Most income levels can venture into stock market. Some wealthy people and institutions invest thousands or even millions of naira but lower investors can participate with as little as fifty naira.

As stated above, an investor may transfer part or all of his shareholding to a relation, wife, son, daughter or brother, etc. Where they all bear the same surname, the transfer is known as Nominal transfer. However, it is also possible for an investor to transfer some or all his shareholding to a daughter who has got married or even his son-in-law. To effect this transfer, the investor should contact a stockbroker. Even in the case of a dead shareholder, his shares can be transferred to his children or sold as the case may be.

That depends on what you want from your investments. The stocks quoted (or listed) on The Nigerian Stock Exchange range from Government stocks to ordinary shares and their dividends vary from low to high. The important thing is to determine your own objectives first, discuss with a stockbroker and then invest accordingly.

These are new shares made fully-paid by the capitalization of reserves and allotted free of charge to ordinary shareholders in proportion to their existing holdings. In this process, fractions of shares sometimes arise and are often aggregated and sold, after which a cash payment in respect of the fraction is made to every shareholder entitled to it.

It is a financial expression for "without the scrip". A stock that is purchased during the without the scrip period will not earn a scrip declared in that period for its new owner.

By filling an application form contained in a prospectus or through a Stockbroker.

If purchased through a prospectus, receipts are seldom issued, but cheque stubs and counterfoil of Postal Orders can serve the purpose. If bought through a Stockbroker, a contract note in lieu of receipt is issued.

A Stockbroker charges a commission called "Brokerage". The charges vary, depending on the kind of services provided. However, charges by Stockbrokers are controlled by the Council of the The Nigerian Stock Exchange.

• Dividend which is part of company's profit
• Bonus shares - i.e. extra shares fully paid out of reserve which are distributed to existing holders.
• Capital appreciation as market prices of shares increase.
• Right to attend meeting of shareholders and participate in its deliberation as voting members.
• Use of share certificate as collateral for bank borrowing

No. He can only do so through Stockbrokers who are licensed to represent investors and trade daily on The Stock Exchange.

• Provide professional advice on the selection and management of investments.
• Act as Issuing Houses and Portfolio Managers.
• Assist project sponsors to raise money on the Capital Market.

As members of The Nigerian Stock Exchange, they agree to and are regulated by a body of Rules and Regulations which dictate their relationship with The Stock Exchange, their clients and other members.

The regulating of Stockbrokers' activities is done to protect the investing public and maintain public confidence in the buying and selling of securities.

The Nigerian Stock Exchange publishes a "Daily Office List" which gives full information on the changes in the prices and earnings of the Listed Securities.

The Registrar of the Company.

A registrar in common parlance is a keeper of records in respect of quoted stocks and shares.

• Act as Agents to the Companies who appoint them.
• Register the shares and the names of the owners in the members' (shareholders') register.
• Prepare share certificates and send them to the shareholders.
• Pay-out approved dividend to shareholders.

All Securities traded on the Stock Exchange are listed Securities. The SSM was introduced to assist small and medium sized companies that are unable to meet the requirement of the first-tier market in raising long-term capital.