Nigeria - Obtain Stock Broker License

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Procedure

Apply In-Person:

1. To apply for obtaining Stockbroker License in person, the applicant has to visit the office of the Securities & Exchange Commission.
2. The address and contact details of the SEC can be found in the following contact link
3. Visit the office and obtain an application form for Stockbroker License from the respective department. Or click here to download application form
4. Make sure that you have all the documents listed in the “Required Documents” section of this page.
5. Complete the application form with required details and information under respective sections.
6. Attach the required documents with the completed application form and submit it to the relevant official at the office.
7. Pay the required registration and filing fees by following the instructions of the officials.
8. After submission, your application along with the attached documents will be forwarded for further verifications.
9. Once all the internal processes are over, the application will be approved and the applicant will be notified through phone or email regarding the approval.
10. Meanwhile, the applicant can also check with the office regarding the progress of the application.
11. When the license is ready to be collected, the applicant can collect it by any means from the office.

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Required Documents

• Duly Executed Form SEC 3 for Stockbroker registration
• Forms SEC 2 and 2D for Sponsored Individuals/Compliance Officer
• Form SEC 2 and 2D – Directors of the Company
• Two Passport size photographs
• Proof of Minimum Paid up Capital
• Current Fidelity Insurance Bond
• Detailed curriculum vitae of sponsored individuals and Directors
• Police clearance report for each Sponsored Individual
• Secondary school discharge certificate copy of sponsored individuals
• National Youth Services Corps discharge certificate copy of sponsored individuals
• Copy of means of Identification of the Directors and the Sponsored Individuals
• Profile of the Company
• Evidence of Payment of shares
• Copy of the Dealership Certificate
• Business plan
• Bank statement of accounts

Refer the following link for more requirements and criteria: requirements

Office Locations & Contacts

Securities and Exchange Commission (SEC) - Head Office
SEC Towers,
Plot 272, Samuel Adesujo Ademulegun Street,
Central Business District ,<br Abuja, FCT Nijeria
Tel: +234 (0) 94621100; +234 (0) 94621168
Email: [email protected]
Website: Link

SEC NIGERIA e-Portal :Link

Eligibility

• Any organisational entity, that wishes to involve in the Stockbroker operations in Nigeria, can apply.
• The applying entity must have at least three sponsored Individuals, one of whom shall be a compliance officer.
• Managing Director of the Company should be among the sponsored individuals.

Refer the following link for more requirements and criteria requirements

Fees

Filing/Application Fee – N50,000
Processing Fee – N200,000
Registration Fee – N500,000
Sponsored Individual Fee – N50,000
For reference requirements

Validity

The registration is usually valid for one year.

Documents to Use

FORM SEC 3: application form
FORM SEC 2: application form
FORM SEC 2D: application form

Sample Documents

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Processing Time

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Related Videos

Videos explaining the procedure or to fill the applications.
Attach videos using the following tag <&video type='website'>video ID|width|height<&/video&>
from external websites.
Please remove the '&' inside the tags during implementation.
Website = allocine, blip, dailymotion, facebook, gametrailers, googlevideo, html5, metacafe, myspace, revver,
sevenload, viddler, vimeo, youku, youtube
width = 560, height = 340, Video ID = Can be obtained from the URL of webpage where the video is displayed.
e.gIn the following url 'http://www.youtube.com/watch?v=Y0US7oR_t3M' Video ID is 'Y0US7oR_t3M'.

Instructions

• The Commission may require such other documents as it considers necessary for registration.
• An application for registration will only be considered as having been filed when all document (s)/information have been completed.
• Every applicant Company/Firm will be inspected in the course of processing an application for registration.
• A fair knowledge of the Rules and Regulations of the Commission and Investments & Securities Act No 29 of 2007 and the Capital Market is an essential prerequisite for registration regulations

Required Information

• Name and Residential Address
• Office Address and Official position in the sponsoring company
• Details of the employment
• Email address
• Date and Place of Birth
• Nationality and State of Origin
• Global System for Mobilecommunications telephone number
• Gender and marital status
• Passport/Drivers License No
• Date and place of issue
• Date of Expiry
• Parents’ names
• Name andEmployment of spouse
• Employment History
• Educational and professional information

Need for the Document

Any individual or business entity in Nigeria, which intends to practice as Stockbroker and involve in Security Market transactions, must get registered with the Securities and Exchange Commission.

Information which might help

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Other uses of the Document/Certificate

Please explain what are other uses of obtaining this document/certificate.
e.g. Birth Certificate can be used as proof of identity.

External Links

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Others

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