FAQs

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)
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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

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.

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.

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.

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

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

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.

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.

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.

• 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

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

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

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

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

• 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

• 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

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.

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

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.

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

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

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.

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.

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

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

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.

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

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

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

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.