STOCK & CAPITAL MARKET

Selling stocks on the InvestNaija app is almost the reverse of buying. Since you already own shares, the major thing is understanding how the sell order works.
Typical process:
Login to your account
Go to:
Portfolio
Holdings
My Investments
Select the stock you want to sell
Click:
“Sell”
or “Trade”
Enter:
Quantity of shares to sell
Selling price (or market price if available)
Confirm the order
The order enters the market
Once a buyer matches your price, the sale executes
Important things to understand as a beginner:
1. Selling does NOT mean instant cash immediately
When you click sell:
your shares first enter the market
somebody must buy them
If your price is too high, the order may stay pending.
2. Price matters
Example:
Current market price = ₦50
If you place sell order at ₦60
buyers may ignore it
But if you sell near market price, execution is usually faster.
3. Settlement period
After successful sale:
cash usually reflects after settlement
commonly T+2 or T+3 business days in Nigerian equities
Meaning:
if you sell Monday
money may fully settle Wednesday or Thursday
4. You can sell partially
Example:
You own 1,000 shares
You can sell only 200 shares
You do not need to liquidate everything.
5. Watch out for:
broker commission
SEC fee
NGX transaction charges
VAT
So the amount received is slightly lower than the raw sale value.
Example:
Sold shares worth ₦100,000
Net received may be around ₦99,000+ depending on charges
If your app is still behaving strangely or redirecting to web login, it may affect selling too. In that case:
try using the web portal directly for the sale
or contact support to confirm your trading access is fully enabled
Before selling any stock, ask yourself:
Am I taking profit?
Am I cutting losses?
Do I still believe in the company long term?
Am I selling because of panic?
Many beginners learn buying first, but disciplined selling is actually the harder skill in investing.

For most beginners in stock investing in Nigeria, it is usually better to start as an individual, not as a company.
You can always move to a company structure later when:
your portfolio becomes large,
you start investing with partners,
or you want tax/legal structuring benefits.
Here’s a practical breakdown.
Investing as an Individual
This means opening a normal CSCS and brokerage account in your personal name.
Advantages
1. Easier and cheaper to start
You only need:
BVN
valid ID
passport photo
utility bill
bank account
No CAC registration costs.
2. Simpler dividend processing
Dividends go directly to your bank account through your e-dividend mandate.
Less paperwork compared to corporate investing.
3. Lower compliance stress
No need for:
annual CAC filings
company tax filings
audited statements
maintaining directors/shareholders records
4. Best for learning
As a beginner, your focus should be:
understanding stocks,
learning valuation,
managing emotions,
understanding dividends and market cycles.
A company structure adds complexity you probably do not yet need.
Disadvantages
1. Limited separation from personal finances
Your investments and personal money are mixed together.
2. Harder for group investing
If friends or family contribute money, ownership disputes can happen.
3. Estate/continuity issues
If something happens to the investor, transfer processes can sometimes be stressful for family unless next-of-kin details and probate matters are clear.
Investing Through a Registered Company
This means using a CAC-registered business/company to open:
a corporate brokerage account,
corporate CSCS account,
corporate bank account.
Usually suitable for:
investment clubs,
family investment companies,
high-net-worth investors,
professional traders,
businesses holding long-term investments.
Advantages
1. Better structure for large portfolios
A company gives clearer recordkeeping and governance.
Very useful if you are building wealth over many years.
2. Easier for joint investing
If several people contribute capital, ownership can be defined legally through shares in the company.
3. Separation of business and personal assets
The investment portfolio belongs to the company, not directly to one individual.
4. Easier succession planning
A company can continue operating even if a shareholder or director dies.
5. Can look more professional
Institutional placements, private deals, and some investment opportunities may be easier to access through a corporate entity.
Disadvantages
1. More expensive
You may pay for:
CAC registration,
annual returns,
accountants,
tax filings,
legal documentation.
2. More paperwork
Corporate brokerage accounts usually require:
CAC certificate,
MEMART,
board resolution,
TIN,
company bank account,
directors’ KYC.
3. Regulatory obligations
Companies in Nigeria must comply with:
CAC filings,
FIRS tax requirements,
bookkeeping obligations.
Even if the company is inactive.
4. Slower operational flexibility
Personal accounts are usually quicker for buying/selling shares or resolving registrar issues.
Best Option Based on Portfolio Size
Start as an Individual if:
you are still learning,
investing below several millions of naira,
mainly buying NGX stocks for dividends and growth,
investing alone.
This is probably the best path for you right now based on your questions and current investing stage.
Consider a Company if:
your portfolio becomes very large,
you invest with partners/family,
you want formal wealth structures,
you plan to run investment activities professionally.
A Practical Path Many Investors Follow
Stage 1 — Individual Investing
Learn:
stock analysis,
dividends,
market cycles,
portfolio management.
Stage 2 — Build Capital
Grow gradually through:
dividend reinvestment,
treasury bills,
mutual funds,
stocks.
Stage 3 — Create Investment Company (Optional)
When your capital becomes substantial, you may form:
a family investment company,
holding company,
investment club structure.
That is how many experienced investors eventually structure wealth.
My Recommendation for You
Given your current stage:
continue investing as an individual,
focus on understanding the market deeply,
keep your records organized,
activate e-dividend properly,
learn portfolio management first.
You can later transition into a company structure if your investment activities become bigger or more formalized.

Since you have already:
waited beyond the expected payment window,
sent multiple emails since May 5 without any response,
and your earlier dividends were paid successfully,
then this is now an escalation issue, not just a “wait a little longer” situation.
The best escalation path in Nigeria is usually:
Registrar customer service (final reminder)
Company investor relations / company secretary
Your stockbroker
SEC Nigeria complaint portal if still unresolved
For Veritas Registrars specifically, you should now send a firmer escalation email and copy additional parties if possible.
You can use this email:
Email
Subject
Escalation: Unpaid Dividend Despite Previous Payments and Multiple Follow-Ups
Dear Sir/Madam,
I am writing to formally escalate my unresolved dividend payment issue.
I have previously received dividends successfully through your registrar services, but the recent dividend payment due in May 2026 has not been credited to me despite payment having reportedly commenced.
Since 5th May 2026, I have sent several emails to your customer service without receiving any response or update.
Please kindly investigate and confirm:
The status of my dividend payment
Whether there is any issue with my e-dividend mandate
Whether my bank details or shareholder records require updating
The expected timeline for resolution
Kindly treat this as urgent as other shareholders appear to have received payment already.
My shareholder details are as follows:
Full Name: CSCS Number: Shareholder Account Number (if available): Company Name: Phone Number:
I would appreciate a prompt response and resolution.
Thank you.
Yours faithfully, [Your Name]
Also send the same message to:
your stockbroker,
and if available, the investor relations email of the company whose dividend is unpaid.
For Veritas Registrars, their official website/contact page is:
Veritas Registrars Limited
If there is still no response after another 3–5 working days, escalate formally to the Nigerian SEC complaint system:
Securities and Exchange Commission Nigeria (Complaints Management)
When escalating to SEC, attach:
proof of shareholding,
CSCS details,
screenshots/emails sent to the registrar,
bank statement showing non-payment,
and any dividend notice you received.
One more important thing: Since you mentioned the dividend is through Veritas Registrars, check whether the affected company recently changed registrar or merged with another registrar. That occasionally delays payment processing for some shareholders.

Your wife likely still owns the shares if she is receiving dividend warrants or dividend notices. That means the shares are probably still active in her name.
Since you mentioned:
First Bank of Nigeria Holdings Plc (now FirstHoldCo),
and Skye Bank Plc,
there are important things to understand before selling.
Step 1 — Confirm Whether the Shares Still Exist
First Bank Shares
First Bank shares are still valid because the bank still exists under:
FirstHoldCo Plc (formerly FBN Holdings)
Those shares can usually still be sold normally.
Skye Bank Shares
This one is more complicated.
Skye Bank Plc was dissolved after regulatory intervention and replaced by Polaris Bank.
In many cases:
old Skye Bank shareholders lost substantial value,
and ordinary shares may no longer trade normally on NGX.
So first verify whether:
the shares still exist in CSCS,
or became worthless/delisted.
Do not assume they still have market value.
Step 2 — Locate the Share Details
Search for:
Share certificates
Dividend warrants
CSCS statements
Registrar letters
CHN number
Any old broker documents
The dividend letters usually contain:
shareholder number,
registrar name,
units owned.
This is very important.
Step 3 — Identify the Registrar
The dividend paper normally shows the registrar responsible.
For example: FirstHoldCo commonly uses registrars like:
First Registrars and Investor Services
The registrar can help confirm:
exact number of shares,
unpaid dividends,
whether shares are dematerialized into CSCS,
whether e-dividend is active.
Step 4 — Open or Verify a CSCS Account
To sell Nigerian shares today, the shares normally need to be inside a:
Central Securities Clearing System (CSCS) account.
If your wife already has one:
good.
If not:
a stockbroker can help open one.
Without CSCS, selling becomes difficult.
Step 5 — Transfer Physical Shares Into CSCS (if necessary)
If the shares are still paper certificates:
the broker will help “dematerialize” them into electronic form.
This process can take:
days to weeks.
Step 6 — Choose a Reliable Stockbroker
In Nigeria, reliability matters more than hype.
You want:
SEC-registered,
NGX-authorized,
responsive customer service,
proper CSCS integration,
physical office presence.
Commonly used brokers include:
Meristem Securities
CardinalStone Securities
Stanbic IBTC Stockbrokers
APT Securities
United Capital Securities
What Makes a Broker “Reliable”?
A reliable broker should:
provide CSCS alerts,
send contract notes after trades,
allow online access,
explain fees clearly,
have SEC registration,
not delay withdrawals,
have actual customer support.
Avoid:
random WhatsApp “investment agents,”
unregistered online schemes,
anyone promising guaranteed profits.
Step 7 — How the Sale Actually Happens
Once the shares appear in CSCS:
The broker:
receives sell instruction,
sells on NGX,
deducts fees,
credits the bank account.
Settlement in Nigeria is usually around: T+3 (about 3 business days after sale).
Very Important Before Selling
Do NOT rush to sell immediately.
Check:
current market price,
dividend history,
whether the shares are still fundamentally strong.
For example, FirstHoldCo shares may still generate:
dividends,
long-term appreciation.
Sometimes inherited or forgotten shares become surprisingly valuable after many years.
Best Immediate Action
I recommend this exact order:
Gather all dividend papers/certificates
Identify the registrars
Confirm exact holdings
Open/verify CSCS
Choose broker
Dematerialize shares if needed
Then decide whether to sell

Your colleague’s situation is a classic mix of good instinct (using leverage for assets) and emerging risk (misunderstanding cost of capital vs. investment returns). Let’s break it down cleanly so you can see what’s sound and what’s shaky.
1. His Land Decision — Financially Smart (But Context Matters)
What he did in 2020 is essentially leveraged investing:
Borrowed ₦600k + ₦50k cash → bought land
Total cost after interest ≈ ₦1.07M
Current market value ≈ ₦5M
That’s a strong return. But don’t mistake outcome for strategy quality:
Land appreciates due to location + time, not because leverage always works
If the land didn’t appreciate, he would still owe the loan
Key principle:
Leverage magnifies both gains and losses.
2. The Cooperative Issue — This Is Where Things Get Technical
He has ₦1M savings in a cooperative but says:
No meaningful returns on savings
Loans now at 15% interest
Poor transparency / governance concerns
This introduces two critical financial concepts:
A. Opportunity Cost
Money sitting in a cooperative with 0–low returns is losing value due to inflation.
B. Cost of Capital
Taking a loan at 15% means:
Any investment must reliably earn >15% annually to make sense
3. His Proposed Plan — Invest Loan in Stocks
This is where I’ll push back firmly:
Taking a 15% loan to invest in stocks is not a conservative or rational move.
Why?
Stock Market Reality (especially in Nigeria)
Returns are volatile, not guaranteed
Some years: +30%
Some years: negative returns
Even strong companies on the Nigerian Exchange Limited can fluctuate heavily.
So:
Loan = fixed obligation (you must repay)
Stocks = uncertain returns
That mismatch creates financial stress risk
4. Better Way to Think About His Options
Option A — Stay in Cooperative (Current Structure)
Only makes sense if:
It offers dividends/benefits
It provides cheap access to credit
If not, then his concern is valid.
Option B — Exit Cooperative and Self-Invest
This is more logical if his claims are true (no transparency, no returns)
He can:
Take his ₦1M
Invest gradually into:
Stocks
Money market funds
Fixed income
For example, platforms like Cowrywise or Afrinvest offer structured products.
Option C — Hybrid Strategy (Most Balanced)
This is what I would recommend professionally:
Leave cooperative (if truly inefficient)
Invest ₦1M like this:
40% → Money Market Fund (stability)
40% → Stocks (growth)
20% → Keep as liquidity
This reduces risk exposure.
5. Critical Mistake He Must Avoid
Do NOT:
Take a 15% loan to invest in equities
Unless:
He is highly experienced
Has a diversified portfolio already
Can absorb losses without stress
Otherwise, it becomes speculation with debt — one of the fastest ways people lose money.
6. One More Thing — His Psychology
He’s showing signs of:
Confidence from past success (land deal)
Frustration with cooperative system
Desire to “make money work faster”
That combination can lead to over-aggressive decisions
Bottom Line
His land move = good outcome, but not a repeatable formula
Cooperative concerns = valid if transparency is poor
Taking a 15% loan to invest in stocks = high risk, not advisable
Best move = use his own capital, invest gradually, diversify