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The short answer
To inherit Nigerian shares you first need a Nigerian grant, probate where there is a will or letters of administration where there is not, from the probate registry of the state High Court. The administrators then send each company's registrar a transmission request with the grant, the death certificate and proof of the holding; once the registrar records the transfer, the shares are moved to the heir's CSCS account through a stockbroker. You can run this from abroad through a Nigerian lawyer and a notarised power of attorney, but the grant itself must come from a Nigerian court.
Shares held in a Nigerian company do not pass to family automatically. The register shows the deceased's name until someone with legal authority asks the registrar to change it. That process is called transmission. For heirs living abroad it involves three separate offices: a Nigerian probate registry, the registrars of each company, and the CSCS depository. Below is the order of work and what each one usually asks for.
Step 1: the Nigerian grant
A registrar will only act on the instruction of a person the court has authorised. If the deceased left a valid will, the executors apply for probate. If not, close family apply for letters of administration. Applications go to the probate registry of the High Court in the state where the deceased lived. The Ledger explains the application itself in its guide to letters of administration.
A grant from your country of residence does not usually replace this. A Guardian Nigeria article of March 2023 describes the opposite direction, a Nigerian grant being resealed in England and Wales for a person domiciled in Nigeria; it does not describe a foreign grant being accepted for Nigerian shares. Ask your Nigerian lawyer what the relevant state registry accepts.
Who inherits
Without a will, state law decides. In Lagos, the Administration of Estates Law 2015 gives children equal shares regardless of gender, with the spouse and children ranking above other relatives, according to a 2025 Mondaq summary. Customary and Islamic rules may apply elsewhere or by family choice, so agree the distribution in writing before the transfer starts.
Step 2: the registrar's transmission request
Each company's registrar handles its own transmission. If the deceased held shares in ten companies served by four registrars, you deal with four registrars. The most detailed public list of documents we found is in the SEC's amended draft framework on transmission, reported in July 2019; its final status is unconfirmed, so treat it as a guide and ask each registrar for its current checklist:
- an introduction letter giving the administrators' names, addresses, signatures and BVNs;
- the death certificate from the National Population Commission;
- the original probate or letters of administration, or a notarised certified true copy;
- the court's newspaper advertisement or gazette notice of the grant;
- evidence of ownership, such as CSCS statements, share certificates, dividend warrants or bank statements showing dividends.
The same draft proposed a fee of 1% plus VAT for holdings of ₦5 million and below and 0.5% plus VAT above, capped at ₦200,000 excluding VAT, and a one-week turnaround once the registrar had the request. Because these were draft figures, confirm the fee with each registrar before paying.
Worked example of the draft fee
| Holding value | Draft rate | Fee before VAT |
|---|---|---|
| ₦3,000,000 | 1% | ₦30,000 |
| ₦20,000,000 | 0.5% | ₦100,000 |
| ₦60,000,000 | 0.5%, capped | ₦200,000 (0.5% would be ₦300,000) |
These are examples using the 2019 draft scale, not a current price list.
Step 3: CSCS and the heir's account
Once the registrar records the heir as holder, the shares need a home. The heir opens a CSCS account through a stockbroker, which gives a Clearing House Number (CHN). CSCS's FAQs say a stock position statement and transfers between brokers require biometric capture at a CSCS office in Lagos or Abuja; for those outside Lagos and Abuja, notarised ID is accepted through the broker. Ask the broker how this works for an heir who is abroad, since the FAQ does not address that case.
If the family does not know everything the deceased held, CSCS offers a global search across brokerages and registrars, requested at its office or through a broker with valid ID.
Running it from abroad
- Appoint a Nigerian lawyer and agree the scope in writing: grant, registrar requests, CSCS. See how to check a Nigerian lawyer.
- Sign a power of attorney if someone in Nigeria will act for you. A LawPavilion guide says a power of attorney executed outside Nigeria must be witnessed by a notary public, a judge or a magistrate, and must be stamped before it can be registered.
- Collect the deceased's records: certificates, old dividend warrants, broker statements and the CHN if known.
- Open your own CSCS account through a broker so the shares can be credited, and set up an e-dividend mandate on a naira account in your name. See how NGX dividends reach you abroad.
- Decide whether to hold or sell. Selling through a broker after transmission converts the holding to naira.
Tax points
Under the Nigeria Tax Act 2025, inheritance is not treated as a chargeable disposal, and heirs take the assets at market value at the date of death, according to a February 2026 Bloomberg Tax analysis. A later sale is measured from that value. Your country of residence may have its own inheritance or gains rules. This is information, not advice.
Where Pryme fits
A Pryme account gives you naira account details for a dividend mandate, subject to the registrar's checks, alongside dollar, pound and euro balances. Naira is held by a licensed Nigerian microfinance bank. You can pay the lawyer in naira with Send and convert sale proceeds with Swap, seeing the rate and fee before you approve.
Questions people ask
How do I transfer my late father's shares in Nigeria?
Get probate or letters of administration from the state High Court, send each registrar a transmission request with the grant and death certificate, then move the shares to your CSCS account.
Can I do share transmission from abroad?
Yes, through a Nigerian lawyer and a notarised power of attorney. The grant must still come from a Nigerian court.
How much does share transmission cost in Nigeria?
A 2019 SEC draft proposed 1% plus VAT up to ₦5 million and 0.5% above, capped at ₦200,000. Confirm the current fee with each registrar.
How do I find all my late parent's shares?
Ask CSCS for a global search through its office or a stockbroker, with valid ID.
Sources
- TheNigeriaLawyer: SEC cuts cost, timelines for transmission of shares (3 Jul 2019) · accessed Oct 2026
- CSCS: FAQs · accessed Oct 2026
- LawPavilion: Power of attorney in Nigeria, the law, the power and the practice · accessed Oct 2026
- Mondaq: Inheritance rights of women in Nigeria (14 Mar 2025) · accessed Oct 2026
- Bloomberg Tax: New Nigeria tax law redefines capital gains tax for individuals (2 Feb 2026) · accessed Oct 2026
- Guardian Nigeria: Cross-border letters of administration and grant of probate (16 Mar 2023) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.