Trust & Transparency
When you buy shares on the Nigerian Exchange, the trade settles two business days later (T+2). Here is exactly what happens at each stage — from execution to your shares appearing in your name.
T (Trade Day)
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+1
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+2 (Settlement Day)
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+2
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
The T+2 count uses business days. Weekends and Nigerian public holidays do not count. A trade on Friday typically settles the following Tuesday.
Payment and share transfer happen simultaneously on the settlement date. The seller cannot receive payment without delivering shares, and vice versa.
CSCS maintains the definitive electronic record of all NGX share ownership. Your CSCS account credit is your official ownership record at the depository level.
The Nigerian Exchange operates on a T+2 settlement cycle. This means settlement occurs two business days after the trade date. Weekends and public holidays are excluded from this count.
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.
T+2 gives all parties — buyers, sellers, their brokers, and CSCS — time to verify trade details, arrange payment, and process the electronic transfer of shares. It is a global standard designed to reduce settlement risk.
Your shares will be reflected in your CSCS account approximately two business days after your broker executes the purchase on the NGX. You may see the trade as pending in the Shares Saver app before settlement completes.
Shares Saver handles the full settlement process on your behalf. Your shares registered in your name after T+2.