Investing in the Nigerian Capital Market from Abroad

FAQs

What do I need to start investing in the NGX as a non-resident?

You need a Bank Verification Number, which you can now get remotely, and a Non-Resident Nigerian account. With those, you can create your stockbroking account with APEL and we’ll set up your CSCS account for you.

Do I need to travel to Nigeria to start?

No. Non-resident investors can complete the onboarding process remotely without travelling to Nigeria. You can obtain your NRBVN, set up the required Nigerian bank account, complete your APEL onboarding and open your CSCS account from abroad.

Once your account is active and funded, you can buy and manage Nigerian stocks online through APEL Alpha, giving you access to the Nigerian Exchange (NGX) from wherever you are.

How do I get a BVN from outside Nigeria?

The Non-Resident Bank Verification Number (NRBVN) platform enables Nigerians living abroad to seamlessly enrol for a Bank Verification Number (BVN) without the need for physical presence in Nigeria.

To enrol, you will submit your identity and biodata information, upload KYC documents, and complete a liveness check to verify your identity.

You will need the following documents to register:

• A valid ID document, such as a passport or national ID card.
• Proof of residency status, such as utility bills, lease agreements, or government-issued residency documents.
• Work ID or employment confirmation letter for verification of occupation.
• Reference letter from a recognised financial institution, where applicable.

Continue to NRBVN registration

Do I need a Nigerian address?

A proof of address is required as part of the onboarding and KYC process. However, as a non-resident investor, you do not necessarily need to have a Nigerian residential address.

If you have a Nigerian address, you can provide acceptable proof of that address as part of your application.

If you do not have a Nigerian address, you can provide proof of your current residential address outside Nigeria instead. Foreign proof of address must be notarised by a Notary Public before it is submitted to APEL.

Acceptable documents may include a recent utility bill, bank statement, or other document showing your residential address.

How do I fund my investments from outside Nigeria?

Non-resident investors can fund their investment in Nigeria through either of the following options:

• Non-Resident Nigerian (NRN) Account: Nigerians living abroad can open a Nigerian bank account remotely through an NRN/NRBVN service. The NRBVN platform allows eligible Nigerians in the diaspora to open a Nigerian bank account without being physically present in Nigeria.
• International FX platforms: You can also use FX platforms such as LemFi, Grey, or Raenest, which provide Nigerian Naira account details that allow you to convert your foreign currency and transfer funds locally to pay for your investment.

Step by step: How to start your NGX investment journey from abroad

Here is the sequence at a high level.

1. Get your Non-Resident BVN. If you don’t have a Bank Verification Number, you can obtain an NRBVN remotely through the designated platform, so your identity is verified without a trip to Nigeria.
2. Open a Non-Resident Nigerian account. Open an NRNIA (and an NRNOA if you also want to remit and manage funds), holding foreign currency, naira, or both, and complete the KYC the bank requires.
3. Register with APEL. With your BVN and Non-Resident Nigerian account (or a regular Nigerian Bank account) in place, register with APEL and activate your Nigerian stocks brokerage account. It opens your CSCS account automatically.
4. Fund your account. Transfer funds through your NRN account or an approved funding route, including eligible FX platforms that provide Nigerian Naira account details. Always use official APEL payment channels and verified account details.
5. Invest through APEL Alpha. Once funded, use APEL Alpha to browse, buy and manage shares listed on the NGX. Your holdings are recorded in your CSCS account and can be monitored through APEL Alpha.