Can i have more than one cscs number from different brokers just like different account numbers from different bank?
Please briefly explain why you feel this question should be reported.
Please briefly explain why you feel this answer should be reported.
Please briefly explain why you feel this user should be reported.
Can i have more than one cscs number from different brokers just like different account numbers from different bank?
Having different CSCS numbers from different brokers is normal — having different CHN numbers is the problem that scatters your wealth. In Nigeria, you have 2 IDs: 1. CHN (Clearing House Number) — This is your BVN for the capital market. You should have only ONE for life. 2. CSCS Account Number — ThRead more
Having different CSCS numbers from different brokers is normal — having different CHN numbers is the problem that scatters your wealth.
In Nigeria, you have 2 IDs:
1. CHN (Clearing House Number) — This is your BVN for the capital market. You should have only ONE for life.
2. CSCS Account Number — This is like your bank account number per broker. You can have many CSCS numbers, one per broker, but they should all link to the same single CHN.
What goes wrong?
When you opened your second broker account, instead of giving them your old CHN, the broker created a new CHN for you. Now:
Your shares are split — GTBank shares under CHN A with Broker A, Stanbic shares under CHN B with Broker B
Dividends get split and can become unclaimed
When you do a Global Search, Registrars see two different people
For that Stanbic scrip dividend you read, if you have 2 CHNs, you might not meet the qualification threshold in either one
For your 3-year lock plan, you can’t see your true portfolio value
Some investors end up with 3-4 CHNs because of name change after marriage, different spelling of names, or brokers not asking.
How to fix it — Consolidation
CSCS has a formal process called CHN Consolidation:
Step 1: Choose your main CHN
Pick the one with most holdings or your correct legal name.
Step 2: Go to your main broker (the one you want to keep)
Tell them: “I want to consolidate my CHNs.” Submit:
Letter requesting consolidation
Valid ID (NIN), BVN
Both CHN numbers and CSCS numbers
Evidence both are yours — e.g. bank statements, affidavit if names differ due to marriage
Step 3: Broker forwards to CSCS
Your broker forwards to CSCS for processing. Once approved, CSCS issues confirmation of the consolidated CHN to the broker. All your holdings move under one CHN.
It takes 5-10 working days.
Step 4: What to do going forward
See lessWhen opening any new broker account, always say: “Open another CSCS account under my existing CHN — my CHN is XXXXXXXX.” Thank you.
You can't in Nigeria, because your cscs number is generally unique to only you alone unlike bank account number You can actually have more than one stockbroker accounts but they can be linked to the same cscs account
You can’t in Nigeria, because your cscs number is generally unique to only you alone unlike bank account number
You can actually have more than one stockbroker accounts but they can be linked to the same cscs account
See lessOh, my dear, Mama Ngozi, your question about having different CSCS numbers from different brokers is a very interesting one. Let's break it down in a way that even our friend, Mama Ngozi the Tomato seller, will understand.So, imagine you have different pots to cook your delicious soups - one pot forRead more
Oh, my dear, Mama Ngozi, your question about having different CSCS numbers from different brokers is a very interesting one. Let’s break it down in a way that even our friend, Mama Ngozi the Tomato seller, will understand.
So, imagine you have different pots to cook your delicious soups – one pot for Egusi soup, another for Ogbono soup, and yet another for Oha soup. Each pot serves a different purpose, just like having different CSCS numbers from different brokers serves different investment purposes.
Having multiple CSCS numbers is allowed in Nigeria, just like having accounts with different banks. Each CSCS number is like a unique pot where you can hold your investments or “soups” in this case. Each pot gives you access to different “markets” just like how different brokers can offer you access to various investment opportunities.
However, it’s essential to remember that having multiple CSCS numbers means managing different investment pots, each with its unique investments. This could make it a bit challenging to keep track of your investments, just like managing multiple pots can be a bit tricky in a busy kitchen.
In conclusion, just like having different bank accounts, having multiple CSCS numbers from different brokers is possible in Nigeria. However, it’s crucial to stay organized and keep track of your investments in each pot to ensure you’re cooking up a successful investment soup for your financial future. Hope this explanation helps, Mama Ngozi!
See lessWhat a great answer
What a great answer
See less