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The short answer
Nigerian shares pass to an heir through transmission: the estate’s executors or administrators take a grant of probate or letters of administration from a Nigerian court, then ask the company’s registrar to move the shares into the beneficiary’s name and CSCS account. Being in the UK does not change the Nigerian process, but you will act through a representative or by notarised documents. In the UK, beneficiaries do not normally pay tax on what they inherit, though later dividends and gains can be taxable.
How shares move after a death in Nigeria
Shares in a company listed on the Nigerian Exchange are recorded by a registrar, and, for most holdings today, also held electronically in the shareholder’s CSCS account under a unique Clearing House Number (CHN). When the shareholder dies, the shares do not move to the next of kin automatically. A December 2023 Daily Trust explainer, quoting a tier-one banker, put it plainly: next of kin is not automatically entitled to inherit, and an estate needs probate (where there is a will) or letters of administration (where there is not) before assets are released.
Once a grant exists, the legal process for moving the shares is called transmission. The executors or administrators present the grant to the registrar, the registrar verifies it, and the shares are either sold for the estate or transferred into the name of the beneficiary.
Step one: the grant
For a deceased parent who lived in Lagos, a May 2024 practitioner’s guide on Mondaq describes the letters of administration process at the Lagos Probate Registry: an online application, at least two administrators, a certificate from each bank holding the deceased’s money, estate fees calculated as a percentage of the estate’s value, two sureties with an affidavit of means, an interview, and a 21-day newspaper publication so objections can be raised. It lists priority among relatives starting with the spouse and children. The guide gives no overall timeline and the percentage is not stated, so ask the registry or a Nigerian lawyer for the current fee.
Living in the UK, you have two common options: be one of the administrators and attend the parts that need you (some steps may need you in person), or let siblings or relatives in Nigeria act as administrators. Either way, the shares belong to the estate until it is distributed. For the full Nigeria-side process, see letters of administration for a bank claim, and for property in the same estate, a deceased parent’s property and letters of administration.
Step two: transmission at the registrar
Each listed company has a registrar, and a parent with shares in several companies may have holdings with several registrars. In 2019 the SEC published an amended draft framework on transmission, reported on 3 July 2019 by TheNigeriaLawyer. Its proposals included:
- transmission within one week of the registrar receiving a complete request (down from three weeks);
- the registrar sending the grant to the Probate Registry for verification within 24 hours;
- documents: an introduction letter with the administrators’ names, addresses, signatures and BVNs, the death certificate, the original grant or a notarised certified true copy, the court’s newspaper advert or Gazette notice, and evidence of ownership such as CSCS statements, share certificates, dividend warrants or bank statements;
- a fee of 1% plus VAT for holdings of ₦5 million and below, 0.5% plus VAT above that, capped at ₦200,000 before VAT.
As a labelled example only, using those draft rates: a holding worth ₦4,000,000 would attract a 1% fee of ₦40,000, plus 7.5% VAT of ₦3,000, a total of ₦43,000.
Finding everything the deceased held
Families often do not know every company a parent invested in. The CSCS FAQ says an investor who has lost track of shares can request a global search at the CSCS office in Lagos or Abuja, covering brokerages and registrars, or ask through a broker. A stock position statement needs biometric capture at a CSCS office. For an estate, the administrators would make the request with the grant. Old paper certificates and dividend warrants in the house are useful evidence, and unpaid dividends may be sitting with registrars; see recovering unclaimed Nigerian dividends from the UK.
Getting the shares into your name from the UK
To receive the shares rather than their cash value, you need your own CSCS account, opened through a stockbroker. The CSCS FAQ lists one valid ID (including an international passport), contact details, BVN and a bank account; outside Lagos and Abuja, a notarised ID via the broker. See opening a CSCS account with a UK passport. Many families instead let the administrators sell the shares and distribute cash. That is simpler, but money paid into a naira account cannot be taken out through a CCI-backed route, because a CCI only covers foreign currency brought in.
The UK tax position
GOV.UK says the estate deals with any Inheritance Tax, and beneficiaries do not normally pay tax on what they inherit, though they may owe tax on income from it. Whether UK Inheritance Tax applies to the estate depends on the deceased. Since 6 April 2025, the test is long-term residence: a Royal London technical note (December 2025) explains that a person is a long-term resident if UK resident for at least 10 of the previous 20 tax years, and that people who are not long-term residents are not charged on non-UK assets. A parent who always lived in Nigeria would generally fall outside on Nigerian shares, but check if they spent long periods in the UK.
After the shares are yours, dividends are foreign income that UK residents normally report, usually through Self Assessment. If you later sell, any gain is worked out from the shares’ value at the date of death; Capital Gains Tax for 2026 to 2027 has a £3,000 annual exempt amount and rates of 18% and 24%. This is information, not advice.
Where Pryme fits
Estates involve many payments across two countries: court fees, registrar charges, lawyers. A Pryme account lets you hold pounds and naira separately and pay in naira when you choose, with the rate and fee shown before you approve, and any customer can generate a verifiable receipt or statement through Pryme’s partnership with VerifyDoc.ai, which helps when you account to siblings for what you paid.
Questions people ask
Can I inherit my father’s Nigerian shares while living in the UK?
Yes. Residence abroad does not stop you being a beneficiary. The estate needs probate or letters of administration first, then the registrar transmits the shares.
Does next of kin get shares automatically in Nigeria?
No. A grant of probate or letters of administration is needed before shares or bank money are released.
Do I pay UK inheritance tax on shares inherited from Nigeria?
Beneficiaries do not normally pay it; the estate does, if it is liable. A parent who was not a UK long-term resident is generally not charged on non-UK assets.
How do I find all the shares my late mother owned?
The administrators can request a CSCS global search, which covers brokerages and registrars, at the CSCS office in Lagos or Abuja or through a broker.
Sources
- Daily Trust: Why next of kin cannot access deceased’s inheritance, 10 Dec 2023 · accessed Oct 2026
- Mondaq: Issuance of letters of administration in Nigeria, 29 May 2024 · accessed Oct 2026
- TheNigeriaLawyer: SEC cuts cost, timelines for transmission of shares, 3 Jul 2019 · accessed Oct 2026
- CSCS: Frequently asked questions · accessed Oct 2026
- GOV.UK: Inheritance Tax (updated 30 Sep 2026) · accessed Oct 2026
- Royal London: Long-term residence and inheritance tax, 29 Dec 2025 · 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.