Business
NSE Attracts More Investors
The Nigerian Stock Exchange in the last 2 years has turned out to be the toast of investors the world over. This has resulted in foreign investors, individuals and institutions alike pumping huge sums of money into the Nigerian Stock Exchange.
Of course the interest of foreign based Nigerians have also been aroused as they have developed keen interest on investing in their motherland. The big question then is “How do foreign based Nigerians invest in the Nigerian stock market.” Issues such as choice of stockbrokers, choice of stocks to buy, how to get dividend payment and how to be actively in control even though being far away are some of the areas that need to be addressed.
As a foreign based investor getting a broking firm that is online is pertinent as it would go a long way in cutting down some of the stated problems associated as it would enable the buyers watch orders, check certificate status, issue trade instructions on your portfolio and check daily price movements. It is also necessary to connect some broking firms.
It is also important to ask friends, relations or other foreign based investors about the choice of a broker. Active participation in stock activities like private placement and public offering by the stock broking firm shows the reliability of the firm.
In opening a stock account, it is necessary to visit any of this stock broking firms online to fill the CSCS (central securities and clearing system) form, in order to get a CSCS number (similar to a bank account number).
Most stock broking firms open a stock management account for as low as N50,000 or $500 (USD). This fee is actually used in buying shares of your choice. When you buy or sell shares you pay a minimum of 2.4 to a maximum of 2.75 per cent as total fees.
This covers charges of the stock broking firm, VAT and those of all regulatory agencies. These are spelt out in the contract notes issued to you by your stock broker. Apart from this specific charges, all other fees for various services are set by individual firms and are subject to negotiations.
It would do well as a foreign based investor to give a valid mailing address within Nigeria for easy movement of dividend payment from registrars, though this shortcoming has been eliminated with the advent of e-dividend payment.
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