How to Invest in Nigerian Stocks from Portugal

Nigerian citizens living in Portugal 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, you pay in naira from a Nigerian bank account, and the shares are registered to you personally. Portugal is one of the few European countries whose clocks sit behind Nigeria in winter, so the NGX session starts early in the Portuguese morning.

Who in Portugal Can Own NGX-Listed Shares?

Ownership of NGX-listed shares is not restricted to people who live in Nigeria. A Nigerian citizen in Lisbon, Porto, Braga, Coimbra or Faro can be a registered shareholder on the same terms as someone in Port Harcourt. The type of Portuguese residence permit you hold, or whether you have also taken Portuguese nationality, does not affect the Nigerian side, provided you hold the Nigerian identity details below.

For people with no Nigerian citizenship, the barrier is practical and not legal. Foreign nationals may own Nigerian shares, but retail brokers identify customers through the Bank Verification Number (BVN), and a BVN is tied to Nigerian identity documents. Foreign investors therefore tend to work through a custodian bank, an arrangement built for institutions and larger sums. Shares Saver is currently open to Nigerian citizens only.

Documents and Identity: What to Have Ready in Portugal

• A BVN. If you opened a Nigerian bank account before moving to Portugal, you already have one and the bank can confirm it.
• No BVN? Nigerian passport holders abroad can apply online for a Non-Resident BVN through the NIBSS portal at https://nibss-plc.com.ng/nrbvn/, which lists the current requirements and fee.
• A National Identification Number (NIN). The National Identity Management Commission (NIMC) publishes enrolment options for Nigerians abroad on nimc.gov.ng.
• A Nigerian bank account in your own name. It pays for shares and receives dividends and sale proceeds.
• A valid Nigerian passport and recent proof of your Portuguese address.
• A CSCS account and Clearing House Number (CHN). The stockbroker opens these for you after verifying your identity.

Your Portuguese NIF is a tax number for Portugal and is not used in the Nigerian checks. The Nigerian records are what count, and they need to agree with each other: one name, spelt one way, across the BVN, NIN, bank account and passport.

Moving Money from Portugal to a Nigerian Account

NGX shares are priced and paid for in naira, and a Shares Saver account is funded from a Nigerian bank account, not a Portuguese one. MB WAY, Multibanco payments and SEPA transfers all stop at the edge of the European payment system and do not reach a Nigerian bank. In general terms, euro gets to a naira account in one of three ways:

• An international transfer from your Portuguese bank to your Nigerian bank account.
• A licensed remittance service that pays out in naira to a Nigerian bank account.
• A euro domiciliary account at a Nigerian bank, which holds the foreign currency until you convert it.

Costs, delivery times and exchange rates are different at each provider and change often, so compare the total cost on the day. Confirm that the service is licensed to operate in Portugal, and keep the transfer records for your Portuguese tax file.

The Certificate of Capital Importation, Explained

A Certificate of Capital Importation (CCI) is a document issued by a Nigerian bank recording that foreign currency was brought into Nigeria for investment. It is about getting money back out: an investor with a CCI can use the official foreign exchange market to convert dividends and sale proceeds into foreign currency and send them abroad.

A CCI is linked to the original inflow and is requested from the receiving bank when the euro arrives. A naira payout from a remittance service does not normally produce one. Someone who expects to keep the proceeds in naira has less use for a CCI than someone who wants a documented route back to euro. If that is you, ask your Nigerian bank how its process works before the first transfer.

How Dividends Reach You

Dividends on Nigerian shares are declared in naira and paid electronically to the Nigerian bank account recorded on your e-dividend mandate. Nigerian withholding tax of 10% is deducted before payment, so the net figure is what arrives. If you transfer the money to Portugal, the exchange rate on the day decides the euro amount, and that rate moves in both directions over time.

Tax: Nigeria First, Then the Autoridade Tributária

On the Nigerian side, 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.

On the Portuguese side, tax residents are normally taxed on their worldwide income under the personal income tax, IRS. Dividends and gains from foreign shares are generally declared in the annual IRS return submitted to the Autoridade Tributária e Aduaneira through the Portal das Finanças. Portugal has had special regimes for some new residents, and the rules for them differ from the general ones. Which rules apply to you, and how Nigerian tax already withheld is treated, are questions for the Autoridade Tributária or a qualified Portuguese tax adviser.

NGX Trading Hours in Portuguese 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. Mainland Portugal and Madeira are on Western European Time (UTC+0) in winter, one hour behind Lagos, so the session runs from 8:00 to 15:00. During Western European Summer Time (UTC+1), from the last Sunday of March to the last Sunday of October, Portuguese and Nigerian clocks match and the session runs from 9:00 to 16:00. The Azores are one hour behind the mainland: 7:00 to 14:00 in winter and 8:00 to 15:00 in summer.

Instructions can be given in the app at any hour and are carried out by the broker during the Nigerian session. 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. Company notices, dividends and voting rights attach to you personally, and the holding stays under your CHN if you move within Europe or return to Nigeria.

Frequently Asked Questions

Can I pay for Nigerian shares with MB WAY or from my Portuguese bank account?

Not directly. MB WAY and SEPA transfers work within the European system only, and a Shares Saver account is funded in naira from a Nigerian bank account in your name. Euro has to reach that account first, by international transfer, remittance service or domiciliary account.

What time does the NGX open in Lisbon?

At 8:00 in winter and 9:00 in summer. It closes at 15:00 in winter and 16:00 in summer, Lisbon time.

Do I declare Nigerian dividends in my Portuguese IRS return?

Portuguese tax residents are normally taxed on worldwide income, so foreign dividends are generally part of the annual IRS return. The treatment can differ under the special regimes for new residents. Confirm your position with the Autoridade Tributária or a Portuguese tax adviser.

Can a Portuguese citizen with no Nigerian passport buy NGX shares?

Nigerian law allows foreign nationals to own listed shares, but the retail route is closed in practice because a BVN cannot be issued without Nigerian identity documents. Foreign investors normally use a custodian bank. Shares Saver accepts Nigerian citizens only at present.

Are Nigerian dividends paid in euro or in naira?

In naira, to the Nigerian bank account on your e-dividend mandate, after 10% withholding tax. Converting the money to euro is a separate step that you arrange through your bank.