Opening your first investment account in Nigeria
The CSCS account, the licensed broker, and the portal — what each one is for.
Start with a licensed broker
Only firms licensed by the SEC and admitted as dealing members of the exchange can buy shares for you. The exchange publishes that list of dealing members publicly — use it, and only it.
A broker will open your CSCS account for you, usually at no charge.
What CSCS actually is
The Central Securities Clearing System is the register that holds shares in your name electronically. No paper certificates. Your CSCS number is your identity in the market.
One CSCS account can be linked to your broker and to the offer portal. You do not need a new one per offer.
Documents to have ready
Valid government ID, Bank Verification Number, a recent photo, your bank account details, and proof of address. Firms may ask for a little more.
Get this done before an offer opens. Windows are short and account opening is not instant.
Then subscribe electronically
With an account in place, public offers are subscribed through the exchange's own portal or directly through your broker. You select the offer, state your quantity, and fund it from your bank account.
Keep the confirmation reference. It is your proof if an allocation question comes up later.
The one thing to remember
Broker first, CSCS account second, then subscribe. Do it before the offer you want opens, not during.
