How long does settlement take in Nigeria?

The Nigerian Exchange operates on a T+1 settlement cycle. This means settlement occurs one business day after the trade date. Weekends and public holidays are excluded from this count. The market moved from T+3 to T+2 on 28 November 2025 and to T+1 on 1 June 2026, as published by CSCS and the SEC.

What does settlement actually involve?

Settlement involves two simultaneous transfers: (1) the seller's shares are moved from their CSCS account to the buyer's CSCS account, and (2) the buyer's payment is transferred to the seller's broker. Both transfers happen on the settlement date, finalising the trade.

Why does settlement take a business day and not happen instantly?

T+1 gives all parties — buyers, sellers, their brokers, and CSCS — time to verify trade details, arrange payment, and process the electronic transfer of shares. Shorter cycles reduce settlement risk, which is why the market has moved from T+3 to T+2 and now to T+1.

When will my shares appear in my portfolio after buying?

Your shares will be reflected in your CSCS account approximately one business day after your broker executes the purchase on the NGX. You may see the trade as pending in the Shares Saver app before settlement completes.

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.

How it works

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.

What Shares Saver doesCollects contributions, instructs brokers, tracks your holdings, produces your documents

What the regulated broker doesPlaces the order on the NGX, settles the trade, files the transfer with the registrar

What nobody doesTell you which shares to buy. We are not investment advisers and we don’t take a view

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An NGX trade settles on T+1, one business day after execution. CSCS transfers the shares to the buyer's account while payment moves through the brokers, after which the registrar updates the shareholder record.

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.

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.

How share settlement works in Nigeria

Registered in your name

Trades executed by licensed brokers

Money held separately

The T+1 settlement timeline

Key facts about settlement

Questions answered

Ready to own your first Nigerian share?

How share settlement works in Nigeria

Registered in your name

Trades executed by licensed brokers

Money held separately

The T+1 settlement timeline

Key facts about settlement

Questions answered