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Anonymous
Asked: 2026-04-28T20:02:42+00:00 In:

Do I need to pay annual subscription fees to access my CSCS account and CHN in Nigeria?

“For you to be able to access your CSCS and chn you will have to subscribe annually and you will be given username and password”
How true is this?
Is it proper, especially after paying for such opening as was told by a broker?

cscs nigerianigeria stock market

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  1. Ochoyoda
    Intermediate

    Short answer: that statement is misleading and largely false. Let’s clarify how the system actually works in Nigeria. 1. What a CHN and CSCS account really are CHN (Clearing House Number) = your unique investor ID Managed by Central Securities Clearing System Plc Once your stockbroker opens a CSCS aRead more

    Short answer: that statement is misleading and largely false.
    Let’s clarify how the system actually works in Nigeria.
    1. What a CHN and CSCS account really are
    CHN (Clearing House Number) = your unique investor ID
    Managed by Central Securities Clearing System Plc
    Once your stockbroker opens a CSCS account for you:
    👉 Your CHN is generated automatically
    👉 It is permanent
    👉 It does NOT require annual subscription
    2. The Truth About “Annual Subscription”
    There is NO official CSCS rule that says:
    ❌ “Pay yearly to access your CHN”
    ❌ “Pay subscription to view your CSCS account”
    That claim is not standard market practice.
    3. What You Already Paid For
    When opening a brokerage account, you typically pay:
    CSCS account opening fee
    Brokerage onboarding charges
    Possibly stamp duties / admin fees
    👉 These cover:
    Creation of your CSCS account
    Generation of your CHN
    So asking you to pay again just to access your CHN is questionable
    4. What Might Actually Be Happening (Important Distinction)
    Some brokers offer extra services, such as:
    Portfolio tracking apps
    Premium dashboards
    SMS/email alerts
    Research access
    👉 These can be subscription-based
    BUT:
    They are optional
    They are NOT required to access your CHN
    5. How You Should Access Your CHN Properly
    You should be able to get your CHN through:
    Your stockbroker (free)
    CSCS statement (sent periodically)
    Direct registration on CSCS portal:
    CSCS e-Statement Portal
    6. Red Flags You Should Not Ignore
    Be cautious if a broker:
    Refuses to give your CHN unless you pay
    Claims “annual renewal is compulsory”
    Blocks access to your own investment records
    👉 That is not normal and not professional
    7. What You Should Do Now
    Take these steps:
    Ask them clearly:
    “Is this fee for CSCS or for your platform service?”
    Request your:
    CHN number
    CSCS account statement
    If they delay or insist on payment:
    👉 You can escalate to:
    Nigerian Exchange Group
    Or the SEC Nigeria
    Bottom Line
    CHN is free after account creation
    No yearly payment is required to access it
    Any “subscription” is likely a broker-specific add-on, not a market rule

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