How to Invest in Nigerian Stocks from Australia
Nigerian citizens living in Australia can own NGX-listed shares in their own name without flying home. This guide covers the Nigerian identity documents, turning Australian dollars into naira, the Certificate of Capital Importation, dividends, ATO reporting in general terms and what the NGX session looks like on an Australian evening.
Nigerian citizens living in Australia can own shares listed on the Nigerian Exchange (NGX) in their own name without travelling to Nigeria. A licensed Nigerian stockbroker opens a Central Securities Clearing System (CSCS) account for you, the shares are paid for in naira from a Nigerian bank account, and they are registered to you personally. The two practical differences from investing inside Nigeria are the conversion from Australian dollars and a trading session that falls in the Australian evening.
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Who in Australia Can Own NGX-Listed Shares?
Nigerian law does not make share ownership depend on where you live. A Nigerian citizen in Sydney, Melbourne, Brisbane, Perth, Adelaide or Canberra can be a registered shareholder of an NGX-listed company in the same way as someone in Lagos. Your Australian visa or citizenship status makes no difference on the Nigerian side, provided you hold the Nigerian identity details listed below.
People with no Nigerian citizenship are not barred by law, but the retail route does not work for them in practice. Retail brokers identify customers through the Bank Verification Number (BVN), which is issued against Nigerian identity documents. Foreign investors therefore normally appoint a custodian bank. Shares Saver is currently open to Nigerian citizens only.
Documents and Identity: What to Gather in Australia
- A BVN. Anyone who has held a Nigerian bank account already has one, and the bank can confirm the number.
- If you have never had a BVN, a Non-Resident BVN. Nigerian passport holders abroad apply online through the NIBSS portal at https://nibss-plc.com.ng/nrbvn/, which sets out the current requirements and fee.
- A National Identification Number (NIN). The National Identity Management Commission (NIMC) lists its enrolment options for Nigerians overseas on nimc.gov.ng.
- A Nigerian bank account in your own name, used to pay for shares and to receive dividends and sale proceeds.
- A valid Nigerian passport and recent proof of your Australian address.
- A CSCS account and Clearing House Number (CHN). You do not apply for these separately: the stockbroker opens them once your identity is verified.
Australian identifiers such as a tax file number or a myGov login play no part in the Nigerian checks. What matters is that the names on your BVN, NIN, Nigerian bank account and passport agree with each other, so compare them before you start.
Getting Australian Dollars into a Naira Account
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An Australian bank account cannot fund a Shares Saver account. Funding is done in naira from your Nigerian bank account, and NGX prices are quoted in naira. In general terms there are three routes:
- An international transfer from your Australian bank to your Nigerian bank account.
- A licensed remittance service that pays out in naira to a Nigerian bank account.
- A domiciliary account, which is a foreign-currency account held at a Nigerian bank and converted to naira later.
Domiciliary accounts are usually offered in a small number of major currencies, so ask your Nigerian bank which ones it accepts. If it does not take Australian dollars, the money may be converted twice on the way to naira. Charges, delivery times and exchange rates differ between providers and change often, so compare the total cost on the day you send. Use a provider licensed in Australia and keep every confirmation.
The Certificate of Capital Importation, Explained
A Certificate of Capital Importation (CCI) is a record issued by a Nigerian bank showing that foreign currency came into Nigeria for investment. Its purpose is repatriation. An investor who holds one can use the official foreign exchange market to convert dividends and sale proceeds back into foreign currency and send them out of Nigeria.
The certificate belongs to a specific inflow and is requested from the receiving bank when that foreign currency arrives. Naira paid out by a remittance service does not normally come with one. A CCI is not a condition of owning shares. It matters to someone who wants a documented route back to Australian dollars, and in that case the Nigerian bank can explain its process before the first transfer.
How Dividends Reach You
Nigerian companies declare dividends in naira and pay them electronically to the Nigerian bank account named on your e-dividend mandate. Nigerian withholding tax of 10% is deducted first, so what arrives is the net amount. Nothing is paid to an Australian account. If you later move the money to Australia, the exchange rate on that day decides the Australian dollar figure, and that rate moves in both directions over time.
Tax: Nigeria First, Then the ATO
In Nigeria, the 10% withholding tax is the tax on dividends. Gains on selling shares are exempt under the Nigeria Tax Act 2025 where disposal proceeds are below ₦150 million and gains do not exceed ₦10 million in any 12 months, or where the proceeds are reinvested in shares of Nigerian companies.
In Australia, residents are generally taxed by the Australian Taxation Office (ATO) on their worldwide income, which can include foreign dividends and capital gains on foreign shares. Australian tax law has a foreign income tax offset for foreign tax paid on income that is also taxed in Australia, and people who are temporary residents for tax purposes are treated differently on some foreign income. Which of these applies to you depends on your circumstances, so confirm it with the ATO or a registered tax agent.
One practical point: the Australian income year runs from 1 July to 30 June, while Nigerian companies pay dividends on their own calendars. Keep contract notes and dividend advices so that each payment can be placed in the right Australian year.
NGX Trading Hours in Australian Time
The NGX trades from 9:00 to 16:00 West Africa Time (WAT), Monday to Friday. WAT is UTC+1 and Nigeria does not use daylight saving time. Australia has several time zones, only some states change their clocks, and they go forward in October and back in April:
- Sydney, Melbourne, Canberra and Hobart: 18:00 to 1:00 the next morning on standard time (UTC+10), and 19:00 to 2:00 during daylight saving (UTC+11), which runs from early October to early April.
- Brisbane: 18:00 to 1:00 all year. Queensland stays on UTC+10.
- Perth: 16:00 to 23:00 all year. Western Australia stays on UTC+8.
- Adelaide: 17:30 to 0:30 on standard time (UTC+9:30) and 18:30 to 1:30 during daylight saving.
On the east coast the session runs past midnight, so Friday trading in Lagos ends in the early hours of Saturday in Sydney. Instructions placed in the app at any hour are carried out during the Nigerian session, and trades settle on T+1, one business day after the trade date.
Direct Ownership in Your Own Name
Shares bought through Shares Saver are purchased by Crown Capital Limited, a holder of an NGX trading licence, and registered in your own name in the CSCS under your CHN. They are not pooled with other investors and are not held in the name of the platform. Notices, dividends and voting rights attach to you personally.
Nigerian citizen living in Australia? See who is eligible, what you need and how Shares Saver works for Australia-based investors.
Investing from AustraliaFrequently Asked Questions
Can I pay for Nigerian shares from my Australian bank account?
Not directly. A Shares Saver account is funded in naira from a Nigerian bank account in your name, so Australian dollars have to reach that account first by international transfer, remittance service or domiciliary account.
What time does the NGX open in Sydney and Melbourne?
The NGX opens at 9:00 WAT, which is 18:00 in Sydney and Melbourne on standard time and 19:00 during daylight saving. The session closes at 1:00 or 2:00 the following morning.
Can an Australian citizen with no Nigerian passport open a retail account?
Not in practice. A retail account needs a BVN, which is issued against Nigerian identity documents, so foreign investors usually work through a custodian bank. Shares Saver accepts Nigerian citizens only at present.
Are dividends paid in Australian dollars or in naira?
In naira, to the Nigerian bank account on your e-dividend mandate, after 10% Nigerian withholding tax. Converting the money to Australian dollars is a separate transfer that you arrange yourself.
Do I have to tell the ATO about shares I hold in Nigeria?
Australian residents are generally taxed on worldwide income, so foreign dividends and gains can be relevant to an Australian return. The treatment depends on your residency status for tax purposes. Confirm what to report with the ATO or a registered tax agent.
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 value of investments can fall as well as rise. You should seek independent regulated financial advice before making any investment decision. Shares Saver does not provide financial advice.
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