Frequently Asked Questions

Our head office is located at 44, Marina Road, Lagos. However, we have Branch office in Abuja and Virtual presence in Kano, Enugu and Port-Harcourt.

You can walk into either our head office in Lagos or our branch office in Abuja or into any FCMB branch nationwide and request to open a CSL stockbroking account. Our account opening forms can also be downloaded via our web-portal, to be completed and submitted to any FCMB branch nearestto you, or to either our head office or branch/virtual offices.
The minimum account opening documentation required for individual accounts are: one passport photograph, valid utility bill and a valid means of identification (international passport, drivers license or national id card).

The minimum account opening documentation required for corporate accounts are: certificate of incorporation, forms CO2 and CO7, Memart, passport photograph of the directors, utility bills of Signatories, board resolution to open account, and signature mandate.

Sale or Purchase orders can be placed on-line via our web-portal. Orders can also be placed by Email/ Text (provided there is an existing Indemnity in place) or by walking into either our head office/branch office, or any FCMB branch nationwide, and filling out a sales or purchase mandateform
For all purchase orders, client’s account must be prefunded.

Apart from Equity transactions, you can also dematerialize your share certificates, e-bonus, process indemnity, purchase bonds and Treasury bills from both primary and secondary markets, Estate Transmission/Administration, Portfolio Audit Service and invest in Mutual Funds.

Our Research team publishes routine reports which can be accessed from our website. Also available on the website are the daily pricelist and other valuable information to enable client make wise investment decisions.

No, you would need to submit your certificate through your stockbroker for lodgment into the CSCS by the registrars before you can sell.

You would need to open a stockbroking account, complete a full dematerialization and share transfer form with a copy of valid means of identification and give to your stockbroker for onward dispatch to the registrars.

A full dematerialization process will be executed to retrieve and verify all lost and outstanding certificates.

Capital gains tax is not charged on sales proceeds. For dividend declared and paid by listed companies, a 10% Withholding tax (WHT) is paid and this is deducted at source, thus you receive dividend payments less 10% WHT. Also, for interest paid on returned monies during public offers, a 10% WHT is also charged. 

Please Contact CSL Stockbrokers Ltd head office on 01-2713920(3). Further enquiries can be sent to or

Funds can be transferred back to your offshore account easily using the CCI issued to you when the funds were initially transferred to Nigeria for investment. The CCI will be accompanied with other documents including a Form A, account details of the client, evidence of purchase/sale of the stocks and other documents that may be required to show proof of investment. The exchange rate will be provided by the bank and communicated to you for concurrence before we proceed with the transfer of funds. The entire process will be handled by CSLS and we will give you updates on the process particularly if there are further documents that you may need to provide. With all necessary documentation in place the entire process is usually completed within 48hours.

The Certificate of Capital Importation (CCI) must be processed within 24 hours after the funds have been received by the Bank, thus it is imperative that all the documents needed are provided to CSLS before the funds are received. Delay in receiving the documents may affect processing of the CCI.
The documents required for individuals are:

  • Letter from the customer addressed to the receiving party (CSL Stockbrokers) informing them of the transfer of funds and requesting for a C.C.I. It should also include the amount and purpose of transfer.
  • Copy of international passport.

The documents required for companies are:

  • Swift copy of the transfer instruction (Provided by the Bank)
  • Certificate of Incorporation of the company.
  • Board Resolution of the company authorizing the transfer of funds, stating the amount and purpose of transferring the funds.


Trades executed on the NSE settles on T + 3. For clients with CSL Stock broking accounts, trades settle directly into CSLS's books and thus they must ensure that their accounts are funded on or before settlement date. For clients that maintain local custody accounts, they must send settlement instructions to their local custodian while CSLS will also send the contract notes/trade confirms to the local custodian. If both confirms match, the custodian will settle the trade on settlement date. But if there are any discrepancies, the custodian will contact the client and the stockbroker to get the necessary information required for the trade to settle. For clients that maintain stock broking account with CSL, they will inflow funds directly to CSL for settlement of their trades. The account details will be provided by CSL.

Once the funds are transferred to CSL, CSL will process on behalf of the client a Certificate of Capital Importation (CCI) which will be issued by the bank that received the funds. The CCI is issued by the receiving bank on behalf of the Central Bank of Nigeria (CBN) to ensure that foreign investors (direct/indirect) in Nigerian companies have proof of their investment in Nigeria.

Where a certificate of capital importation is obtained on a foreign investment, dividends and the proceeds from the sale of an investment can be repatriated using the official CBN exchange rate. It is important for a CCI to be issued when funds are inflowed as this will prevent difficulties when repatriating investment proceeds. Inability to access foreign exchange at official CBN rates (which is more favorable for investors), delay in transferring funds and increased exposure to foreign exchange fluctuations due to these delays are some of the issues that will be encountered if a CCI is not issued.

Trading commences between 9.30 am and 2.30 pm. From 9.30 am to about 10.15am the market is at the pre-open stage and trades can be keyed in by Brokers but no trades will be executed until the market opens for trading. The equity and bond market is open for continuous trading from 10.15 am and closes at 2.30 pm. The Nigerian Stock Exchange uses the Automated Trading System and orders are matched electronically. The NSE needs to be notified about volumes trades to be executed on the floor and this is handled by the stockbroker (CSLS).

Our fee structure for buy and sell are:

BUY %   SELL %
Brokerage Commission 1.00    Brokerage Commission 1.00 
VAT on Commission  7.5   VAT on Commission  7.5
SEC  0.3   Trade Alert Fee + VAT NGN4.30
Trade Alert Fee + VAT NGN4.30   CSCS  0.3
CSCS 0   VAT on CSCS 7.5
Stamp Duty  0.075   Stamp Duty  0.075
NSE 0   NSE 0.3
VAT on NSE 0   VAT on NSE 7.5


We can buy bonds both from a primary auction and the secondary market for you. We provide all the necessary support from the opening of a bond CSCS account or keeping the securities in our custody for your benefit if you do not want to open one. We also provide research support to help you organize your bond portfolios.

For clients that have custodian relationships with any local custodian in Nigeria, CSL will offer a trading service to them as the custodian will handle settlement and custody of the securities traded.

Documents required to open the account are:

Private Clients

  • Filled Account Opening Forms
  • Copy of valid identification (International passport or Driver's license)
  • Utility Bill
  • Passport Photograph

Institutional Clients

  • Filled Account Opening Forms
  • Certificate of Incorporation.
  • Memorandum and Articles of Association
  • List of directors, stating their position, units of shares held and their contact details.
  • Mandate Letter, stating the list of authorized signatories and the signing instructions. They should also provide a copy of their valid identification (international passport) and a passport photograph each.
  • Utility Bill of the company's office address.
  • A board resolution authorizing that the account should be opened with CSL Stockbrokers Limited. Kindly note that the account opening process will be completed within 48 hours after receipt of the documents.

NO. Coupon (interest) payments are semi-annual for now and as such interest is paid twice yearly.

The Central Bank of Nigeria who is the Registrar for FGN Bond, post coupons (interest) to the address stipulated on the bid form or on the bond transfer form (where bond is bought from the secondary market). However, interest could be paid to the investor through an Authorized Dealer if that is the investor's desire. The Dealer is expected to credit the investor's account or draw a cheque in the investor's favor. Principal amount is received through the same way.

A minimum value of N10,000.00 and multiples of N1,000 thereafter can be invested. An investment of a minimum value of N1,000,000.00 is however encouraged.

Investments in FGN bonds are classified as risk free. This is because the issues are based on the full faith of the Federal Government of Nigeriaand is charged upon the general assets of the Federal Republic of Nigeria.

Usually results are communicated a day after the auction and accounts are expected to be funded on or before the settlement date (which is two days after the auction).

Bonds are redeemed at maturity but can be sold at any time through a Dealer such as CSLS.

At CSLS, any of our bond dealers will be willing to offer advice on market expectation and to give historical data on bonds in issue. The investor will finally make the decision regarding what rate to buy after evaluating available information.

There is no limit to how often to participate; the auction is open at advertised times for regular participation.

Every investor has equal access to invest in the FGN bonds. There are however two avenues through which such investments can be done (Primary or Secondary Market) Notices of primary issues auction are placed a week to the auction in most of the daily newspapers, informing the public about the various tenors of bonds available for sale.
To participate in the auction, all that is needed is for you to fund your account with CSLS or any of the other 19 Primary Dealers/ Market Makers (PDMMs), and fill the bid form which can be downloaded on our website, or picked up at the offices of the various Discount Houses, Banks and Stockbroking firms. The bid can then be submitted through CSLS or any of the other PDMMs.

At the secondary market, CSLS or any of the other 19 PDMMs can be called for quotes (Bid & Offer) and once a favorable price/yield is available, deals can be sealed.

Less than 100,000,000 – 1.00%

100,000,001 - 300,000,000 - 0.75%

300,000,001 - 500,000,000 - 0.50%

More than 500,000,000- 0.35%

All Monetary values are quoted in Nigeria Naira

Inform us and we will provide all the necessary support needed to get the facility. However, it should be noted that certain criteria need to be met before you can qualify for the facility; this is necessary in order to protect you and us against unexpected market movement.

A bond is a long-term financial obligation (debt) of an entity that promises to pay a specified sum of money at specified future dates. Bonds are fixed income securities.

Federal Government bonds are long-term debt instruments of the Federal Government of Nigeria with tenors of up to 10 years. FGN bonds are issued by the DMO on behalf of the governments through authorized primary market dealers. If you are an investor looking at investing money for a period longer than 1 year, or tend to have deposits or placements that have been running for more than a year, FGN bond investment will likely suit your investment appetite.
FGN bonds provide a desirable savings or investment vehicle for many reasons. They tend to be safer than stocks because if you hold bonds until the maturity date, you don't risk the principal. However, if you need to sell your bond before its maturity date, you may lose or gain a bit depending on the ruling price at the point of exit. Without exiting prematurely, FGN bonds provide a regular, steady source of income (typically, interest payments are received every 6 months).

Our financial consultants and portfolio managers will provide you with regular financial report that will help you in making investment decisions. They can also visit you frequently to discuss various investment strategies which will help you make a well-informed decision on how to manage your financial assets.

Simply inform us and our financial consultants and portfolio managers will sit with you to determine your risk appetite and the best way to invest your funds. A monthly update will be sent to you to intimate you on how your portfolio is performing. A yearly review of your portfolio and the circumstances will be done with you in order to ensure that your portfolio is in line with your current financial position.

We have an equity mutual fund, Legacy Equity Fund, which provide an alternative exposure to equities while relieving you of the hassles of determining which stocks to buy and when to sell. We also have other mutual funds that provides exposure to other asset classes to help diversify your investments and reduce the risk of holding only one asset class.

Yes, your account will be managed by a designated account officer.

We require that customers fund their account before placing a buy order.

Yes, however trades will be executed only after we receive value for the cheques.

No. All trading transactions by investors on the floor of the Exchange are done via your stockbroker.

You can access the web portal or get a trade notification via E-mail before close of business on date of execution.

You would get a mail alert from CSLS and a Trade alert from the CSCS upon execution.

No. certificates must be dematerialized, and stocks lodged into client's CSCS account before stocks can be sold. Dematerialization is a process of verifying and converting physical certificates electronically and lodging the stocks in the clients CSCS account.

To make deposits, you can either transfer online or walk into any FCMB branch and make a deposit into CSL Stockbrokers a/c: 0000098011 while to make a withdrawal you can send a mail to our customer service mailbox and transfer will be made into your FCMB account. or walk into any of our branches and fill a withdrawal request form.

You can either send a mail to our customer service mailbox or walk into any of our branches and fill a withdrawal request. For ease of transaction and immediate access to cash, we advise you open an FCMB account so sales proceeds can be credited directly.

You can access our web portal or request through the customer service mailbox