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

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:

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.