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Becoming A Dealing Member of The Nigeria Stock Exchange  (Reviewed, 23rd Feb 2002) Tell your friends about this page! Email it to them.

The dealing members of the Nigerian Stock Exchange are financial institutions who, licenced by the Exchange as Stockbrokers, can buy and sell securities quoted on the Exchange on behalf of the investing public.

The Articles of Association of the Exchange define a dealing member company as

"A company incorporated and registered under the company's Act which the Exchange issued a licence for the purpose of dealing in stocks, shares and other securities listed on The Exchange."

There are today 227 dealing member of The Nigeria Stock Exchange. Many of them are affiliates of Merchant Banks and other reputable financial institutions. They employ in all about 308 qualified dealing clerks. These men and women who have passed the Authorised Clerkship Examination of The Nigeria Stock Exchange and Chartered Institute of Stockbrokers of Nigeria.

Following the abrogation of The Exchange control Act 1962 and the Nigerian Enterprises Promotion Decree 1989, foreign investors can now apply and participate in the ownership of Nigeria Stockbroking houses. Section 5 (1&2) of the Administrative Guidelines for Foreign Investment through The Nigerian Stock Market provides that:

"Dealing members of The Nigerian Stock Exchange can now accommodate foreign shareholders in their equity capital; or go into any form of partnership with foreign stockbrokerage firms.

Applications from foreign stockbrokers as members of The Nigerian Stock Exchange can now be entertained within the Rules and Regulations of The Nigerian Stock Exchange, as well as registration with Securities and Exchange Commission (SEC) and the Corporate Affairs Commission (CAC)."

Criteria for Dealing /Ordinary Membership of The Nigeria Stock Excjange

Applicant Companies shall be:

  • A limited liability Company with special interest in providing financial services to companies and investors.
  • They must be registered with Securities and Exchange Commission to carry on business as issuing and/or stockbrokerage Houses.
  • Must be registered with Corporate Affairs Commission.
  • The promoters of Applicant Company must be people of high integrity with proven expertise in the provision of financial services.
  • The minimum Authorised and paid up Share Capital of an Applicant company shall be twenty million Naira (N20,000,000.00 )

Applicant companies shall be required to give an undertaking to:

  • Establish their head offices in the area of jurisdiction of the Branch Exchange they are affiliated with, and in at least one other office in any area governed by another branch Exchange or as may from time to time be prescribed by council.
  • Payment of the sum of one million Naira (N1,000,000.00) or such sum as council may from time to time prescribe towards the Nigerian Stock Exchange Investors protection fund.

Applications for membership shall include the following:

  • Profiles of Directors and accredited representative.
  • Audited Accounts or Statement of Affairs in lieu therefore.
  • Any other information/documents which The Exchange may deem desirable for the proper consideration of the application.

Note: Accredited representative of an applicant company for the purposes of dealing with The Exchange shall be the Chief Executive with the Executive Director as his alternate.

For More information, you may contact:

Mrs. Igbinosu Legal Department The Nigerian Stock Exchange 2/4 Customs Street, Lagos Tel: +234 01 2660287, 2660305, 2660335

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