How to Buy Ecobank Shares in Nigeria (ETI on the NGX)

Ecobank shares on the Nigerian Exchange (NGX) are shares in Ecobank Transnational Incorporated, the group holding company, and they trade under the ticker ETI. You buy them in naira through a SEC-registered stockbroker or an investment platform connected to one, with a CSCS account and Clearing House Number (CHN) in your own name. Trades settle on T+1 and the shares are then held in your name in the CSCS.

What Is Ecobank Transnational and Is It Listed on the NGX?

Ecobank Transnational Incorporated (ETI) is the holding company of the Ecobank group, a banking group with subsidiaries and operations in more than 30 African countries. It is headquartered in Lomé, Togo, and provides retail, corporate and investment banking, treasury and digital banking services through its subsidiaries.

ETI is listed on the NGX under the symbol ETI. It is also listed on the Ghana Stock Exchange and on the BRVM, the regional exchange for French-speaking West Africa. Because the group operates in many countries at once, its results reflect economic and regulatory conditions across the continent, not only in Nigeria. The annual report gives the country-by-country breakdown and the list of major shareholders.

ETI Is the Group, Not the Nigerian Bank

Ecobank Nigeria Limited, the bank whose branches you see in Nigerian cities, is one of the group's operating subsidiaries. It is not the company quoted under ETI. A buyer of ETI becomes a shareholder of the holding company in Lomé and has an indirect interest in all of the group's banks, of which the Nigerian bank is one.

Three Listings, One Company: What It Means for a Nigerian Buyer

• Shares bought on the NGX are priced and paid for in naira and are held in the CSCS under your CHN.
• Shares bought in Accra or on the BRVM are priced in other currencies and held in those markets' own depositories. A Nigerian CSCS account does not hold them.
• The share price on each exchange is set by buyers and sellers in that market, so the three prices are not identical once converted.
• Moving a holding from one exchange to another is a separate transfer process involving the registrars and depositories on both sides. Ask a broker about the procedure and the cost before assuming it is possible for your holding.

For most individual investors in Nigeria the simple route is the NGX listing, which works exactly like any other Nigerian share purchase.

What You Need Before You Buy Ecobank Shares

• Valid ID, BVN and proof of address
• A verified account with a SEC-registered stockbroker or a connected investment platform
• A CSCS account and CHN in your own name
• A Nigerian bank account in your own name, at any bank
• Naira for the shares and the transaction charges

How to Buy Ecobank Shares: Step by Step

1. Open an account and pass verification. Shares Saver works with Crown Capital Limited, an NGX trading licence holder, and shares are registered in the investor's own name in the CSCS.
2. Obtain your CHN from the broker, or provide the one you already have.
3. Fund the account in naira from your own bank account.
4. Search for the ticker ETI. The name shown is Ecobank Transnational Incorporated. Searching for "Ecobank" also works on most screens, but the ticker removes any doubt.
5. Check the live quote and the quantity on offer, and work out how many whole shares your funds cover after charges.
6. Choose a market or limit order and submit it during the NGX session, 9:00 to 16:00 WAT on business days.
7. Keep the contract note, check the holding under your CHN after T+1, and lodge an e-dividend mandate with the registrar that handles the Nigerian register.

Costs and Fees to Expect

An ETI purchase on the NGX carries the usual Nigerian charges: the broker's commission, statutory and market fees due to the SEC, the NGX and the CSCS, and stamp duty where it applies. A platform may add a subscription or service fee. No foreign exchange conversion is involved in the purchase itself, because the NGX line is quoted in naira.

Your provider's fee schedule shows the rates and the contract note shows the amounts charged. If you ever transfer shares between exchanges, the depositories, registrars and brokers on each side may levy their own charges, which are separate from trading costs.

Ecobank Dividends and the Registrar

Any ETI dividend is proposed by the board of the holding company and depends on group profits, capital requirements in the countries where the subsidiaries operate, and the cash the holding company receives from them. A dividend may not be paid in a given year, and none is guaranteed. The group prepares its accounts at holding-company level, so check the annual report and the dividend announcement for the currency in which a dividend is declared and how it is converted for shareholders on the Nigerian register.

Shareholders who bought on the NGX are served by the registrar for the Nigerian register, named on the NGX company page for ETI and in the annual report. Send your e-dividend mandate there. Dividends paid to Nigerian-register shareholders carry 10% withholding tax.

Things Investors Commonly Research About Ecobank Transnational

A multi-country banking group raises research questions that a single-country bank does not. The list below is informational and states no opinion.

• The contribution of each region to group revenue and profit
• Currency movements across the countries of operation and their effect on reported results
• Capital adequacy at group level and in the larger subsidiaries, including Nigeria
• Loan quality and provisions by region
• Holding-company debt and how it is serviced
• Dividend history and the conditions attached to resuming or maintaining payouts
• Announcements filed on the NGX, the Ghana Stock Exchange and the BRVM

Frequently Asked Questions

What is the NGX ticker for Ecobank?

The ticker is ETI, which stands for Ecobank Transnational Incorporated, the group holding company.

Is ETI a Nigerian company or a foreign company?

ETI is headquartered in Lomé, Togo, and is a pan-African group, so it is not a Nigerian-incorporated bank. Its shares are nonetheless fully listed on the NGX, and a Nigerian investor buys, holds and sells them through the same broker and CSCS arrangements as any local share.

Do I need dollars or CFA francs to buy ETI shares?

Naira is all you need for the NGX listing. Other currencies come into play only if you buy on the Ghana Stock Exchange or the BRVM through a broker in those markets.

Can I buy Ecobank Nigeria shares instead of ETI?

The security available on the NGX is ETI, the holding company. Ecobank Nigeria Limited is a subsidiary within the group and is accessed only indirectly through ETI shares. The NGX list of quoted companies shows what currently trades.

Why is the ETI price in Lagos different from the price in Accra?

Each exchange has its own buyers and sellers, its own currency and its own trading volumes. Exchange rates, local demand and the practical difficulty of moving shares between markets all allow the converted prices to differ.

Do I need an Ecobank account to receive ETI dividends?

A bank account at any Nigerian bank can be named on the e-dividend mandate. The registrar pays to the account on the mandate, whichever bank it is with.