Who is Mission Securities Limited?
Mission Securities Limited (“MSL”) is registered by the Securities & Exchange Commission of Nigeria (“SEC”) and was licensed on the 28th December, 1992 by the Nigerian Stock Exchange (the “Exchange”) to deal in securities on the floor of the Exchange.
How do I open an account with Mission Securities Limited (MSL)?
a. Complete and sign account opening forms
b. Provide Know Your Customer (KYC) documentation i.e. passport photograph, means of identification, utility bill
c. A minimum of N50, 000.00 or its equivalent in stock.
Click here for Account opening requirements
What do I stand to benefit from opening an account with MSL?
Opening an account with MSL comes with lots of benefits. You will have the privilege of having your account managed by the professionals in the Industry; you will enjoy the premium and excellent services we are known for; you will enjoy quality research information regularly; the benefits are endless actually!
How do I fund my stockbroking account for stock purchase?
Kindly make a deposit to our First bank account No. 1000103001, Account Name; Mission Securities Ltd or via cheque or fund transfer.
How do I know when trades are executed on my behalf?
An automatic trade notification e-mail will be sent once a trade is carried out on your account, hence, the need to provide your current and functional e-mail address.
How long does it take to sell my shares and collect my cheque?
Depending on the liquidity of the stocks, you should get your cheque on the third day (T+3) after sales of such shares have been confirmed. Client must have a current account in which proceeds of their shares would be deposited.
What is T+3?
T+3 simply mean trading day plus three additional days. It is the number of days it takes trade to settle. For clients to get their cheque after sales of stocks it takes extra 3 days plus the trading day.
Are shares transferrable?
Yes, the investor should get across to MSL. Even in the case of a deceased shareholder, shares can be transferred to his children or sold as the case may be.
WHow long does it take for my certificates to get verified?
Once all documents required for verification are provided, your certificates could be verified within two weeks of submission to us. Although certificates may sometimes take longer to be verified.
How do I deposit my certificates and what happens after?
You can only get your share certificates verified through a stock broking firm. With us, once you fill in/sign forms including the Transfer Form and the Know Your Client (KYC) Form, we will process the certificate(s) and take them to the Registrar who will verify them and then send information to CSCS about the verification. The CSCS will complete the transaction and credit your CSCS Account accordingly.
What are the returns from investing in shares?
Returns from investing in shares are: a. Capital appreciation
b. Dividend Income: - A slice of the company's profit in proportion to the units of shares held.
c. Bonus - "Free Shares".
d. Saving Strategy for the future.
e. Leveraging Benefits i.e. you can use it to borrow in the future.
f. Emergency backup i.e. as a safeguard for your financial future.
g. Right to attend Shareholders meeting and company's annual general meeting (AGM)
h. Right to vote during AGMs.
What documentations should I expect to get when I deal with MSL?
It varies depending on the type of service, but the most basic are the following: a. A Receipt (for your cash or cheque)
b. Stock transactions ; Contract Note
c. A CSCS Statement (for your detail stock position and you can also request for it independently as often as you desire for a fee payment of NGN100 only).
d. A regular statement of your account.
Who is a Registrar?
A Registrar keeps records like names, addresses, signatures and total holdings of shareholders of a particular company.
What is dematerialization?
This is a process in which physical share certificates obtained through public offers are converted after verification by the listed companies Registrar’s into an electronic record kept by the CSCS. Without dematerialization, such shares cannot be sold on the Nigerian Stock Exchange.
How can I verify my share certificate?
a. You will instruct a licensed Stockbroker to verify his signature and open a depository account at CSCS.
b. The stockbroker will attach the certificate with a duly signed transfer form and send to the Company’s Registrar for verification.
c. The Registrar will verify the signature securing the certificate and confirm the investors holding. Once verified, the registrar will send a book entry of the investors holding to the depository account held in CSCS
d. CSCS will credit the Investor’s account with units of shares verified and the broker can offer to sell the amount credited at the start of the next trading day
How do I deposit my certificates and what happens after?
You can only get your share certificates verified through a Stockbroking firm. You have to take your certificates to a Stockbroking firm where you will fill in/sign forms including the Transfer Form and the Know Your Customer (KYC) Form. The Stockbroking firm will take the certificate(s) to the Registrar, who will verify them and then send information to the CSCS about the verification. The CSCS will complete the transaction and credit your CSCS Account accordingly.
How long does it take to verify a certificate?
Once all documents required for verification are provided, your certificates could be verified within two weeks of submission with your Stockbroker. Certificates may sometimes take longer to verify in case of any irregularity in signature, this could further extend the duration of the verification process as the shareholders’ attention may be required or be asked to produce bankers’ confirmation of signature.
Why do I need Banker’s Confirmation?
Banker’s Confirmation is needed when the Registrar cannot verify a client’s signature on the Transfer Form sent to them with the sample they have stored in their database. Banker’s Confirmation will also be needed if the Registrar does not have a sample signature for the client. With a Banker’s Confirmation, your bank is confirming to the Registrar that they know you and that you have an active account with them. They are also confirming to the Registrar that the sample signature you have signed on the Banker’s Confirmation is indeed your true signature. In essence, it is a way of protecting your investment.
Why do I need to write to the Registrars for my own missing certificates and not MSL?
When making any request to the Registrars for missing certificates, you are doing it through MSL and your letter should be addressed to the Registrar directly, but submitted to MSL for processing. MSL will then write a cover letter and take the documents to the Registrars on your behalf. We will follow up with the Registrars and update you with the outcome as soon as we have feedback.
How do I get answers to other questions?
Please send a comprehensive mail with your full names to info@missionsecuritiesltd.com