How to Sell Shares in Nigeria

To sell Nigerian shares, they must be held electronically in your CSCS account, and you sell them through the stockbroker linked to that account. The broker sells on the Nigerian Exchange (NGX), the trade settles one working day later (T+1), and the money, less charges, is paid into your Nigerian bank account.

Before You Can Sell

• The shares must be in electronic form in your CSCS account. Paper share certificates cannot be sold until they are dematerialised, which means converted and moved into your CSCS account through a broker and the registrar.
• You need to know which broker holds them. Shares sit in your CSCS account under a broker's member code, and only that broker can sell them. Your CSCS statement shows which broker it is.
• Your details must match. The name on the shares, your BVN and your bank account need to agree, or the sale and the payment can be held up.

How a Sale Works

1. Tell your broker what to sell and how many shares. Most brokers take instructions online or in an app; some ask for a signed instruction.
2. The broker places the sell order on the NGX. In shares that trade in small volumes, a large order can take longer to fill in full.
3. The trade settles at T+1, one working day after the trade.
4. You receive a contract note showing the price, the quantity and every charge.
5. The proceeds, less charges, are paid into your Nigerian bank account.

What Selling Costs

A sale carries the broker's commission and the regulatory charges set for the Nigerian market, and whoever you sell through may add their own fee. Tax may also be due on any gain, depending on your circumstances; a tax adviser can tell you whether it applies to you. Your contract note lists every charge taken from the sale.

Selling Through Shares Saver

Shares Saver can sell shares that were bought through Shares Saver, or that have been moved into your Shares Saver account. It cannot sell shares held with another broker, or shares still on paper certificates.

1. Open Sell Shares in your account, on the web or in the app, and choose the holding.
2. Choose how many shares to sell. You see an estimate of the proceeds and every charge before you confirm. The smallest sale is ₦5,000.
3. Confirm the sale. Crown Capital Limited, a licensed NGX broker, places the order.
4. The contract note is emailed to you once the trade settles, and the money reaches your registered Nigerian bank account, usually within 3 to 5 working days.

A sale carries the same Shares Saver fee as a purchase, ₦1,500 plus 0.4% of the proceeds, together with the broker's charge. Every charge is listed on the fees page and in the estimate before you confirm.

Shares Held Somewhere Else

If your shares are with another broker, or you are not sure where they are, they can be moved into your Shares Saver account. It starts with a Find My Shares search across the registrars for holdings in your name. We then send you the transfer forms that the places holding your shares require, you fill them in, and we submit them on your behalf. Once the shares are in your account, you can hold them, add to them or sell them there.

Frequently Asked Questions

How long does it take to get my money after selling shares in Nigeria?

The trade settles one working day after it is made (T+1). The time for the money to reach your bank after that depends on the broker; at Shares Saver it is usually 3 to 5 working days.

Can I sell shares I hold on a paper certificate?

Not directly. The certificate has to be dematerialised into your CSCS account through a broker and the registrar first. Once the shares are in electronic form, they can be sold.

Can I sell part of a holding?

Yes. You can sell some of your shares in a company and keep the rest.

Can I sell shares from abroad?

Yes, if the shares are with a broker who takes instructions remotely. The proceeds are paid in naira into your Nigerian bank account.