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Procedure for transferring funds to Nigeria for the purpose of portfolio investments in Equities and Bonds quoted on the Nigerian Stock Exchange.
In Flow
1. Client (Investor) will complete Solid-Rock Securities's Account Opening
Forms;
2. Client will give Solid-Rock Securities a Purchase Order;
3. In the format provided by Solid-Rock Securities (Please contact your
account officer), the client will complete a fund transfer form requesting
his bank to transfer the funds to Solid-Rock Securities's Account with
Zenith Bank Plc -Nigeria. (Zenith Bank - Nigeria's correspondent bank is
(CITIBANK NEW YORK). Client must state clearly that the purpose of the
transfer is for capital importation.
4. Zenith Bank will notify Solid-Rock Securities upon the inflow of the client's
money into Solid-Rock Securities Domiciliary account;
5. Solid-Rock Securities will then write a letter to Zenith Bank requesting them
to issue a Certificate of Capital importation for the Client;
6. Solid-Rock Securities will authorize Zenith Bank to sell the funds at the prevailing
interbank rate and credit Solid-Rock Securities trading account accordingly
on behalf of the client with the naira equivalent;
7. The Client will be advised of how much has been credited into his
account by Solid-Rock Securities;
8. The purchase will be effected and the contract notes sent to the client;
and
9. Our Bankers (Zenith Bank ) will not charge the client for the transfer.
Out Flow
1. Client (Investor) will give Solid-Rock Securities a sales order or in
the case of a dividend or interest payment, the counterfoil will suffice;
2. Solid-Rock Securities will execute the Sales Order;
3. The proceeds of the sales, dividend and interest payment will be remitted
net of taxes by Solid-Rock Securities to the client through Zenith Bank uopn the
presentation of the Certificate of Capital Importation issued when the
initial investment was made;
4. A charge of 1% of the total amount of money to be remitted is charged
by Zenith Bank for the transfer.
For more information, please contact us.
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