The strongest protection is ownership
How share settlement works in Nigeria
Share settlement in Nigeria completes an NGX trade one business day after execution (T+1), when CSCS transfers the shares and the brokers settle payment. Here is what happens at each stage — from execution to your shares appearing in your name.
Registered in your name
The registrar records you as the holder — not a Shares Saver nominee account and not a pooled fund.
Trades executed by licensed brokers
We are not a stockbroker. Every purchase is placed on the NGX by an SEC-licensed broker partner.
Money held separately
Contributions sit in a client account until they buy shares. They are never working capital.
The T+1 settlement timeline
- T (Trade Day) — Broker executes the order on the NGX. Shares Saver instructs its regulated broker partner to place a buy order on the Nigerian Exchange. The broker matches the order with a seller at the current market price. The trade is agreed and recorded by the NGX. Who: Shares Saver + Broker + NGX
- T (After the Close) — Trade confirmation and clearing. The NGX confirms the trade details to both brokers (buyer and seller). CSCS begins the clearing process — verifying that the seller has sufficient shares and the buyer's broker has the necessary funds. Any discrepancies are flagged. Who: NGX + CSCS + Both brokers
- T+1 (Settlement Day) — Shares transferred and payment settled. On the settlement date, two things happen simultaneously: (1) the purchased shares are moved from the seller's CSCS account to your CSCS account, and (2) the payment is transferred from your broker to the seller's broker. The trade is now final. Who: CSCS + Both brokers
- After T+1 — Registrar updates shareholder record. Following CSCS settlement, the company's registrar updates the shareholder register to record your name as the holder of the purchased shares. You are now a fully registered shareholder — eligible for dividends, AGM participation, and all corporate actions. Who: Company registrar
Key facts about settlement
- Business days only. Weekends and Nigerian public holidays don’t count; a Friday trade typically settles on Monday.
- Atomic settlement. Payment and share transfer happen together on settlement day — neither side can receive without delivering.
- CSCS is the single source of truth. Your CSCS credit is the official depository-level record of ownership.
Questions
Questions answered
Educational information only — not investment, legal or tax advice. Share values can fall as well as rise. All securities transactions are carried out through SEC-regulated stockbrokers.