Dangote Petroleum Refinery · Investor information
Dangote IPO: no personal CSCS account needed on MyStocks
MyStocks uses an omnibus model. Invest through the platform without opening a separate personal CSCS account or providing a BVN.
MyStocks Africa editorial · Reviewed
Understand the record of your interest
In an omnibus structure, investments are held through an intermediary and each investor’s interest is recorded separately. This is why an individual does not have to open a personal CSCS account for the MyStocks route. It does not remove the need for accurate ownership records. Read the custody terms to understand statements, corporate actions, distributions and any transfer process. Ask which institution holds the aggregate position and how your individual entitlement is evidenced before applying.
What CSCS does
Central Securities Clearing System provides depository, clearing and settlement services in the Nigerian capital market. These services are distinct from the issuer’s sale of shares.
MyStocks uses an omnibus model
No personal CSCS account is required to invest through MyStocks. The platform operates an omnibus model, with individual investor interests recorded separately. A BVN is not required for this route; complete the identity checks requested in your account and read the custody terms. Other brokers may use different arrangements.
Keep your records consistent
Use matching identity and account information. Retain your allotment notice and statements, and ask the relevant intermediary to resolve any discrepancy in the credited shares.
Dangote IPO FAQs
Do I need to open my own CSCS account?
No, not for the MyStocks omnibus route. Other channels may operate different account structures and have their own requirements.
Does no BVN mean no identity verification?
No. A BVN is not required for this route, but account identity verification still applies. Follow the document request in your MyStocks account.
Can I transfer my holding to another broker?
Check the custody terms and request the applicable transfer process, documents and charges. Omnibus participation does not mean that every transfer is immediate or available through every receiving broker.
Access Dangote IPO.
Review the listing, eligibility and terms before proceeding.