What the CSCS does
The CSCS operates as Nigeria's central securities depository — an electronic system that holds and records all NGX-listed share ownership. Before the CSCS, share ownership was evidenced by physical paper certificates, which could be lost, forged, or destroyed. The CSCS replaced physical certificates with a centralised electronic register, making share settlement faster, more reliable, and significantly harder to fraudulently manipulate. Every time a share transaction is executed on the NGX, the settlement is processed through the CSCS, and ownership is updated electronically in near-real-time.
The Clearing House Number (CHN)
The CHN is your personal identity number within the CSCS — a 15-digit code that uniquely identifies you as a Nigerian capital market investor. It is issued once in your name and remains yours for life, regardless of which broker or platform you use. All shares registered in your name across all NGX-listed companies are linked to your CHN. When you change brokers, your CHN travels with you. When you want to transfer shares, the instruction references your CHN. If you have multiple broker relationships, all your holdings are consolidated under your single CHN in the CSCS.
How the CSCS protects investors
The CSCS protects investors in three ways. First, it provides an independent, authoritative record of ownership — if a broker or platform disputes your holding, the CSCS record is the definitive evidence. Second, it makes share theft through forgery far more difficult than was possible with paper certificates, because any change to the electronic record requires proper authorisation and identity verification. Third, in the event of a broker's insolvency, shares registered in your personal name in the CSCS remain legally yours and can be transferred to a new broker — they are not part of the insolvent broker's estate.
Settlement cycle and how it works
When you buy shares on the NGX, the trade is agreed on the exchange but settled through the CSCS. Settlement means the actual transfer of ownership is recorded in the CSCS and the corresponding cash moves between counterparties. The NGX operates on a T+2 settlement cycle — ownership transfer is recorded two business days after the trade date. During the settlement period, the shares are in transit; after settlement is complete, they appear in the buyer's CSCS account under their CHN.
Nominee structures and CSCS
Some investment platforms use nominee or pooled accounts, where the broker holds shares under their own name in the CSCS rather than registering each investor's shares individually. In this structure, the individual investor does not appear directly in the CSCS — only the broker does. The broker's own internal records track which client owns what. This is a structurally weaker position for retail investors: the CSCS does not independently recognise your ownership, and your protection depends entirely on the integrity and solvency of the nominee holder. Direct registration in your own name is structurally stronger.
How to access your CSCS account
If you have a personal CHN, you can access your CSCS holdings through two routes: through your broker or investment platform (who has an authorised CSCS connection and can generate a portfolio statement on your behalf), or directly through the CSCS e-CSCS portal if you have registered for online access. To register for e-CSCS access, contact the CSCS directly or ask your broker to assist with the registration. Your CHN and identity documents will be required.