investment and trading decisions subconsciously.
          The community of retail trading in the Nigerian market is growing and there are a couple of sites that could help you grow in knowledge, advice and education. You can google trwstockbrokers and as I believe these have good materials. The latter seems to be a new site but looks like it has potential also. In conclusion, please seek professional advice and mentoring with solid education before you put your hard earned income in the market.

  2. am ogidi p by name want to say thank you for highlighting us on the process of opening account with the stoctbrokers. Pls i do have a question can someone invest with 100,000 and get the money back with gain of such amount. Thank u

  3. If i invest 1000000 what would my dividend be at the end of the month if i take Zenith as my brokers?

    1. Dividends vary from stock to stock and are generally paid on a semi-annual or annual basis. The dividend paid is unrelated to your choice of stockbroker. Your investment of N1,000,000 could, in theory, range from zero to infinity depending on the price movement of the stock you purchase.

      1. Hi Ryan,

        Does Chapel Hill Delham help their clients purchase preferred stocks in Nigerian Banks?

        Do they have an Electronic Trading System? I’ll like to invest based on my own research.

        1. Hi Joseph,

          As far as I’m aware, they do not offer an electronic trading platform to clients, and I’m afraid I don’t know whether they allow trade in preference shares. Does anyone else have answers for Joseph?


  4. Hi,
    I have for a long time been interested in investing for the long term in the Nigeria Stock Exchange. Thanks for laying it out clearly. I am new, though willing to learn how it works. I bought some mutual funds sometime ago, but it didn’t go very well.

  5. Hi
    I really appreciate the fact that I have found my long-sought solution on buying shares. Please, I want to ask, can I buy a share with 20 thousand Naira and which stock broker can I invest my money?

    1. Hi Idorenyin,

      Some Nigerian brokers say that they do not impose an account minimum requirement. Chapel Hill Denham is one of them. That said, investing in stocks involves substantial risk. Do not invest any money that you will need in the short-term, and research potential investments carefully.

  6. I am Indian and currently working in Nigeria. Please let me know the best stockbroker with whom I can open an account for trading. What I would prefer is my dividends (if any) be deposited into my Indian Savings Account, so that I can have my purchased stocks retained for long term. Thank you.

    1. Hi Kumar,

      Each of the brokers in the above chart should be able to handle your trades professionally. I doubt, however, whether they would be willing to arrange for direct deposit of dividends into your Indian savings account, but it would be worth your time to ask them whether it’s a possibility. Let us know what you find out!

  7. Hi, I’m Serges Kenda. I’m a fan of making a lot of money just like Carlos Slim, Donald Trump, Bill Gates and others, but I have come to realise that part of their wealth is through investment in stocks. Now, I’m living in Nigeria and you know there are a lot of irresponsible people here. I’m sorry to say that, but that’s truth. Please, can you direct me to where I can invest my money safely? I know nothing about stocks. How do they work? And, please, what is the best investment to engage in now? Thanks.

    1. Hi Serges!! It is good to have a passion, but just know that before anything you should do something with a passion like Bill Gates and other, so the money should come after. If you think first money you will fail on Trading coz that mind will bring you to invest by taking a huge risk…So a good Trader must have the Self control, It is just an advice! Watch the story on all those guys like Pheal Neil (NIKE), Larry Page (Google), and many other success story on “you tube”, u will agree with me. Sorry for the low quality of my English, i normally speak french. Thk U!

  8. Impressive explanation. I have been a regular investor in the SEM before it crashed. Right now I would need something more risky like forex trading. How can you help?

  9. My utmost thanks for your help on how to open in a brokerage account in Nigeria, however I would want a brokerage account that allows the opportunity to trade in Nigeria and other foreign countries. Looking forward to your reply.

    1. I want the same thing, Moses. Unfortunately, I’m not aware of any Nigerian brokers that offer individual investors trading services in multiple African countries.

      If any readers know of such a company, please let Moses and me know.

      1. Please, I want you to help me out. I went through all your comments and I found out a little more about the stock market. I bought shares with my bank and it as been growing up for 6 years now. Now I want to sell. So, my question is, am I going to gain or lose? Please help me out.

        1. Hi Supreme,

          Your experience demonstrates the power of buying stock and holding for the long term. Do you know which stocks you bought and what price you paid for them? If your stocks are valued more now then they were when you bought them, you have gained.

          All the best,

      2. hi Ryan hoover,
        i want to seek for advice, maybe is it possible for someone here in Nigeria to trade global stock online? like us equities & European equities not FOREX MARKET.
        and then if there is any one pls let me know.because l have tried my best to see one. I will expect your feedback
        best regards

      1. Thanks Ryan and I will look into the JSE. Other than going broker to broker, how can one find out when other African markets might offer option trading? I enjoy the “option” of picking a future stock/share purchase price (albeit secured with a nonrefundable fee) and if there is an unfavorable stock price change (or my circumstances) I do not have to buy (although I lose the small contract fee); I would rather lose in my case $300 USD instead of let’s say” $3,000 USD because the stock price dropped with no signs of immediate recovery or the unknown happened in my finances.

  10. Hi…Please, I need someone to enlighten me on what to do. I had an account with a brokerage firm before I travelled out of the country. I stopped running the account for a while but I kept contact with my broker. When I decided to return to the market, I called my broker to send my CSCS account statement. I told him I want to access my account online. Since then he stopped answering my calls. I sent him messages but no reply. I carried out research and found out that the company has been suspended by the stock exchange authority.

    1. Hi Isiaq,

      That’s frustrating. I suggest opening an account with a different broker and asking them for help in transferring your shares. As long as you have a CSCS account, this should not be a problem.

  11. Hi,
    I believe this is a great opportunity for both the poor, middle-class, and wealthy to invest and gain the same profit.
    Please I want to know if it is possible to purchase more than one share. And how does it work?

    1. Thanks for dropping by, iyke-man. I agree with you that the stock market can be a good way for people of many different socio-economic backgrounds to share in the benefits of Nigeria’s growth.

      It certainly is possible to purchase more than one share. I suggest that you contact one of the brokers in the article above for assistance in setting up a trading account and beginning to buy and sell shares.

  12. Hi
    I appreciate your response. It alleviates what has been bothering my mind, but do I need the consent of my former broker before I can transfer my shares to the new account?

  13. Hi, I really want to know the minimum capital required to own or buy shares. Also, what is the process for selling shares and collecting certificates?

  14. Nice article. I invest in Nigerian stocks and the market has been hot for the past two months now. I use this website to help me analyze stocks before I make any decisions.

    They even have a stock game which is extremely useful.

  15. Hello Ryan,
    Could you please inform me on the best/most reputed stock brokers that offer ONLINE account, such that I can see what’s going on from abroad?

    Thanks for the good work you are doing here.

  16. Hi Ryan,

    What are your thoughts on STANLIB; specifically, I am interested in their ETF funds. I have come to respect your opinion. Also, I have contacted them through their website for info. Because I started investing in mutual funds more than 20 years ago and “retired” before the market crashes, I am able to live “hard” work free. I am excited about Africa’s potential and her bright future and wish to get in before the rest of the West wakes up (smile); can I invest as a US citizen? Thanks and keep up the good work. If you cannot commit on a specific broker such as STANLIB, I understand.

    1. Thanks for your comment and question, Alexis. I’m afraid I don’t have much to offer in the way of analysis on STANLIB funds, but I am a fan of investing in ETFs. They allow investors to target specific sectors or regions, trade like stocks, and generally have lower fees than do mutual funds or unit trusts. If STANLIB had a sub-Saharan African ETF, I’d very much like to take a look at it.

      Good question on whether US citizens may participate in South African ETFs. I know most South African fund managers don’t permit them to, but I’ve never received a good explanation as to why. Good topic for future research!

  17. Ryan, thanks for the quick response; STANLIB has responded to my inquiry just as quickly and here’s what I have learned so far: as a US citizen it appears I can participate but I must set up a SA bank account first (in part for conversion from USD to Rand but I don’t know yet the other reasons/requirements). I am in contact with one of their agents about this process and will update you on my findings; perhaps other readers can benefit from this too. One other point that is worth mentioning: the fund has a FundiSA program which encourages the saving for and helps disadvantaged SA college bound students (good Social Initiative). Thanks again and I will update you when I know more or perhaps someone else on the forum has competent information on this fund.

      1. Hello Ryan please can a Nigerian invest in US stock exchange enlighten me on it and which company to invest on in US and Europe.


  18. Hi
    Sorry Sir, I am a native of Nigeria and am looking for how to invest my money or shares through a good company. Thank you.

    1. Hi Anon, Most US brokers do accept international applicants. The minimum amount required to open an account ranges from $500 to $5000, depending on the broker. You might try Interactive Brokers, Etrade, or Scottrade. Happy investing!

  19. Hey Ryan

    Thanks for a fantastic post, burgeoning as the Nigerian stock exchange is, information on how to actually invest in it for the retail investor seems sparse.
    From the information I’ve gathered so far, it looks like were a long way from trading NSE’s indexes such as the NSE 30 and so on via leveraged CFD’s and Spread betting platforms, let me know if you have information which dictates otherwise.


  20. Sir, I am very glad to have this post because it teaches me all what I bear on mind to know how to invest. But Sir, I need a stockbroker that accepts electronic currency such as liberty reserve, alert pay, ego pay…………… and reliable so that it could be easy for me here.

  21. Ryan, could you please shed a little light on ‘day trading’? Is it possible to be a day trader in Nigerian stocks? Thanks.

    1. Hi Ahmad,

      Day traders try to profit from short term price swings in the price of certain stocks, indices, or commodities. And when I say short-term, I mean days, hours, even minutes. This is not a strategy I am skilled or comfortable with because I have yet to see a reliable way to predict which way a stock will move over such a brief duration. Your chances are pretty much 50-50, like flipping a coin, and when you factor in the cost of commissions, you will probably lose any small advantage your predictive skill may grant you. That’s why I prefer to analyze the businesses that underlie a given security and attempt to determine whether they are fairly valued by the market over the long-term. When you buy with the intention to hold a stock for a year or more, you allow the company’s managers to perform and execute their strategy. If they do it well, the odds are that this will benefit long-term shareholders.

      That said, it would be extremely difficult to day-trade on the Nigerian market. Even if a broker could provide the rapid execution speed necessary, with trade commissions as high as they are, you would need a huge swing in the share price to recover your trading costs. Better to go bargain hunting. Buy a company that you know well, with good future prospects, and that trades at a price lower than what you believe it is worth. Then just be patient until the story changes or until the market begins to see the same thing you do.

  22. Ryan, What you are doing is worth compensation, and I am happy that you respond to my mail quickly. If I can not invest via electronic currency in Nigeria, I do not mind if you have a reliable broker accepting it over there or from the rest of the world. Thanks so much.

    1. Thanks, Oyeniyi. I am not aware of any brokers accepting Nigerian e-payments at the moment. When it comes to mobile payment systems, Nigeria is more advanced than the United States and many other countries in the world. That said, I will keep my eyes and ears open for brokers who serve clients wishing to use e-payments and hope that other readers of this blog will do the same.

    1. As with so many questions in life, the answer is “it depends.” You may invest in a stock that rises 100% in a year or you may be unlucky and invest in a company that goes bankrupt. The key is to invest in a good company at a good price. In this way, you increase the odds that your investments will be profitable.

  23. My dad and I have some money with my stockbroker who said she was going to invest it for us, and it’s close to five years now. And she is no longer with the company. Do you think our money is still intact because recently the stock is one of those de-listed. What do I do?

    1. Hi Anonymous,
      Even though the stockbroker you work with is no longer with the company, another stockbroker at the company should be able to help you track down the shares. Good luck and let us know what you find out!

  24. Hello,
    i would like to ask if there is any Nigerian stock broker, that assigns an account manager that can tell the stock owner when to buy and sell. Or rather, that would manage the account for the individual. i would also like to ask, which is better? Dividend at the end of the year or buying and selling stocks to make profit? Kindly elaborate. Thank you.

  25. If you want to invest in stocks listed in Nigeria, you will need a good stockbroker. That list has some good names for a start, but you need to find the one who gives you some advantage.

    Also, you need a place from where you can get proper info on Nigerian stocks. Let me suggest one such website which I use and find best for the task –

    Hope you are able to discover a great investment. Without risk there is no return.

  26. Hi Ryan, Thanks for your post. This has eased my tension to a great extent concerning my shares. Bu I still have this question, do you need to sell a share before you receive dividends or is it paid as you make profit? Check on for good market analysis.

    1. Hi Callis, where is the analysis located on the site (I didn’t see it) also, is it fundamental or technical analysis (or both) for the companies listed? Thanks

  27. Hi, I already have a CSCS account number, and my broker is WSTC, but I have never had any contact or communication with them. So please how can I get a response from them? I’d also like to have all the statements of my account starting from 2005 to date. Thank you, sir.

  28. Greetings from Finland,

    Great site you have – very informative! I’m about to start a process of opening account either with Zenith or BGL Securities. The main problem in my mind is though – can i trust the bank and is it completely safe for me to send a photocopy of passport even if i do it via courier company such as DHL etc.? I mean there have been cases when someone sends photocopy of their ID to a 3rd world country and the mail happens to end up in wrong place and that ID is then been misused for making fake credit cards etc… What’s your opinion in this matter.

  29. Hello Ryan,

    I have some money I would like to invest in Africa because of the good returns, and I have decided to start in Nigeria. I have heard so much about ARM and CardinalStone, and I would want to know if you think they are good for research and execution.
    Which banks do you suggest for the trade settlement?

  30. What’s the minimum age required before someone can buy shares and if someone has about #10000, how can one invest it in shares.

    1. Hi Deji,

      I believe most Nigerian brokers require that clients be at least 18 years of age. Most also require that you have at least N50,000 before they will open an account.

      1. Thanks a lot man. Please in my Nigeria local bank account the minimum that could be in your account is #1000( which belongs to the bank I.e you don’t have access to the last #1000).
        Does this minimum #50,000 belong to the brokers too?????

          1. Many thanks to you man, I have followed your steps and opened a NSE account with “meristem” online and they’d sent my account number and promised that the Cscs account number will be ready in 3days time.
            1. They said there minimum initial opening amount is #10,000 and required I pay before the account could be processed to CSCS. Is it OK to pay before having Cscs account?

  31. Please, I cannot download the account form for Chapel Hill Denham. I tried contacting them through mail but to no avail. And I live 700km from their head office. Can you please help me get useful info about how to get the form?

  32. A few years ago, I bought some shares on the NSE through a third party, but it came crashing down like packs of cards, really devastating. I want to start afresh and have a keen interest in micro-shares. Can I request or order my brokers to buy me shares with little values worth N2, N1 and nothing greater? I’m going in this time for the long-term, say 6-10 years. Another thing is, can I buy shares and just “forget” about them for years without talking about them with my broker, won’t it become redundant or even non-existent?

  33. Hi Ryan –
    This is a really useful website. Love the detail and granularity of the data and just how current it is.
    Background: We are a US (Delaware domiciled) partnership, and we invest in globally listed equities. We have never before invested in Africa. My money management firm manages the Partnership and I am the sole Managing Member of the Asset Management Company.
    1. Is a foreign investment Partnership allowed to open a brokerage account in Nigeria ? Are any of the firms you listed above more “institutional” in nature?
    2. I appreciate that opening a brokerage account anywhere in the world requires disclosure of a lot of personal information, IDs etc. But for whatever reason, Nigeria has attracted an unusually large amount of attention as one of the main countries in Africa from which various scam schemes seem to originate. Any thoughts or advice in this regard?
    3. I have narrowed down a few Nigerian stocks that I might want to research in more detail. Are you aware of any third party research/consulting individuals/firms that will do “contract research” for me on a “per report” basis or “time spent” basis. (Preferably reasonably priced – not thinking of McKinsey Nigeria!)
    Thanks much,

  34. I’ve had a certificate of ordinary share with a bank since 2005, but I have not done anything with it. How do I begin?

  35. Hello all. Do you have any feedback on ARM bank, the first one on the list of potential broker for Nigerian Index?

  36. Hey,

    Thanks for the great post – are you aware of any index tracker fund that tracks the Nigerian stock exchange (or similar)?

    I wish to invest in a tracker since it removes the time pressure for me to seek out detailed information on each listed company.

    Many thanks,


  37. My contribution:
    for ur 1st question about buying cheap shares- my advice is don’t just go for cheap shares, rather buy shares of trusted companies and with a good record of dividend and bonus during past years,
    2. As for leaving your shares for a long time, sure in fact dats d idea of long term investment. Your shares remain valid as long as the firm u invested in doesn’t crash but its advisable you confirm from ur broker say from year to year, but anyway the firm will always send you your details whenever they declare dividend and bonus for any year, that way u always know your portfolio.

  38. Pls My mum wishes to sell her shares without bothering her broker that has gone AWOL. How is she suppose to go about it? Or how can I help her do that?

    1. Hi Tomi,

      Does your mum have a share certificate? If not, does she have a Clearing House Number (CHN) or CSCS account number? If she has either of these items, she should be able to sell her shares through a different broker.

      If she does not have a CHN and her share certificate has been lost, she can contact the registrar of the company that she owns shares in. Depending on the details, the registrar may be able to issue her a new share certificate.

      I suggest contacting one of the brokers listed above for assistance. Make sure to let us know how things worked out!

      1. She has shares Certificate, but No CHN. How can she get the CHN? Can she do that herself or can anyone help her do that. Moreso, if she jst wants to register the shares now for easy liquidation in the nearest future. How will she go about that? *•.¸( *•.¸♥¸.•*´)¸.•*.
        «´¨`°•.◦ †нªηк’s ◦.•°´¨`»
        ¸.•* (¸.•*´♥`*•.,)`*•.

        1. Great news that she still has the share certificate. Now all that she must do is take the certificate to a new stockbroker (perhaps one listed in this article) and tell them that she would like to liquidate the shares but that she does not have a CHN. The broker will then give her some paperwork necessary to open the CHN account and to dematerialize her shares. When this is complete, she will be able to liquidate her position.

          Hope this helps. Let us know how it goes!


  39. Hello,
    Which one is more cost effective, investing in the new NGE ETF or buying the different stocks individually in Nigeria?

    1. Great question, Samy. The ETF will be more cost-effective if you would like to buy shares of each company that it holds. If, however, you believe specific Nigerian companies will outperform the index as a whole, it is better to invest in them individually in Nigeria.

  40. Hello Ryan,
    Excellent work, thanks for this invaluable service you have provided. After looking at your table I went to Zenith Securities’ website and they state that the minimum opening balance is 5million naira and not the N250,000 shown on your table, did Zenith change the minimum requirement?

    1. Thanks Eathan,

      I believe Zenith reduced its minimum investment. As of correspondence that I had with them at the end of March, the minimum investment was N250,000. Please let us know if you learn differently from them.

      Happy investing!

      1. Meristem securities is good. I have been with them for some time. You can do pretty much everything online and they’re prompt with their response.

  41. Hello, Ryan, Thanks and great job on this forum. I wonder if you can rank these brokerage firms based on some criteria like their services, customer service, honesty, etc. Also do you provide managed investment services? Because I would be interested in your services.

    1. Thank you, Kenneth. I wish I could objectively rank these brokers, but my dealings with them were limited to requesting info to open an account. I can, however, say that I contacted dozens of Nigerian brokers and the ones above all responded to my questions most promptly and helpfully. Perhaps, we could have an open thread where Nigeria investors can report on their experiences with various brokers?

      I do work with an Africa-focused asset manager, Africa Capital Group. You can learn more about us at

      Happy investing!

  42. Hi Ryan,

    I have a question concerning direct dividend payment into stockbroking accounts. Do you know if the stock brokers charge a commission for this per transaction?

    This can be significant for small investors like myself.


    1. Hi Kazeem,

      Good question. I haven’t encountered a broker that charges a fee for direct dividend payment. That said, you may want to confirm this with the broker before opening an account.

      Happy investing!

  43. Hey Ryan,
    I checked out the JSE, Africa Capital Group and some brokers listed.
    However, it was difficult for me to find a broker that deals in ETFs.
    Do you perhaps know anyone in Nigeria, South Africa, or an international broker?

    1. Hi Queen,

      Are you looking to invest in a US-listed ETF like AFK or NGE? If so, you will need to open a US brokerage account. If you’re a US citizen, there are lots of brokers to choose from. If you’re not a US citizen, your choices are more limited. I suggest contacting to open an account. Let us know what you find out!

      All the best,

  44. Hi sir! I have gone through all the posts of this blog carefully and have learned a lot, thanks. Well, I have got some questions.
    1. My dad bought shares from Savanna bank which was liquidated. My dad is late now, and I have the share certificate and just recently I heard that they will soon start their bank again. Please how do I go about selling the shares as I am his next of kin?
    2. I have got 100k which I am ready to invest for as long a time as possible. I don’t know anything about the stock market but what to invest in it with all I read in the above. What do you suggest I do?
    3. I am reading a book now on the ” Millionaire in You” by Micheal LeBoeuf where I read about index stock that need no broker and you don’t have anything to lose. Please, I want you to explain index stock. I don’t understand and please I want to quickly invest the money as I may use it for something else. Thank you, sir.

    1. Thanks for your questions, Elijah. I’ll do my best to answer them.

      1. At this point in time, it isn’t possible to sell your dad’s shares of Savannah Bank because they are not listed on the Nigerian Stock Exchange. If they should re-list, contact a local stockbroker or Savannah Bank’s share registrar to determine the process for selling the shares.

      2. If you have an adequate emergency fund (approximately six months of living expenses) saved up and have paid off all of your high-interest debt, then you might think about investing the 100,000 in the stock market. My advice would be to stick with shares of companies that you know and understand. Read their annual report to get a sense of how the business is performing. And be careful not to pay too much. Look for companies with low P/E ratios and growing earnings. Give special consideration to companies that pay consistent, growing dividends.

      3. Stock indexes often trade in the form of exchange-traded funds (ETFs). These securities trade like shares of companies, but they are actually a package of shares from lots of different companies. The index is typically fixed to a specific set of companies, so they are a good way of investing in the market without the need to research individual stocks. But that does not mean that they are risk-free. ETFs can lose value from day to day just like a stock can. Unfortunately, to my knowledge, there are not presently any index ETFs trading on the Nigerian Stock Exchange.

      Hope this helps and best wishes to you!

  45. I invested in Nigerian stock. But I’m still interested in foreign stock. Is it possible to use my local account to trade on foreign stock?

    1. Hi Chikezie,

      As far as I’m aware, Nigerian brokers trade only on the Nigerian Stock Exchange, so investing in foreign stocks through them isn’t possible at this time.

      All the best,

  46. My questions are ….

    (1)I want to know what treasury bills are and how u can invest and make profit from it.

    (2)I don’t know anything about shares or the capital market but I have 100,000 and I want to invest it in shares. I want to know if I can double the money in just one to two years.

  47. Hi. Thanks a million for this simple and addictive presentation. I’m new at this. How do I go about even contacting the brokers in the first place? Just so to avoid dealing with gimmicks unknowingly!!! Tnx…

    1. Thanks, Okoli. I’m glad to hear it was helpful.

      If you’re considering contacting one of the brokers listed in this article, a simple email should do the trick. You can find contact information on their webpages. If you’re local, and it’s convenient, you could try a phone call or even a personal visit. It all depends on what makes you most comfortable. For what it’s worth, as far as I’m aware, the brokers listed above are reputable, and the Nigerian Stock Exchange has undertaken a number of reforms to protect small investors in recent years.

      Whatever you decide, keep us posted on how things go!

      All the best,

  48. Do you know any of the Nigerian brokerage firms that is connected with the new X-Gen trading platform? Does anyone have experience with a reputable Nigerian brokerage firm and their respective Electronic Trading Platform? How does it fair to the likes of Schwab, Etrade or Scottrade counterparts? Please do advise.


  49. Hi Ryan,
    I came across a site and would really appreciate it if you could check it out just for me to make sure they’re legit, because I am entirely new to this (stock trading), and have read through your website and so far I understand that an expert’s opinion would really matter!

    1. Thanks, Bode. I’m not familiar with this site. That’s not to say that they aren’t legit, but if you’re a new investor, I would suggest opening an account with a larger, better-known firm.

      Does anyone else know anything about NGTradeOnline? If so, Bode and I would love to hear about your experience with them!

      1. Ryan,
        i recently made contact with one of the “better known” firms you listed above, their response was impeccable and i have opened an account with them. I know that information is power, especially the right information, so what kind of questions should i be asking them about their services and what sort of info am i meant to expect from them to make this worthwhile?

  50. This is the most cool, most informative forum i’ve seen on stock trading in Nigeria.
    Thank you, Ryan. (for this forum and for your insight and patience in answering questions).
    I’ve wanted to trade stocks for sometime, but there’s just not adequate info/data about stocks in Nigeria on the internet. I day trade currencies and there is so much info, fundamentals and TA by the minute online, and I’ve been really profitable ; ) I’ll checkout the websites recommended on this forum for more info on stock trading in Nigeria.

    I have a few questions though
    1) do you have any idea on some mutual funds in Nigeria whose performance consistently beat the Nigeria stock market. or mutual funds manger’s who do?
    2) if i invest $3k, what do you think it will be worth after one year,and how much dividend should i expect?
    3) from your posts above, i gather you would advise buy and hold, but i would prefer to actively manage my own portfolio. buy whichever stocks i want and sell whenever i want to(like i do forex although not so much because of the fees and commission) . can you enlighten me if this is possible. (i.e. which broker, trading platforms and generally how to go about it. also in the US stock market)

    i would really appreciate your opinion.

  51. Ryan,
    I recently made contact with one of the “better known” firms you listed above. Their response was impeccable and I have opened an account with them. I know that information is power, especially the right information, so what kind of questions should I be asking them about their services and what sort of info am I meant to expect from them to make this worthwhile?

    1. Hi Bode,

      Great to hear that you had a good experience opening an account. If you’re at a loss as to where to begin, and aren’t yet comfortable choosing stocks on your own, I would ask your broker for a list of stocks that they recommend to investors who want to buy and hold shares for the next five years. Ask them to include a rationale for each recommendation. Review their explanations and see which ones make most sense to you. Then diversify your investment into 5-10 different shares. The more you diversify, the less risky your share portfolio will be.

      Also, if you have interest in choosing your own stocks, take some time to educate yourself on methods of identifying reasonably-priced, profitable businesses. Devour the writing and work of Warren Buffett. He’s arguably the most brilliant stock investor of all time, and he explains his approach in a way that’s easy to understand. Here are some of his best quotes:

      Hope this helps and keep us posted on how things go for you!

      Happy investing,

  52. Good day Ryan
    Just to let you know, I was at BGL Securities recently ( about a week ago) and i was made to understand that the minimum initial deposit is N1,000,000.00 as against the N100,000.00 that you reported.
    It was really a turn off for me though because i was not just ready to risk that lot yet.

  53. @Tochukwu, there are some other brokers you can try that would accept N100,000.00 or less, likes of ARM securities, Lead Capital, @Ryan, I’ll like you to cover on other areas like bonds and other forms of securities later on, What you’ve written here is commendable, Thanks for sharing

    1. you may wish to note that the minimum account opening balance with ARM securities is Five million naira (N5,000,000.00) thats about $31,250. I inquired after seeing you post and i got the emailed reply from their customer care. Thanks

  54. Ryan,

    i was watching Bloomberg recently and a particular ad came on talking about how ‘transaction costs’ can affect the return an investor could make. thing is, the ad was so short and too summarized so all i could get was a pretty summarized view on it. could you enlighten me a little more.

  55. Nice write up. I really enjoyed it cause it gave out comprehensive explanation for a beginner like me.
    Please can you let know the minimum amount I can start with and also I heard about stocks with fundamentals and technical stocks please can you throw more light on these??

  56. It is interesting to see such post. My mum help me in opening some shared in my Name with my money I do not if it would be possible to use those certificates

    1. Hi Anon,

      Yes, it should be possible to take those certificates to a broker if you would like to trade your shares. You will need to open an account with the broker, and there will also be some paperwork involved in dematerializing the certificates, but if the company is still listed on the exchange, you should be able to sell your stock.

      Let us know how it goes!

  57. This is a pretty informative site. The world would have been a better place if good hearts like Ryan’s are everywhere. Keep the good work up.

    I am sure there are other ways you can be of help to me as I look to diversify my investment across the continent of Africa. Take charge.

  58. Hello Ryan,
    I must commend the good work you have done
    May God bless you abundantly , I have learnt very much from your blog .
    it is very informative for beginners like me

    thank you,

  59. Hi,
    Good day to you sir,
    Please, I have been trying to know more about investing in shares. Thank GOD that I have found your website. Please, can you clarify me more about how it goes prize unit percent?
    And also how to recover the old shares bought for me by my late father?
    Thanks for your co-operation.

    1. Hi Solomon,

      Many thanks for your comment. Could you please rephrase your first question? I’m not sure I understand you.

      On your second question, do you have the share certificates in your possession? If so, you can take them to a licensed stockbroker. The broker will help you to open a brokerage account and to dispose of the shares. If you don’t have the share certificates, you can contact the company’s share registrar. The share registrar is typically identified in the company’s annual report and should be able to help you recover the shares.

      Hope this helps and all the best to you!

  60. Is it possible for me to invest in a company like Nestlé Plc, if yes how do I go about it and how much is there stare worth.

  61. Hello Mr Ryan, I must tell you that my problem with the issue of stocks trading is almost solved. Now if registered with any broker here in Nigeria, can I trade on my account at home? How about their platform? Can I have access to it? What I’m trying to ask is for a trading platform where I can trade on my own. Thanks so much for patiently attending to all our questions. God bless….

    1. Great question, Kolawole. I believe Lead Securities ( recently launched an online trading platform called LeadTrader, which would allow you to trade Nigerian stocks from the comfort of your own home.

      Meristem Securities ( offers a similar service called MeriTrade.

      I hope this helps and please keep us posted on your progress!

  62. Hi Ryan,
    I am totally new to this, well almost. I have been living and working in Europe for the past 26years. Right now, I am looking for ways of deriving more returns on my capital. First I thought about opening a savings account in Nigeria due to the attractive interest rate only to discover the very high inflation rate as well. I therefore decided to invest in the Nigerian Stock& Bonds market; hence have been doing some reading on the subject of stock trading in general and do have a pretty good idea of how it works technically.

    Two recurring strong suggestions are: do your home work and start off with money you can afford to lose, which are sensible but my question regarding the former is how? I think the quality and integrity of management and board members of these companies are very important but have no idea on how to get these info on Nigerian businesses. Are you able to help in this area or direct me to where I can obtain reliable info?

    Great site by the way.


    1. Dear Femi,

      I have a great experience managing investment portfolios for Offshore investors in the Nigerian Capital Markets; and I currently work as a Portfolio Manager with a top-tier Investment Bank/Asset Management Group in Lagos. We trade, invest and manage investment across different asset classes (Equities, Treasury Bills/Notes and Bonds (Corporates, FGN and State Bonds) for our clients both Individuals (Retails & High Net-worth Investors) & Institutional(PFAs, Offshore Fund Managers, Co-operatives, etc).
      Should you be interested, do not hesitate to contact me; then we will take it from there.

      All the best.


  63. Hi Ryan, I really appreciate how you’ve been helping people through the mystery of investing in the Nigerian stock market.
    Please, the whole thing is new to me and I would appreciate if you could shed more light on the following issues;
    1. what is the minimum amount I can invest?
    2. after opening an account with a broker, do I still need to use my money to invest in company securities?


    1. Hi Ola,

      Glad to hear you’re interested in exploring the NSE. The minimum amount that you can invest varies. Some brokers specify a minimum deposit before they will open a trading account for you. This can range from N50,000 to N2,500,000 depending on the broker.

      Note that this money remains yours. It will be there for you to invest after your account has been opened.

      The broker makes money only when you buy or sell a stock. They charge a small commission each time you do so. In Nigeria, commission is roughly 2% of the value of the trade. Therefore, if you buy N50,000 worth of shares, the broker will charge a commission of approximately N1,000.

      Hope this helps! Feel free to follow up with another question if it isn’t clear.

      1. Dear Ola,

        I work with an Investment Bank/Asset Management Group, and we have a Stock-broking Arm. We assist our clients to invest in Equities and Fixed Income instruments in the Financial Markets. Should you be interested, kindly contact me on +234 805 286 0994.

        Thank you.


  64. Hi Ryan,
    first, thanks for taking effort in putting this through. I’m from India & interested in investing across so called “Frontier Market”, of which Nigeria is one. Till I stumbled upon your website I was in dark about this nation & to be frank you have made my life simple by providing all relevant information.
    Wanted to understand from you the security of money which we transfer to broker account in Nigeria. Since the money will get credited to a common account, I need to invest fully all the time as leaving money in common pool account is little tricky. Apart, not sure how dividends will be handled & also the full payout once I sell all my holding.
    I’ve finalized Morgan capital as my broker, can you share your thoughts on my above query.


    1. Hi Ryan

      I am from India and curtently residein India. I am interested in investing in the growing African economies via stock routes.

      I am interested to find out more about the top 100 African Companies which market they are listed. Us they is a unified platform for opening an account which we can trade in all the exchanges.

      Further are they active mutual funds in these markets.

      Thanks and Regards


  65. thank you Ryan, information is our bane and important resource depending on whether or not you have it. u having been warning ,dt the market is tricky and we shud not invest cash we would need in the short run. this moved my mind to treasury bills with maturity of 3 months and below. what is your advice on such investment and the ease of liquidation at maturity. do d brokerage firms deal on bills,unit trusts and some others or is it basically equities. thanks for your reply.

  66. Pls i registered with a stock broker whose office Ȋ̊§ nowhere to be found any longer,though have been opened a cscs account for but the broker Ȋ̊§ nowhere to be found while with mγ̲̣̣̥ shares α̲̅πϑ some certificates of mγ̲̣̣̥ share,so what do i do to recover mγ̲̣̣̥ shares ?

  67. Pls Ryan, I bought the then oceanic bank shares under first brokers years ago without any foreknowledge on how to manage it. right now am confused on how to go about it becos i have not done any other thing after buying the shares. i have since 3 dividend papers and the certificate.there was no account opening done for me. can you help me pls on the process? thanks and God bless.

  68. Please how do I find out the exact details of my account with NSE and broken in Question?

    Though it may sound strange but I got this mixed up due to being away from Nigeria for about 6 years now. I quite recall that I registered with a certain broken then but right now, i can’t remember any of the details to it and I currently wish to start purchasing new stocks now.

    Is there anyway I can retrieve my details and maybe change broker now?

    1. Hello Simeon,

      My name is Ayodeji, I manage investment portfolios at an Investment Bank/Asset Management Group, and we have a Stock-broking Arm that trade in Equities, Bonds and also act as an NSE-approved Market-Maker in the Nigerian Capital Markets.

      We can assist to seamlessly transfer your portfolio to us for efficient service and better management. Should you be interested, kindly contact me on +234 805 286 0994.

      Thank you.


    2. Hello Simeon,

      My name is Ayodeji, I manage investment portfolios at an Investment Bank/Asset Management Group, and we have a Stock-broking Arm that trade in Equities, Bonds and also act as an NSE-approved Market-Maker in the Nigerian Capital Markets.

      We can assist to seamlessly transfer your portfolio to us for efficient service and better management. Should you be interested, kindly contact me on +234 805 286 0994.

      Thank you.


  69. Nice piece of info. Want to invest but am I need to know like the top 10 stocks in the market… And is this also something the stock broker should be doing? advising on what stocks to buy, when to sell and all….


  70. Hi guys
    I am intending to buy stocks in NSE,…..i will begin with euros 5000..
    Please show me the necessary steps to start.,..

    Thank you

  71. Hi Ryan, i am very new to all of this and i must say i have enjoyed reading all of the comments and i must commend you do a very fantastic job on enlightenment. that being said. i am 21years of age and looking to invest. as a young man i have just successfully saved up to a million naira and decided to just randomly browse the net and see what one can invest in,in Nigeria. anyway you could put me through on how to invest carefully like i have said i have NO KNOWLEDGE about the stock exchange market. Thanks

  72. hello please i seriously need help or advise on stock exchanges as i really dont know how this runs. i gave money to a friend in Nigeria to buy out shares for me for over 6 years now. since then till date i dont know what is outcome of this shares. as i was in Nigeria, i open an account on my name as i learnt he used my benefically to run his busniess. but i did have the time to meet any stock brokers to advise me on how to change the neccessary things. please help.

    1. Hi Obinna,

      I suggest that you ask your friend for the account details where he purchased shares for you. He should either have received share certificates or a CSCS account. Once you have this information, you can contact one of the brokers listed in the post above to assist you with opening a trading account and selling the shares if you wish.

    1. Hi Richie,

      You will need enough money to purchase at least 100 shares of whichever company you wish. The cost of 100 shares varies from company to company but can range anywhere from 50 naira to 20,000 naira or more.

    1. Hi Babalola,

      The first thing you’ll need in order to buy shares in Nigeria is a trading account with a Nigerian stockbroker. To open an account, you can follow the steps outlined in the article above, and let me know if any step in the process is unclear.

      After opening and funding your trading account you will be able to buy shares of whichever company you choose. You will simply instruct your broker by phone, email, or online platform which company’s shares you wish to purchase and in what amount.

      The second part of your question is not as straightforward to answer. Investment prospects vary from company to company. Some will prove to be excellent investments (perhaps even doubling in value within one year) while others will be terrible (dropping 75% or even more). The key is to find a company that you understand and is positioned to deliver consistent profits over the next 5-10 years. After you’ve identified such a company, take care to buy its shares at a reasonable price.

      Your broker may have some advice to help you find companies that fit these criteria. But be careful. Brokers are paid only when you buy or sell shares, so their bias is to encourage you to buy and sell frequently. This is typically not in your best interest because trading expenses eat into your investment return. So, it’s usually best to buy a good company at a fair price and hold on to the shares for the long term.

  73. Hi Ryan,

    I’m curious… Can a qualified stockbroker act on behalf of himself and open and fund a trading account? Thereby getting all the payments when he buys and sells his own shares?

    1. Hi Obie,

      Good question. I suppose he could. If he bought shares for himself, he would save on commission. Note, however, that there are some taxes and fees that are assessed on each trade, too. So, it would not be possible to trade completely cost-free.

  74. Hii! My name is Kévin! I’m a student from Cameroon, and i’m doing a Master degree in ‘FInance and Bank”. I really have the passion of the Finance, so i want to invest in Africa’s Market, on stock of course, but particulary on Forex becoz stock markets means to have a high minimum deposit and a very long term investment. Please I just want to know how i can trade on forex and with a good and serious broker, even in Nigeria, Nairobi, or South Africa place? I have already begin learning Forex Trading. But what advice can you give to a student? Forex or Stock? SoRRY for the low level of my English, i normally speak French. Thk u Sir Ryan! Bye!

    1. Hi Kev!

      Thanks for your question. I don’t trade forex because of its volatility. To me, it seems less like investing and more like gambling. Instead, look for shares of good companies trading at low earnings multiples and hold them for the long-term. Slow and steady wins the race!

  75. Hi Ryan, plz i want to know all the listed brokers above, can they help me buy shares from a good company(is it their jod also). And also do they stand as a company dat sells shares to people?

    1. Hi Sylvester,

      Good questions! Yes, all of the brokers listed above can assist you with buying shares of any company available on the Nigerian Stock Exchange. They also typically are able to provide advice to their clients on shares that, in their opinion, are good bargains.

  76. Ryan! Thanks alot for the answer to my past question. Is a clear answer to all readers. But one more question, plz can you briefly explain differenciation b/w stock and bond. Is a little bit confusing….may God bless you, thank you

  77. Thanks a lot for the great insight in nigerian stock exchange. I have a account with cardinal firm which my last transaction was last year and I want to know how to study the trend of the market.

    1. Welcome, Stephen! Great to hear that you’ve already set up an account with a broker. There are a lot of Nigerian stocks trading at very reasonable valuations right now because investors are pessimistic about the state of the economy. My advice would be to buy shares of good companies that have managed to remain profitable over the past year because their valuations are likely to rise when market sentiment eventually brightens.

  78. Hello Ryan

    Many thanks for your support and responses to African stock market analyses and investment issues.

    However, I am just wondering if you could share your insights on the activities of major investors in the African stock markets, more specifically the Nigerian stock market. I will greatly appreciate your support in relation to who they are, to what extent do they invest, their perceptions of the investment environment here and effects of there activities on the market etc.



    1. Hi Babs,

      Great questions. At the moment, many large foreign investors have either retreated from Nigeria or are postponing new investment. Most believe that a devaluation of the naira is inevitable, and they will remain on the sidelines until one of sufficient magnitude occurs. Many investors see Nigeria as an attractive investment destination over the long-term due to its size, youth, and natural resources, but, as you might guess, corruption and security rank high among their concerns.

    1. Hi Ezekiel,

      All of the brokers listed in the table in the article specialize in Nigeria, and I’ve found them all to respond promptly to email.

  79. I am a young Nigerian… Ive always wanted to trade in the Nigerian stock market bt i know nothing of stock trading… I’ve searched the Internet without luck for basic knowledge… What’s ur advice for me?… How can I really start the jump in the NSE

  80. Thanks. Can I buy shares of #1000 ? with the recent Nigeria economic challenge, is it profitable to invest in shares?

    1. Hi Efetobor,

      Yes, most brokers will allow you to purchase shares in lots of 1000. The key is to invest for the long-term. Don’t buy shares with money that you will need within the next 5-10 years. When seen from that perspective, Nigeria’s current challenges make today’s share prices look like an attractive opportunity. Could the market fall further? Certainly, but, in my view, much of the gloomy outlook has already been priced in.

  81. Hello,

    will like to know if i can operate more than a broker to buy or sell share. i have my cscs account number from a local broker and am also looking into getting another broker to buy from. is it okay to do that or i stick to the one i already use to buy shares

    1. Hi Chinonso,

      I believe it is possible to open a second cscs account through a second broker. Just tell the broker that you would like to open a second account with them, and they should be able to assist.

      Happy investing!

  82. Hi Ryan,

    This is an excellent site with great contributions.

    What’s your view on the local custodians in Nigeria.


  83. Ryan Hoover, I must say, you’re a legend. You’ve actively kept this thread open for close to 5 years now. I was doing a research on how to enter into the Nigerian stock market and I stumbled on your page, from the discussions in the thread and the initial article. I have been able to glean much needed information, thanks a lot.

    1. Thank you, David. It’s been a lot of fun and has taught me a lot in the process. I’m so glad you’ve found it useful!

  84. Hi.

    After i open an account with a stockbroker, will i be the one to choose what stock i want to buy ? Can’t they leverage their expertise on my behalf to choose for me, since they have more experience ?

    1. Good question. Many brokers give you the option to give them the authority to buy and sell stocks without your consent. These are called discretionary brokerage accounts.

      I’m sure that there are brokers who do a good of this for their clients, but be aware of how brokers make their money. They get a commission each time a trade is executed in your account whether you’ve made money or not. Thus, they are tempted to trade more often than is in their customers’ best interests.

      If you’d like to leverage the expertise and experience of professionals, I suggest you consider a unit trust or mutual fund. Many of these are actively managed, but they don’t charge a commission on each trade that they execute. They instead charge an annual or monthly fee which is based on a percentage of the total assets that you have invested.

    1. Thank you, Nasiru. Unfortunately, I don’t have any experience with commodity trading. Are you looking to trade or to set up a commodity brokerage firm?

  85. Hey Ryan,
    Any recommendations for stocks to buy right now in the Nigerian market. I’m looking for long term investments

    1. Hi Nnaemeka,

      My favorite Nigerian stock at the moment is Custodian and Allied Insurance. Industry leader, consistent profitability, solid dividend, and undemanding valuation. Happy investing!

  86. Hello Mr
    I live in Lagos i have been searching for where to buy this stock and start this stock business since d day learnt about stock business but nowhere to buy it.
    I ‘ve tried to open an acc with TD Ameritrade but they say since am living here in Lagos that am not qualified to open an acc with them
    So where can i get a certified broker in this Lagos

    1. Hi Chinedu,

      All of the brokers listed in the article above are in Lagos and will give you the ability to purchase shares at the Nigerian Stock Exchange.

  87. Nice platform…
    Am Tobi a serving Corp’s member; I don’t believe in savings because of inflation effect. I wanted to invest the token I have now in stock. please if I wanted to invest like a little sum of fifty thousand naira only in stock, which brokers can I look forward to and how can I invest this little fund. please advise.
    Thanks. ….

  88. Hi Mr. Ryan,
    I am so happy for this write up and how well you’ve been doing the good job of giving replies.
    Please I want you to help suggest, by your expertise, the stock you think someone can delve into now because I am kinda confused on areas to measure my investment as I am very much new to this. Do well to reply.


    1. Hi Bello,

      You can simply approach a different stockbroker, inform them of your CSCS account number, and begin placing your trades through them instead. Your CSCS account is the official electronic record of all the shares that you own, and it can move with you from broker to broker.

  89. Thanks for this post. Am a Nigerian iin my mid 20s I want a secure and better financial planning for myself. Now I want to invest into stock market. Your post just enlightened me… Thanks again.

  90. Hi Ryan,
    Pls wii Axa mansard insurance company be considered as a good company to buy shares for long time investment. Thanks for reply in advance

  91. This is an impressive article, I read all comments and I saw you answered about 90%. Well done sir. I now have a good knowledge of how to buy and sell shares in NSE.thanks Ryan…watch me rise…

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