How do I sell my shares on the Nigeria stock market (NGX)?

Stocks are sold through the stock exchange using a licensed stockbroker or brokerage app. In Nigeria, shares are traded mainly on the Nigerian Exchange Group (NGX).
Here is the practical process from start to finish:
How Stocks Are Sold
When you sell shares:
You instruct your broker to sell.
Your broker places a sell order on the market.
Buyers in the market purchase the shares.
The shares move from your CSCS account to the buyer.
The money is credited to your brokerage wallet/account.
You withdraw the cash to your bank account.
What You Need Before Selling
You typically need:
A brokerage account
Your CSCS account
Shares already credited to your CSCS
Bank account linked to the broker
Examples of Nigerian brokerage platforms:
meritrade.com.ng
cardinalstone.com
stanbicibtc.com
investbamboo.com
Step-by-Step Procedure to Sell Shares
1. Log Into Your Brokerage App
Open your brokerage platform.
Go to:
Portfolio
Holdings
Investments
My Stocks
You will see the shares you own.
2. Select the Stock You Want to Sell
Example:
Access Holdings
GTCO
Zenith Bank
MTN Nigeria
Choose the quantity you want to sell.
Example:
You own 5,000 shares
You decide to sell 2,000 shares
3. Place a Sell Order
You usually enter:
Quantity
How many shares you want to sell.
Price
The price per share you want.
You may choose:
Market Order → sell immediately at market price
Limit Order → sell only at your chosen price
Example:
Sell 2,000 Access shares
At ₦25 per share
4. Broker Sends It to NGX
Your broker submits the order to the market.
If buyers are available at your price:
the trade executes.
If no buyer accepts your price:
the order remains pending.
5. Trade Execution
Once matched:
shares leave your CSCS account,
proceeds appear in your brokerage cash balance.
6. Settlement Period
Nigeria currently operates roughly on a T+3/T+2 style settlement cycle depending on the broker/system transition period.
Meaning:
after the sale,
cash may take about 2–3 business days before withdrawal is fully available.
7. Withdraw Your Money
After settlement:
go to “Withdraw”
enter bank details
transfer proceeds to your bank account.
Important Things To Know Before Selling
1. Verify Your Shares Are In CSCS
Some shares may still be:
pending allotment,
dematerialization pending,
or not yet credited.
If shares are not visible in CSCS, they usually cannot be sold yet.
2. Watch Liquidity
Some Nigerian stocks are illiquid.
This means:
there may not be enough buyers,
so selling can take time.
Large-cap banking stocks usually sell faster.
3. Check Charges
Selling shares usually attracts:
broker commission,
NGX fees,
SEC fees,
VAT,
CSCS charges.
The deductions are automatic.
4. Capital Gains Tax
Nigeria currently has evolving tax treatment on capital market gains. Large or institutional transactions may have additional considerations, so monitor current SEC/FIRS rules or ask your broker/accountant for updated treatment.
Example of a Full Sale
Suppose you own:
10,000 Access Holdings Plc shares.
Current market price:
₦24
You sell:
5,000 shares.
Gross value:
₦120,000
After fees:
maybe around ₦118k–₦119k net.
Settlement occurs. You then withdraw to your bank.
If You Want To Sell Physical Share Certificates
That process is different.
You first need:
Dematerialization
CSCS crediting
Registrar/broker processing
Only then can the shares be sold electronically.
Best Practice Before Selling
Before placing a sell order, check:
current market price,
bid/ask volume,
recent price trend,
whether dividends are approaching,
whether the company is undervalued or overvalued.
Selling too early is a common mistake new investors make.