How to Invest in Nigerian Stocks from Germany
Nigerian citizens living in Germany can hold NGX-listed shares directly in their own name. This guide explains the Nigerian identity requirements, how euro reaches a naira account, the Certificate of Capital Importation, dividends, declaring foreign shares to the Finanzamt in general terms and NGX hours in German time.
Nigerian citizens living in Germany can own shares listed on the Nigerian Exchange (NGX) directly, without going back to Nigeria to arrange it. A licensed Nigerian stockbroker buys the shares and holds them in a Central Securities Clearing System (CSCS) account in your name, and you pay in naira from a Nigerian bank account. Because no German bank sits between you and the shares, no German tax is deducted automatically, and the income is something you declare to your Finanzamt yourself.
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Can Residents of Germany Own NGX-Listed Shares?
A Nigerian citizen in Berlin, Frankfurt, Hamburg, Munich or Cologne can be the registered owner of NGX-listed shares. Nigerian law does not link ownership to living in Nigeria. The kind of German residence title you hold, or whether you have since become a German citizen as well, does not change the Nigerian side, as long as you have the Nigerian identity details a broker is required to collect.
German nationals and other non-Nigerians are not excluded from the Nigerian market by law, but the retail door is effectively closed to them. A retail account is built on the Bank Verification Number (BVN), and a BVN is issued only against Nigerian identity documents. Foreign investors normally use a custodian bank, which is a set-up for institutions and larger sums. Shares Saver is currently available to Nigerian citizens only.
Identity and Accounts: A Checklist
- BVN. You have one already if you have ever held a Nigerian bank account, and your bank can confirm it.
- Without a BVN, a Non-Resident BVN. Nigerian passport holders living abroad apply online through NIBSS at https://nibss-plc.com.ng/nrbvn/, where the current requirements and fee are shown.
- NIN, issued by the National Identity Management Commission (NIMC). Enrolment options outside Nigeria are listed on nimc.gov.ng.
- A Nigerian bank account in your own name.
- A valid Nigerian passport and recent proof of your German address.
- A CSCS account with a Clearing House Number (CHN), which the stockbroker opens for you after verification.
Your German tax identification number and your ELSTER login belong to the German system and are not used in the Nigerian checks. The point to get right is consistency: the name on the BVN, NIN, bank account and passport has to be the same.
Funding: How Euro Becomes Naira
Ready to start investing in Nigerian stocks? Shares Saver registers your shares directly in your own name through SEC-regulated brokers.
A German bank account cannot fund a Shares Saver account. The account is funded in naira from your Nigerian bank account, and shares on the NGX are priced in naira. Nigeria is outside the SEPA area, so an ordinary SEPA transfer from a German account does not arrive at a Nigerian bank. The general options are an international transfer from your German bank, a licensed remittance service that pays out in naira to a Nigerian bank account, or a payment into a euro domiciliary account at a Nigerian bank that you convert to naira later.
Fees, transfer times and the euro-to-naira rate differ from one provider to another and change regularly. Compare the full cost on the day you send and check that the provider is licensed to operate in Germany. File each confirmation: the euro amount you sent is your own evidence of what the shares cost you.
Certificate of Capital Importation
A Certificate of Capital Importation (CCI) is issued by a Nigerian bank as proof that foreign currency entered Nigeria for investment. It serves one purpose: it allows the investor to use the official foreign exchange market to repatriate dividends and sale proceeds in foreign currency.
The certificate is attached to the inflow it records and is arranged with the receiving bank at the time the euro arrives. A naira payout from a remittance service does not normally produce one. It is a planning matter rather than a requirement for holding shares: it is relevant if you want a documented way to bring capital back to Germany and less relevant if the money is meant to stay in Nigeria. Your Nigerian bank can describe the steps.
Dividends in Naira, After Withholding Tax
Dividends are paid through the Nigerian e-dividend system in naira, into the Nigerian bank account on your mandate, after 10% Nigerian withholding tax has been deducted. They are not sent to German accounts. If you transfer the money to Germany, the euro amount depends on the exchange rate that day, which rises and falls over time.
German Tax: General Position
People resident in Germany are normally taxed there on their worldwide income, and that includes dividends and gains from shares held abroad. When shares sit in a German securities account, the German bank deducts tax on investment income at source. A holding in a Nigerian CSCS account has no German bank involved, so nothing is deducted in Germany and the income is declared in the annual tax return (Steuererklärung) filed with your local Finanzamt.
The 10% deducted in Nigeria is Nigerian tax. It does not settle the German position. Ask a Steuerberater how Nigerian dividends and gains are declared, whether the Nigerian tax can be credited, and whether a double taxation agreement between Germany and Nigeria is in force. The Federal Central Tax Office (BZSt) and the Federal Ministry of Finance publish information on cross-border tax matters.
On the Nigerian side, share disposals are exempt under the Nigeria Tax Act 2025 where 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.
NGX Hours in German 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 change its clocks. In winter Germany is on Central European Time, also UTC+1, so the session runs from 9:00 to 16:00 German time. During Central European Summer Time (UTC+2), from the last Sunday of March to the last Sunday of October, Germany is one hour ahead and the session runs from 10:00 to 17:00. Trades settle on T+1, one business day after the trade date.
The NGX follows Nigerian public holidays, not German ones, and publishes its closures.
Ownership in Your Own Name
Through Shares Saver, purchases are carried out by Crown Capital Limited, which holds an NGX trading licence, and the shares are registered in your legal name in the CSCS under your CHN. You are not buying units in a fund or a balance on a platform. The company registrar records you as the shareholder, and that record continues if you change broker or leave Germany.
Nigerian citizen living in Germany? See the eligibility rules and how Shares Saver works for investors based there.
Investing from GermanyFrequently Asked Questions
Can I fund the account with a SEPA transfer from my German bank?
No. SEPA covers euro payments within Europe and does not reach Nigerian banks, and the investment account is funded in naira from a Nigerian bank account. Euro has to be sent to that account first by international transfer, remittance service or domiciliary account.
Is German tax deducted automatically from my Nigerian dividends?
No German tax is deducted, because no German bank handles the payment. Only the 10% Nigerian withholding tax is taken at source. German residents normally declare foreign investment income in their annual tax return, so confirm the details with your Finanzamt or a Steuerberater.
Is the NGX open during German office hours?
It is. In winter the session is 9:00 to 16:00 German time, the same as Lagos. In summer it is 10:00 to 17:00, because Germany moves its clocks forward and Nigeria does not.
Can a German national without a Nigerian passport open a retail account?
Not in practice, because a BVN is needed and it is issued only against Nigerian identity documents. Foreign nationals usually invest through a custodian bank with a Certificate of Capital Importation. Shares Saver accepts Nigerian citizens only at present.
Are dividends paid in euro or in naira?
In naira, into the Nigerian bank account on your e-dividend mandate, after 10% withholding tax. Moving the money into euro is a separate transfer that you arrange through your Nigerian bank.
Do I have to travel to Nigeria at any stage?
No. Account opening and identity verification are done digitally, and the broker opens the CSCS account and CHN for you. If you have no BVN, the Non-Resident BVN application is also made online through NIBSS.
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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