Everything the platform does, in plain English.
What you can invest in, how your first investment works step by step, exactly what a trade costs, and every capital-market term you\u2019ll meet — defined without the jargon.
One account. The whole Nigerian market.
Buy and sell any listed share from the markets screen. Orders execute against live prices, fees are itemised before you confirm, and settlement follows the exchange’s T+3 cycle.
When a company like Dangote Crude Refining opens an offer, subscribe in naira from your wallet. Your CHN and CSCS account are handled automatically, and over-subscription refunds are returned to your wallet.
FGN bonds pay a fixed coupon twice a year; treasury bills are sold at a discount and pay face value at maturity. Both sit in the same portfolio as your equities.
Every account gets a personal virtual account number. Transfer from any Nigerian bank — or pay by QR, card or USSD — and the wallet credits in seconds, reconciled automatically.
Positions, average cost, unrealised gains, allocation and dividend history update in real time, with contract notes and account statements you can download any time.
BVN and NIN verification at onboarding, a separate transaction PIN for anything that moves money, biometric sign-in on mobile, and your holdings held at CSCS — not on our balance sheet.
Your first investment, start to finish.
Provide your name, phone and email, verify a one-time code, then your BVN and NIN. A quick face check matches you to your BVN photo, and a six-question risk profile completes SEC-required suitability. You get an account number, CHN and wallet immediately.
Address, next of kin, a valid ID and your bank details unlock full trading and withdrawals. The form auto-saves as you type — leave and finish any time within 30 days, on web or mobile.
Transfer any amount to your personal virtual account (or use QR, card or USSD). Funds appear in seconds as your available balance.
Pick an instrument, choose units, review the full fee breakdown, and authorise with your transaction PIN. Buying reserves the money instantly; the trade settles T+3 and the shares register at CSCS under your name.
Watch your portfolio move with the market, receive dividends into your wallet, and withdraw to your verified bank account whenever you like.
Every kobo itemised — before you confirm.
An equity trade carries our brokerage plus three small statutory levies set by the exchange, the regulator and the depository, with VAT applied to the brokerage and CSCS portions. The exact breakdown below is shown on every order ticket before you authorise it — here is a worked ₦100,000 buy:
| CHARGE | RATE | ON ₦100,000 |
|---|---|---|
| Brokerage | 1.35% | ₦1,350.00 |
| NGX fee | 0.03% | ₦30.00 |
| SEC fee | 0.03% | ₦30.00 |
| CSCS fee | 0.06% | ₦60.00 |
| VAT | 7.5% | ₦105.75 |
| Total fees | ≈1.58% | ₦1,575.75 |
| You pay | ₦101,575.75 |
Selling carries the same schedule, deducted from your proceeds. Opening an account, funding your wallet, holding positions and receiving dividends cost nothing.
Your assets live at the depository, not with us.
Shares are registered at the Central Securities Clearing System under your own CHN and name. They remain yours regardless of what happens to any broker.
Morgan Capital has been an SEC-licensed broker-dealer and NGX dealing member since the 1990s, and is NDPR-compliant with your data.
BVN and NIN are verified at onboarding and passed to regulators only when a transaction requires it — the raw numbers are never stored on our systems.
Your password signs you in; a separate transaction PIN authorises anything that moves money. Funds committed to an order are reserved instantly so they can never be spent twice.
Speak the market’s language.
Forty terms you’ll meet on the platform and in the financial press — grouped by where you’ll encounter them first.
THE MARKET
- NGX
- The Nigerian Exchange — where listed shares, bonds and ETFs trade. Open weekdays, 10:00–14:20 WAT, after a 9:30 pre-open session.
- All-Share Index (ASI)
- The headline NGX index tracking every listed equity — “the market was up today” means the ASI rose.
- SEC
- The Securities and Exchange Commission, Nigeria’s capital-market regulator. Morgan Capital is SEC-licensed as a broker-dealer and issuing house.
- CSCS
- The Central Securities Clearing System — Nigeria’s central depository. Your shares are recorded here in your own name, independent of your broker.
- CHN
- Clearing House Number — your personal identifier at CSCS. It is yours, not your broker’s: you can hold accounts at several brokers under one CHN.
- Stockbroker / dealing member
- A firm licensed by NGX to execute trades on the exchange. Only dealing members can place orders on the floor — that is what Morgan Capital does for you.
- T+3 settlement
- Trades complete three business days after they execute. Sell on Monday and the cash is withdrawable Thursday.
- Contract note
- The legal record of an executed trade — instrument, units, price and every fee. Yours are generated automatically under Statements.
- Primary vs secondary market
- Primary is buying new securities from the issuer (an IPO or offer); secondary is trading existing ones with other investors on the exchange.
INSTRUMENTS
- Share / stock
- A unit of ownership in a company. Owning DANGCEM makes you a part-owner of Dangote Cement, entitled to dividends and a vote.
- ETF
- Exchange-traded fund — a basket of assets (like the top-30 NGX stocks) that trades as a single share, giving instant diversification.
- IPO / public offer
- An Initial Public Offering is a company’s first sale of shares to the public at a fixed offer price, before it lists and trading begins.
- Dividend
- A cash share of company profits paid to shareholders, usually once or twice a year, quoted per share and paid into your wallet.
- Rights issue
- An offer letting existing shareholders buy new shares — usually at a discount — in proportion to what they already hold.
- Bonus issue
- Free extra shares given to existing shareholders in a set ratio (a “1 for 4” bonus adds one share for every four held).
- FGN bond
- A naira loan to the Federal Government of Nigeria, paying a fixed coupon every six months and the full principal at maturity. The sovereign benchmark for “risk-free” naira returns.
- Coupon
- The fixed annual interest a bond pays, quoted on face value — a 17% coupon on ₦100,000 pays ₦17,000 a year, in two instalments.
- Treasury bill (T-bill)
- Short-term government paper (91, 182 or 364 days). You buy below face value and receive the full face value at maturity — the discount is your return.
- Yield
- Your actual annualised return at the price you paid — for bonds and T-bills bought below or above face value, yield is the number to compare, not the coupon.
- Money-market fund
- A professionally managed fund of T-bills and short-term deposits — low risk, daily liquidity, interest that compounds if reinvested.
- Sukuk
- A non-interest (Islamic) bond structured as ownership in an asset. FGN Sukuk have funded Nigerian federal roads.
TRADING
- Bid / offer
- The bid is the highest price buyers will pay; the offer (or ask) is the lowest sellers will accept. The gap between them is the spread.
- Market order
- Execute now at the best available price. Certain to fill in a liquid stock, but the price is whatever the market gives.
- Limit order
- Execute only at your stated price or better. You control the price; the trade-off is it may not fill.
- Volume
- How many shares changed hands. High volume means you can buy or sell size without moving the price much.
- Market capitalisation
- Share price × shares outstanding — what the whole company is valued at by the market.
- Price limit (circuit breaker)
- NGX caps most stocks at ±10% per day; a stock that gains or loses 10% cannot trade beyond that until the next session.
- Gainers / losers
- The day’s best and worst performers by percentage change — the leaderboard on the markets screen.
- Average cost
- The volume-weighted price you paid across all your purchases of a stock — the baseline your gain or loss is measured from.
- Unrealised vs realised gain
- Unrealised is profit on paper while you still hold; it becomes realised — and final — when you sell.
YOUR ACCOUNT
- KYC
- “Know Your Customer” — the identity, address and bank verification the SEC requires before you can trade. Higher tiers unlock higher limits.
- BVN
- Bank Verification Number — your biometric banking identity, verified at sign-up. We confirm it and store only the last four digits, never the raw number.
- NIN
- National Identification Number — your NIMC identity, verified alongside your BVN during onboarding.
- Wallet
- Your cash balance on the platform. Available funds can be invested or withdrawn; reserved funds are committed to open orders or offer subscriptions.
- Virtual account
- The personal bank account number attached to your wallet — transfers to it from any Nigerian bank credit your wallet in seconds.
- Transaction PIN
- A separate code from your password that authorises anything moving money — orders, subscriptions, withdrawals. Your password signs you in; your PIN spends.
- Allotment
- The shares you are actually given in an offer. If an IPO is over-subscribed, allotment may be scaled back and the balance refunded.
- Over-subscription
- When investors apply for more shares than an offer contains — a 2× over-subscribed offer received twice the demand it could allot.
- Custody
- Where your assets are held. Your shares sit at CSCS under your CHN and your name — if anything happened to your broker, your holdings remain yours.
- Statement
- The periodic record of your holdings, trades, dividends and cash movements — downloadable from the portal for any date range.
Learned enough? Put it to work.
Open an account in about five minutes — and keep this guide handy from the footer of every page.