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How to Buy Shares in Nigeria: Easy Guide



Buying shares in Nigeria

If you have been thinking of how you can buy shares in Nigeria, read this article to the end. In this article, We will be guiding you on a step-by-step guide on how to buy shares in Nigeria as a beginner. We will also be explaining other subtopics like what stocks are, what stock trading is, what the Nigerian Exchange Group (NGX) is, the top brokerage apps in Nigeria, top brokerage companies in Nigeria, and more.

Before today buying shares in Nigeria was very difficult, especially as a newbie. Asides from this, the process is not straightforward because you will always need the services and advice of the middlemen (stockbrokers) to trade securities in the Nigerian capital market but now the process is a bit different.

What are Stocks?

Stocks also known as equities or shares are units of ownership of a quoted/public company. The owners of shares are often called shareholders. A shareholder is entitled to receive on a regular basis interest on investment called dividends. A shareholder also has a voting right as to how the company should be run.

You need to know your role as a shareholder so that you will not look like a novice or a beginner to a buyer in the stock market. As a shareholder, the number of stocks you possess is equal to the power you have in that company. For example, if you have 500 units of shares of a company you have more power than a fellow shareholder that has just 100 units.

To know the value of a company’s shares you need to know its overall market performance. The share unit price of a company naturally rises when it is doing well continuously (making profits) and it falls when the company is no longer doing well or making losses.

What is Stock Trading?

Stock trading is simply the process of buying and selling stock and other securities from the stock market. It is very important you pass through the Nigerian Stock Exchange if you are buying any shares in Nigeria as they are the only valid source or platform.

Share prices in the stock market do not just rise and fall they are determined by demand and supply. And this demand and supply are controlled by the trading activities of individual stock brokers. It is important to note that the stock market does not determine the prices of shares.

It just provides a platform for buyers and sellers to unit prices of stocks as orders are placed.

What is the Nigerian Exchange Group (NGX)?

The Nigerian Exchange Group (NGX) provides the premier platform in Africa for raising capital and facilitates a thriving secondary market for trading securities and maintains an easy flow of shares, bonds, ETFs, and other securities from government, quoted companies, and international investment investments. 

Nigerian Exchange (NGX) is a subsidiary of the Nigerian Exchange Group (NGX Group). It is the leading listing and trading venue in Africa with its own history dating back to 1960.

Top Brokerage Apps in Nigeria

Here are the top brokerage apps in Nigeria. You can buy shares from any of these apps as long as you sign up and fund your wallet. 

1. Wealth.ng

2. Bamboo Vest

3.  Piggyvest

4.  Afrinvest 

5. I-invest

6. Risevest

7. Chaka

8. Trove

The most common brokerage apps I have seen Nigerians use are Piggyvest and I-invest.

Top 10 Brokerage Companies in Nigeria

Here are the top best brokerage companies in Nigeria. 

1. GTI Capital Ltd

2. Meristem Securities Ltd

3. Cardinalstone Securities Ltd

4. APT Securities and Funds

5. EFG Hermes Nigeria Ltd 

6. StanbicIBTC Stockbroker Ltd

7. Cordros Securities Ltd

8. CSL Stockbrokers Ltd

9. Morgan Capital Securities Ltd

10. Chapel Hill Denham Securities Ltd

How to Buy Shares in Nigeria 

Here are the steps on how to buy shares online in Nigeria.

1. Find a Suitable Stockbroker

This is the first step you should take if you are really serious about buying shares in Nigeria. You need to find a suitable stockbroker for yourself and there are different ways you can do this. All stockbrokers are there to serve you. They are there to serve as intermediaries between you a potential shareholder and the Nigerian Stock Exchange. 

One major thing you need to do when choosing a suitable stockbroker for yourself is to make sure the stockbroker is registered and licensed by the Securities and Exchange Commission (SEC). After doing this, you need to check their brokerage fees too to make sure that they are pocket friendly.

It is always important to do your personal finding before choosing a stockbroker so that you will not be duped. 

2. Create an Account with a Brokerage Company 

Opening an account with any brokerage company in Nigeria is seamless now due to the internet. With the advent of the internet now you can open a stock account on any of the top brokerage apps I mentioned above. If you need an actual broker opening an account will take 2 – 3 days at least depending on the firm and their KYC policy.

To register or sign up for any online brokerage account in Nigeria, here are the requirements needed.

1. Bank Validation Number (BVN).

2. Valid address (You will need a utility bill for this. This could be a NEPA bill, water bill, or LAWMA bill valid within 3 months of issuance.

3. Government Approved ID card (this could be your voter’s card, national ID card, driver’s license, or international passport.

4. Two Coloured Passport photographs.

5. Issued certificate of incorporation from the Corporate Affairs Commission (CAC), (this requirement is for corporate bodies/entities).

3. Fund your Wallet

It is impossible to buy shares in Nigeria without you funding your wallet first. Not funding your wallet before buying shares is like going to the market to buy foodstuff with an empty purse. You need to find your wallet with a minimum amount of money before you can now start buying shares.

There are different ways you can fund your brokerage account. However, most Nigerian investors mostly do direct transfers from their bank accounts to fund their accounts. To do this easily you can download any broker’s app on your phone or laptop, open the app and sign up. You can also use the app to monitor trade and stock price fluctuations.

4. Start Buying Your Shares

This is the most important step when it comes to buying shares in Nigeria. However, before trading, it is very important to understand the securities you are investing in before proceeding to start buying. You cannot afford to be ignorant or caught unaware.

I gave some tips earlier on how you can do this successfully but for the purpose of better understanding, I will elaborate more. One major reason why you need to understand securities before investing in them is that there are always terms and conditions with all securities and each security has different terms and conditions.

You need to know if these terms go down well with you before buying your shares. Another step you should take before buying shares of any company in Nigeria is to research and monitor the trading history of the company in question. Here are some of the questions you need to look out for.

How well is the company doing in terms of profits and how consistent is the profit made annually? What is the stock price investment yearly? What are government regulations as regards the company? What are their trading patterns? All these questions and more you need to answer through a broker or a brokerage company.

5. Manage Your Investment Portfolio 

This last step after you have been able to buy shares from the Nigerian Stock Exchange is to continue to monitor the stock market for the rising and falling of prices. Doing this helps you to make better choices in terms of when you should buy shares and when you sold sell them.

To make profits or gains from your investment in shares it is best you buy shares when there is a fall and sell your shares when there is a rise. This is just like crypto-trading or investments. If you do not sell your shares when there is a rise and the prices fall you will make a massive fall in your investments.

As for which share you can buy now in Nigeria, there is no company that is steady in the market. You just need to always take time to do your findings first.


Buying MTN, Nestle, Facebook or any other shares is now easy in Nigeria with brokerage apps. All you have to do is create an account and start trading. However, if you are an investor that is not tech-savvy, you can use a personal broker.


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Ralph Bamigboye is an Accountant. He is the owner of TheInfoWorth.com, NetWorthVerse.com and Finance Naija YouTube Channel. He has helped many individuals to start their businesses and make money online. How can he help you?

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