By: Damian Okonkwo
The Nigerian stock exchange market is today the largest capital market in Africa. To trade stock in Nigeria, one needs to sign up for an account with any of the licensed Stock Trading brokers in Nigeria. After completing your registrations with them, you will need to fund your account and proceed to place your orders for any of the stocks listed on their platforms which have been listed on the Stock exchange Market also. However, after a successful registration, brokers are expected to update all registered traders on their platforms on the Central Securities Clearing System (CSCS) registry. The CSCS Ltd is an associate company of the NSE. This body keeps records of all individual ownership of various securities in the NSE. Once your name is uploaded by the broker after your registration, you will be given an account number that will accompany every stock purchase order you execute. We therefore provided below some useful guides on how to register an account with any of the stock brokers in Nigeria today.
Step-by-step guide on how to trade Stock in Nigeria
There are four necessary steps to follow for anyone desiring to trade the Nigerian Stocks. They are discussed below:
A. Choose a Registered Broker: Brokers bridge the gap between the individual and the Stock exchange Market. They are order executors linking the individual to the various companies' securities listed on the Nigerian stock exchange market where they can place their orders. Therefore to trade stocks in Nigeria, one needs to select any of the brokers registered with the regulatory bodies in Nigeria such as the SEC. We have further provided a list of registered brokers in Nigeria to make it easy for the investor to choose from.
B. Create an account with the Broker: The next step after a choice of broker has been made is to create an account with the broker. Here one needs to fill out the registration form provided by the broker; requiring his name and other identification details.
C. Verify your identity (KYC): The next step after filling out the registration form is to complete an identity verification process called KYC (Know your client). Here one will be requested to submit other means of identification such as:
I. Government Issued ID card: e.g includes: National ID, PVC, Drivers License, or International Passport.
II. Proof of Residence/Location: Here one needs to provide showing his residential address. This can include any bill of payment not more than three months old.
III. Recent Passport photograph and electronic signature.
D. Fund your account: The final step after completing your registration with the broker is to fund your account and proceed with the buying and selling of the desired stocks. Here, the broker provides you with their account details to make the deposit using various deposit methods allowed in Nigeria. The deposited funds will be added to your account. This will make it possible for you to place your orders for the desired stocks.
A comprehensive list of the best-registered stock brokers in Nigeria
· Anchoria Investment & Securities Ltd
· Afrinvest Securities Limited
· Apel Asset Limited
· Bestworth Assets & Trust Limited
· BGL Securities Limited
· Calyx Securities Limited
· Camry Securities Limited
· Capital Express Securities Limited
· APT Securities & Funds Limited
· ARM Securities Limited
· Adonai Stockbrokers Limited
· Ail Securities Limited
· Alliance Capital Management Company Limited
· Amyn Investments Limited
· Anchoria Investment and Securities Limited
· APT Securities & Funds Limited
· ARM Assets and Resources Management Ltd
· Belfry Investment and Securities Limited
· Options Securities Limited
· Capital Assets Limited
· Cashville Investment & Securities Limited
· Empire Securities Limited
· ESL Securities Limited
· Eurocomm Securities Limited
· F & C Securities Limited
· FSDH Securities Limited (previously Counters Trust)
· Pivot Trust and Investment Company Limited
· Capital Bancorp Limited
· Prominent Securities Limited
· Capital Trust Brokers Limited
· Cashcraft Asset Management Limited
· Partnership Investment Company Limited
· Pilot Securities Limited (Pilot Finance)
· PIPC Securities Limited
· Professional Stockbrokers Limited
· Profund Securities Limited
· PSI Securities Limited
· Falcon Securities Limited
· Fidelity Union Securities Limited
· First Stockbrokers Limited
· Century Securities Limited
· City-Code Trust Limited
· Clearview Investment Company LimitedFIS Securities Limited
· Fittco Securities Limited
· Foresight Securities & Investment Limited
· Forte Asset Management Limited
· Forthright Securities & Investments Limited
· Reward Investments and Services Limited
· Rostrum Investment & Securities Limited
· SanTrust Securities Ltd
· Securities Solutions Limited
· Security Swaps Limited
· Shalom Investment & Securities Transactions Limited
· Signet Investments & Securities Limited
· Solid-Rock Securities & Investment Limited
· Springboard Trust & Investment Limited
· Stanwal Securities Limited
· Strategy & Arbitrage Limited
· Summa Guaranty & Trust Co. Plc
· Summit Finance Company Limited
· Tiddo Securities Limited
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