How to Invest ₦10 Million in Nigerian Shares
What it takes to put ₦10 million, or ₦5 million or ₦50 million, into NGX-listed shares in your own name: what you need, what it costs at size, and how the purchase works.
Putting ₦10 million into Nigerian shares works the same way as putting in ₦100,000: a licensed stockbroker buys the shares on the Nigerian Exchange (NGX) and they are registered in your name. What changes at size is what you check before you start: what the fees come to, whose name the shares are held in, how the money goes in, and what records you get back. This guide covers those, for ₦5 million, ₦10 million, ₦50 million or more.
Ready to start investing in Nigerian stocks? Shares Saver registers your shares directly in your own name through SEC-regulated brokers.
This guide explains how the process works. It does not tell you which shares to buy, or whether shares suit you. For that, speak to an independent, SEC-registered adviser.
What You Need Before You Start
- A full Bank Verification Number (BVN). A Non-Resident BVN cannot be used to buy shares in your own name for now.
- A Nigerian bank account in your name, which is also where any sale proceeds and refunds are paid.
- A Nigerian passport or your National Identification Number (NIN).
- Proof of your address.
- A CSCS account and Clearing House Number (CHN) to hold the shares. If you do not have one, the broker opens it for you.
What It Costs at Size
Fees matter more as the amount grows, so work out the total in naira before you commit, not just the percentage. Every purchase carries the broker's commission and the regulatory charges set for the Nigerian market. On top of that, whoever you buy through adds their own charge, and these vary widely: some charge a flat fee, some a percentage, and some a monthly or annual charge on everything you hold, which on ₦10 million adds up year after year.
At Shares Saver the fee is ₦1,500 plus 0.4% of each purchase, taken out of what you pay in, with nothing charged month to month on what you hold. On ₦5 million that is ₦21,500. On ₦10 million it is ₦41,500. On ₦50 million it is ₦201,500. The broker and market charges apply on top, as they do everywhere, and every charge is shown before you confirm.
See what the fee comes to on ₦1 million, ₦5 million and ₦20 million, and how larger purchases work.
Investing ₦1 Million or MoreWhose Name the Shares Are In
At this size, ask this first. Shares bought through a licensed broker for your own CSCS account are registered in your legal name, with the company's registrar and at the Central Securities Clearing System (CSCS) under your CHN. You receive dividends, AGM notices and rights issues directly as the shareholder of record, and you can check your holding on your CSCS statement at any time.
Some apps work differently: they hold shares in a pooled or nominee account in their own name and keep a record of what is yours. Neither route is wrong, but they are not the same, and with ₦10 million at stake you should know which one you are using before you pay.
All at Once or in Stages
You can pay in the whole amount in one go, or split it into several purchases over weeks or months. Both are common. The practical points to know:
- Each purchase carries its own fees, so many small purchases cost more in flat fees than one large one. At ₦1,500 a purchase the flat part is small beside ₦10 million, but it is worth counting.
- Some NGX shares trade in small volumes each day. A large order in one of them can take longer to fill in full, and a broker may fill it in parts.
- Prices move between purchases, in both directions. Splitting a purchase does not remove that risk; it spreads the purchase across different prices.
Which of these suits you depends on your circumstances. Shares Saver does not advise on it, but it does let you do either: a one-off purchase, a monthly amount, or both on the same account.
How the Purchase Works
- Open an account and complete the identity checks: BVN, Nigerian bank account, passport or NIN, and proof of address.
- Choose the companies you want and how much to put into each. The fee is shown before you confirm.
- Pay in. A licensed stockbroker buys the shares on the NGX.
- The trade settles at T+1, one working day after the trade, and the shares are registered in your name at the CSCS.
- You receive a contract note for the purchase, and the holding shows on your CSCS statement.
The Records You Should Keep
- A contract note for every purchase and sale, showing the price, the quantity and every charge.
- Your CSCS statement, which is the independent record of what you own.
- Dividend payment advices from each registrar. Tax is deducted from dividends before they are paid.
From Abroad
Nigerians living abroad can invest in the same way, with a full BVN and a Nigerian bank account. A Non-Resident BVN cannot be used to buy shares in your own name for now. If you have ever held a Nigerian bank account you already have a BVN, and that bank can confirm it.
Frequently Asked Questions
Will anyone tell me what to buy?
Not at Shares Saver: we do not give investment advice. You choose the companies. An independent, SEC-registered adviser can help you decide.
Can I add more later?
Yes. You can add to a holding whenever you like, and each payment shows its fee before you confirm.
What happens to the dividends?
Because the shares are registered in your name, dividends are paid to you by each company's registrar, after tax is deducted, into the bank account the registrar holds for you.
Important disclaimer. This article is for general information and educational purposes only. It does not constitute financial advice, investment advice, or any recommendation to buy, sell, or hold any security. The figures in this article are illustrations, not forecasts. The value of investments can fall as well as rise, and you may get back less than you invest. You should seek independent regulated financial advice before making any investment decision. Shares Saver does not provide financial advice.
Own shares in your name
Start from ₦10,000 a month. Pause whenever you like.