The regulatory safeguards, structural protections, and independent oversight mechanisms that protect employee share scheme participants and their funds under a Shares Saver administered scheme.
Speak to Our TeamAllotted shares are registered directly in each employee's name at the Central Securities Clearing System (CSCS). Ownership is held by the employee — not by the employer or Shares Saver — making shares legally independent of the financial health of either entity.
Employee payroll deductions are held in a dedicated trust account under a formal trust deed, separate from the operating accounts of both the employer and Shares Saver. An independent trustee — typically a licensed financial institution — holds the account. Scheme funds cannot be accessed by the employer company or used to settle its debts.
Employee share investment schemes for Nigerian listed companies are regulated by the Securities and Exchange Commission (SEC Nigeria). The scheme must be structured in accordance with SEC Rules on Share Purchase Plans and is subject to annual compliance reporting. SEC oversight provides an independent regulatory check on scheme operations.
Companies listed on the Nigerian Exchange Group (NGX) must comply with NGX post-listing requirements governing employee share schemes. This includes mandatory disclosure of the scheme and its key terms in annual reports, providing transparency to all shareholders including participants.
The scheme trust deed appoints an independent trustee responsible for holding scheme assets separately from the company. The trustee has a fiduciary duty to participants and is required to act in their interests — providing an independent check on the administration of the scheme.
Segregated trust funds are not available to creditors in an employer insolvency. CSCS-registered shares are already legally owned by individual employees and are entirely outside the employer's balance sheet. In a wind-down scenario, employees retain access to their registered shares through any licensed NGX stockbroker.
If the employer company enters administration or liquidation, employee shares that have been allotted and registered at CSCS in the employee's name are entirely unaffected — they are the legal property of the employee, not the company. Unvested shares held in the trust fund are also protected from company creditors because they are held in a segregated trust account, not in the company's own accounts. The trustee is obligated to deal with those assets in accordance with the scheme trust deed.
Yes. Employee payroll deductions are transferred to a dedicated scheme trust account within the same payroll cycle. The trust account is held in the name of the scheme trustee — not the employer company — and cannot be accessed by the employer for operating purposes. The funds are used solely for the allotment of shares to participants on the scheduled allotment date.
Your Shares Saver participant dashboard provides real-time access to your CSCS account details, including your CHN (CSCS Holder Number) and registered share balance. You can independently verify your holdings by contacting CSCS directly at cscs.com.ng, or by approaching any licensed NGX stockbroker with your CHN.
Shares Saver operates as an employee share scheme administrator in compliance with SEC Nigeria rules and CSCS operational requirements. Our scheme administration processes are structured around the regulatory obligations applicable to an ESIS under CAMA 2020, SEC Rules on Share Purchase Plans, and NGX listing obligations. Contact us for full details of our regulatory status and compliance framework.
The treatment of unvested shares on a scheme wind-down is governed by the trust deed and scheme rules established at launch. Typical provisions include: return of payroll deduction funds not yet applied to share allotment; accelerated vesting of shares already allotted; or continuation of vesting until the vesting date and then transfer of title to the employee. The specific provisions must be documented in the scheme rules and disclosed to participants at enrolment.
Shares Saver administers employee share investment schemes with direct CSCS registration, segregated trust accounts, and full SEC Nigeria compliance for listed Nigerian companies.
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