Is my Investment guaranteed and what is the risk of default?

Principal and returns on the Bond are guaranteed by the Federal Government of Nigeria and the risk of default is zero.

How often will the Bond be issued and what will be the tenor?

The Bond would be issued monthly and the instrument will have a tenor of two and three years respectively.

When will the interest and principal be paid?

Coupon payment would be paid quarterly into investors’ specified bank account while principal would be paid on maturity date.

Can investments be made on a continuous basis?

Yes, you can invest in each month’s issuance up to the maximum limit of N50,000,000.00.

What is the Coupon rate on the Bond?

The Coupon/interest rate is per annum and the rate would be announced by the Debt Management Office (DMO) on the first day of the offer period.

What is CardinalStone’s role?

CardinalStone Securities Ltd has been appointed as one of the Distribution Agents for the FGNSBs. Our role is to inform the general public about the Savings Bond, collate subscription forms of interested investors and forward these forms and monies to the DMO.

What type of investor can invest in the Savings Bond?

The Savings Bond was created to financially include all types of investors ranging from salary earners, artisans, students, civil servants, etc. in the development of the Nigerian economy.

Can I invest in the Bonds on behalf of my children or wards?

Yes, you can invest on behalf of your children, wards, or relatives however, the BVN and bank account details stated on the subscription form must belong to the beneficiary.

How do I open a Savings Bond account?

You will be required to:

  • Complete the FGNSBs subscription form
  • Complete CardinalStone account opening form
  • Provide valid proof of Identification
  • Provide one passport photograph
  • Provide a recent utility bill

Kindly scan and send the documents listed above to

Will I be required to have a bank account?

Yes, you would be required to have a bank account and also indicate your Bank Verification Number (BVN) on the subscription form to invest in the FGN Savings Bond.

Will I receive a certificate or contract note for this investment?

No, Bondholders will have their investments credited to their CSCS accounts.

How soon will my investment reflect in my CSCS account?

Your investment will settle into your CSCS account three(3) days after your transaction date.

Can I sell my Bonds before maturity?

Yes, you can sell your bond holdings in the Secondary Market which is the Nigerian Stock Exchange.

What do I need to do to trade the Savings Bond in the Secondary Market?

Kindly fund your account with us for purchase transactions while proceeds for sale transactions would be credited to your bank account on day T + 2.

Will I make or lose money if market interest rates change?

No, you will not lose money if you hold the instrument till maturity. However, there may be a reduction or increase in the value of the bond if you sell in the secondary market before maturity depending on prevailing interest rates in the market.

What are the transaction costs?

There are no transaction costs for buying the FGN Savings bond in the primary market (i.e. during the offer for subscription). However, transaction charges would apply if you buy or sell in the Secondary Market.

What are the transaction charges for trading in the Secondary Market?

The transaction charges applicable are brokerage fee of 0.5% of the face value of the bond traded and 0.0001% CSCS fee.

How do I trade my Savings Bonds?

Kindly send your  trade instructions and enquiries to to enable us execute your mandate.

Can I view and trade my Bond online?

Yes, you can view your account and also trade your Savings Bond via our online platform. Your online login details would be sent to you as soon as your account is opened.

How do I know the price the FGN Savings Bond is trading in the Secondary Market?

The price of the FGN Savings Bond will be published daily in major newspapers and on the website of CardinalStone and the Nigerian Stock Exchange. CardinalStone also sends out daily price list via email which will include the price of the Savings Bond.

What are the requirements for opening an account with CardinalStone?

Basic requirements for account opening include:

  • Duly Completed Account Opening form
  • A valid government issued ID (International Passport, Driver’s License, National Identity Card or National Voter’s Card). Means of Identification for foreign clients must be notarized
  • Proof of Address/Utility Bill (not longer than 3 months)
  • One Passport Photograph
  • Signed Brokerage Agreement
  • Biometric Verification Number
  • Minimum investment amount (₦1 million or portfolio value more than ₦1 million)

For Individual Account:

  • Click individual account online or download the form
  • Photocopy of International Passport /Driver’s License/PVC/National ID
  • Passport Photograph of Signatory
  • Bank Verification Number of the Signatory
  • Proof of Address (e.g. copy of a recent utility bill not older than 3 months or bank statement showing registered address)
  • Foreign Account Tax Compliance (Applicable to Non-Residents who reside abroad)
  • FIRS Self Certification Form (Applicable to Non-Residents)
  • Signed Brokerage Agreement

For Joint Account:

  • Completed Joint Account Opening Form (should include the signature mandate) (download)
  • Passport Photograph of the signatories
  • Photocopy of International Passport /Driver’s License/PVC/National ID
  • Bank Verification Number of the Signatories
  • Proof of Address (e.g. copy of a recent utility bill not older than 3 months or bank statement showing registered address)
  • Foreign Account Tax Compliance (Applicable to Non-Residents who reside abroad)
  • FIRS Self Certification Form (Applicable to Non-Residents)
  • Signed Brokerage Agreement

For Corporate Account:

  • Completed Account Opening Form (download)
  • One Passport Photograph of each Authorized Signatory
  • Copy of Identification of Authorized Signatories- International Passport /Driver’s License/PVC/National ID
  • Completed ‘Individual Details’ form for each Authorized Signatory
  • Signed Brokerage Agreement
  • Certificate of Incorporation
  • Memorandum & Articles of Association
  • Form CAC 2 (Return of Allotment of Shares)
  • Form CAC 3 (Notice of Situation/ Change of Registered Address) or Current Utility Bill (Not older than 3 months)
  • Form CAC 7 (Particulars of Directors)
  • Board Resolution/minutes of meeting appointing CardinalStone as Stockbroker or Fund Manager
  • Board Resolution/minutes of meeting confirming the signatories, categories and Signature Mandate to the Account
  • Bank Verification Number of the Signatories and bank details i.e. account number, account name, date of creation of account.
  • Foreign Account Tax Compliance (Applicable to Non-Residents who reside abroad)
  • FIRS Self Certification Form (Applicable to Non-Residents)

For Association Account Opening:
The necessary documents are the basic requirements including the following additional documents;

  • Certificate of Registration
  • Duly executed authorized signatory form for each signatory
  • Board Resolution appointing CardinalStone as their stockbroker and confirming authorized signatories of the corporate entity (for stockbroking clients only)

For Estate Account:
This is an account opened in the name of an estate of a deceased person. The mechanism used in the process is called share transmission.

Estate Account Opening Requirements:

  • Completed Account Opening Form (download
  • Letter of Administration for those who died intestate (without Wil).
  • Probate Letter for those who died testate (with Will)
  • Completed ‘Individual Details’ form for each Administrator
  • Letter of Authority mandating CSS to act as Brokers
  • Death Certificate
  • Newspaper Publication or Gazette
  • Passport Photographs, Valid ID and BVN of the Administrators
  • Current utility bill (Not more than 3 months)
  • Signed Brokerage Agreement
  • Share Transfer forms (up to 10 copies) for Stockbroking accounts
  • Foreign Account Tax Compliance (Applicable to Non-Residents who reside abroad)
  • FIRS Self Certification Form (Applicable to Non-Residents)
  • Banker’s confirmation on the Estate Account
  • All dividend warrants received but not yet presented for payment.
  • CSCS Printout of the deceased’s account
What is Share Transmission?

This is a process by which the title to shares of a deceased person (who died testate or intestate) is devolved to the successors or beneficiaries of the Estate.

What happens when a person dies testate or intestate?

In a situation where an individual dies intestate (without a will), the beneficiaries will be required to provide a copy of Letter of Administration and a grant of probate signed by the family.
However, a copy of the will of the deceased would suffice when a person dies testate (with a will). The beneficiaries of the deceased will also be required to provide the account opening documents for Estate Accounts.

What documents are required to initiate a transmission process?

The initial documents are:

  • Duly completed CardinalStone account opening form
  • Authorized signatory form to be completed by each of the Administrators to the Estate
  • Passport photographs of each of the Administrators
  • Proof of registered address of the Estate
  • Means of Identification of each of the Administrators
  • A Letter of Authority from the Administrators to the Estate mandating CardinalStone to act on their behalf during the shares transmission process
  • Share certificates and dividend warrants available
  • The Letter of Administration/Probate Letter (whichever is applicable) signed by the family or a photocopy of the will of the deceased (if testate); the original will be required for sighting by the various Registrars
  • A photocopy of the Death Certificate; the original should be provided for sighting
  • A copy of the newspaper publication or Notice of Death or Gazette; the original should be provided for sighting
  • All dividend warrants received and not yet presented for payment (if any)
  • Biometric Verification Number of the Administrators
  • Banker’s Confirmation for the Estate account to be addressed to all the individual Registrars or CSCS (in the case of inter-member transfers). The Letter of Administration should be sent to the Estate’s Bank to update their records if this had not been previously done.
Are the documents listed above exhaustive?

No. Some Registrars usually require additional documentation not listed above based on their appraisal of each client’s circumstance.

What is CSSL’s scope of work for the transmission process?

To enable CSSL carry out an efficient administration and management of shareholdings belong to an Estate, the scope of work for the process includes:

  • Opening of the Estate’s account with CSCS after completing all the “Basic” KYC formalities
  • Liaising with each Company Registrar to:
  • Verify the authenticity of the Letter of Administration with the relevant High Court where it was issued and all other required documents
  • Confirm the authenticity of the Banker’s Confirmation submitted
  • Reconcile all the shareholdings
  • Collect all outstanding share certificates, bonuses and dividend warrants
  • Re-issue/Validate share certificates in the Estate Name
  • Dematerialize the re-issued certificates into the CSCS
What happens when an Administrator is aged, indisposed or cannot be available due to proximity constraints?

A Power of Attorney (duly notarized) can be provided mandating one or two representatives to execute documents on behalf of all the Administrators as it may be cumbersome to ensure that they are always available to execute documents.

What is the duration for a transmission process?

Depending on the number of Registrars to deal with, the State where the Letter of Administration was issued and timeframe the account reconciliation will cover due to recent automation of Registrars’ operations, the process will take a minimum of twelve weeks to complete.

Does CSSL charge for this service?

CSSL charges a fee of 5% of the total market value of shares held upon completion of the process. This fee is only applicable if CSSL initiates and concludes the transmission process.

In what circumstance will CSSL not charge in an estate account opening process?
  • If the transmission had been concluded before approaching CSSL to dematerialize the Estate’s shares, then no transmission fee will apply
  • If the Administrators wish to move the Estate’s shares from their resident stockbroking firm to CSSL, then no transmission fee will apply
What are the means of identification accepted by CardinalStone?

National Driver’s License, International Passport, National Identification Card and Permanent Voter’s Card

What are the documents accepted by CardinalStone as proof of address/utility bill?

PHCN bill, Water bill, Waste Management bill or tenancy agreement

Do I have to fill different account opening forms to operate different account types in CardinalStone?

No. Once we have your KYC details and requisite documents, you only need to indicate your willingness to open a new account in writing.

What are the brokerage services offered by CardinalStone Securities Ltd (CSSL)?

Our brokerage services include:

  • Securities Trading on the Nigerian Stock Exchange (NSE) and the National Association of Securities Dealers (NASD) for Quoted/Unquoted Equities and Bonds
  • Securities Trading on FMDQ (OTC) Securities Exchange
  • Selection of counter-party for, and execution of, block trades
  • Stockbroker to Primary Market Issues
  • Research support
  • Investment Advisory
  • Global Account Reconciliation & Consolidation
  • Receiving Agent to New Primary Market Issues
  • Liaison with the Central Securities Clearing System Plc and Registrars
  • Corporate access to issuers and Regulators
What do I stand to benefit from opening a brokerage account with CardinalStone?
  • Our online trading portal – TradeDirect would give you real-time direct market access to the Nigerian Stock Exchange
  • Timely and quality research support would be provided to enable you take prompt investment decisions
  • Cost competitiveness
  • CardinalStone Asset Management Ltd – another subsidiary of CardinalStone Group has a Fund Manager License would enables you take advantage of our asset management products such as Eurobonds, Fixed Income, Structured Investment Plan (SIP) to effectively diversify your investment portfolio
What are the benefits of investing in shares?
  • Capital appreciation
  • Dividend which is part of the company’s profit would be paid to shareholders
  • Bonus shares i.e extra shares fully paid out of reserve which is distributed to existing holders
  • Long-term strategic investment in target companies
Who will manage my account?

The securities in your account will be in your care. CSSL will give you the necessary tools such as research support, online trading access etc. to enable you take apt investment decisions.

Can I open an account even if I’m not in Nigeria?

Yes, you can open a stockbroking account with us. Kindly send an email to

How can I access your research reports?

You will be included in our research mailing list as soon as you become a client. Our daily pricelists, media highlights, earnings updates, outlook and macro reports would be sent to you accordingly.

What is the minimum initial investment?

The minimum amount is ₦1,000,000.00 in cash, certificates or transfer of stocks

What is the brokerage commission for stockbroking transactions?

CSSL charges a brokerage commission of 1.00% of the consideration for every transaction.

What is the breakdown of the total transaction charges for trading with CSSL on the NSE?
Brokerage Commission (₦)1% of the Consideration1.0000%
VAT on Commission (₦)No charge 0.0000%
SEC Fee (₦) 0.3% of the Consideration0.3000%
VAT on SEC Fee (₦) No charge 0.0000%
CSCS Fee (₦)No charge 0.0000%
Stamp duty (₦) 0.075% of the Consideration0.0750%
CSCS X-Trade Alert₦4.00 per transaction
Total1.375% + N4.00/transaction
Sale Transaction
Brokerage Commission (₦)1% of the Consideration1.0000%
VAT on Commission (₦)No charge0.0000%
NSE Fee (₦)0.30% of Consideration0.3000%
VAT on NSE Fee (₦)No charge0.0000%
CSCS Fee (₦)0.30% of Consideration0.3000%
VAT on CSCS Fee (₦)No charge0.0000%
Stamp duty (₦)0.075% of the Consideration0.0750%
CSCS X-Trade Alert₦4.00 per transaction
Total1.675% + N4.00/transaction
What are the modes of payment?

The approved modes of payment are bank transfers or Cheques/draft written in favour of CardinalStone Securities Limited.

Going by the Central Bank of Nigeria guidelines, no cheques exceeding ₦10,000,000.00 (Ten million naira only) can either be received or paid out by CardinalStone. Hence, multiple cheques must be issued for amounts exceeding this limit.

Does CardinalStone accept cash?

CardinalStone will preferably not deal in cash transactions with clients. However, in line with SEC’s directives, we can collect cash or process cash withdrawals not more than ₦50,000.00.

When do I get value for the shares purchased/sold?

Three days after transaction date (Day T+3). Sales proceeds can be accessed once trades settle.

When do I have to transfer funds for my equity purchase?

Our Securities Trading accounts are operated on a pre-funded basis, hence, funds for equity purchase will have to be transferred before mandate placement.

Can CardinalStone issue cheques in a third party’s name or transfer investment proceeds to a third party’s account?

All cheque withdrawals/transfer requests for proceeds of stocks sold and investments made are issued in the same name as stated on the contract notes and investment advices to avoid conversion.

What is the procedure for mandate instruction?

Trade mandates can be sent via e-mail to, written instructions to CardinalStone or via our online trading portal. However, we recommend that clients use the online trading portal ( to take advantage of its user-friendly functionalities that allow them access their accounts on their computers or any mobile device of their choice.

How do I know that my order has been executed?

CSSL would send a contract note to you before the end of transaction day notifying you of trades executed on your behalf.

How can I revise or cancel my order?

You can amend or cancel orders via the online trading portal. You can also send an email to stating the pending orders you would like to adjust or cancel.

What is the difference between a limit and market order?

A limit order is a buy or sell order with a specified price limit, however, the order might not be filled because current market prices could be lower or higher than the specified price limit.

Market order on the other hand does not have price limits. The order matches instantly if there is a willing buyer or seller in the market.