What does the SEC do?

The Securities and Exchange Commission (SEC) is Nigeria's apex capital market regulator. It licenses and supervises market operators including stockbrokers, registrars, investment advisers, and exchanges. The SEC sets rules designed to protect investors and ensure market integrity.

What does the NGX regulate?

The Nigerian Exchange (NGX) is the market operator where shares are listed and traded. It regulates the conduct of its dealing members (stockbrokers), enforces listing rules for companies, and maintains market surveillance to ensure fair trading.

What is CSCS and why does it matter?

CSCS (Central Securities Clearing System) is the central depository and clearing house for all NGX securities. It maintains the definitive electronic records of share ownership for every investor. Because your shares are registered at CSCS level in your name, your ownership exists independently of any platform.

The strongest protection is ownership

Who regulates Shares Saver?

Shares Saver operates inside Nigeria’s capital-markets framework. Every purchase is executed by an SEC-licensed stockbroker, traded on the NGX and cleared through the CSCS.

How Shares Saver 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 three regulatory pillars

Securities and Exchange Commission (SEC)

Apex capital markets regulator. The SEC is the apex regulatory body for Nigeria's capital markets. It licenses stockbrokers, investment advisers, registrars, and other market operators. All stockbroker partners used by Shares Saver hold SEC licences. The SEC's mandate includes investor protection, market integrity, and market development.

All broker partners used by Shares Saver are SEC-licensed dealing members.

Nigerian Exchange (NGX)

Market operator and dealing member regulator. The Nigerian Exchange is a licensed exchange that operates the market where NGX-listed shares are bought and sold. The NGX regulates its dealing members — the stockbrokers who execute trades — and enforces conduct rules. Companies listed on the NGX must meet ongoing disclosure and governance requirements.

All share trades executed on behalf of Shares Saver investors are transacted on the NGX through licensed dealing members.

Central Securities Clearing System (CSCS)

Central depository and clearing house. CSCS is the licensed central depository for all Nigerian capital market securities. It maintains the electronic records of every NGX shareholding. CSCS clears and settles all NGX trades under its T+1 settlement cycle. Your share ownership is recorded here in your legal name under your CHN.

Your shares are registered in your CSCS account in your own name — independently of Shares Saver.

What this framework means for you

Broker accountability. Your purchases are executed by brokers licensed and supervised by the SEC and NGX — subject to conduct rules, capital requirements and ongoing oversight.
Independent ownership record. Your shares are held at CSCS, a regulated depository, in your own name. The record does not depend on Shares Saver remaining operational.
Market integrity. The NGX runs market surveillance; every trade by our broker partners is subject to NGX conduct rules.

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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Questions

Questions answered

Shares Saver works exclusively with stockbroker partners licensed by the Securities and Exchange Commission (SEC) of Nigeria. All share purchases are executed by these regulated broker partners, not by Shares Saver directly.

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.