Buying, Selling or Transferring Shares FAQs
You can buy or sell shares through a stockbroker service.
If you have bought or sold securities through a stockbroker on the floor of The Nigerian Stock Exchange, The CSCS will automatically send us instructions to amend our records on the appropriate date.[T+3 ].This is the date on which shares and money are exchanged in the market and is known as the ‘settlement date’. Our records are usually updated 1 week thereafter.
Depending on the time the deal is processed, it may take a day or so for the new details to be displayed on our online service. If the correct information is still not shown after this time, your Stockbroker should be able to confirm what has happened.
It is usually possible to transfer shares to someone below the age of eighteen but you should note that this can lead to complications: for example, dividends will be paid only in the name of the shareholder and if you subsequently wish to transfer shares held in the name of a minor, you may need a court order.
Alternatively, you can continue to hold shares in your name on behalf of the minor, segregating them from other shares you may hold by adding a ‘designation’. e.g ” In trust “