The Central Securities Clearing System (CSCS) has proposed a 50% reduction in the lien fee for retail clients handling transactions below N100 million, cutting the rate from 0.25% to 0.125%. The proposal also includes waiving the existing 0.3% charge on nominal transfers of qualifying securities between immediate family members, including spouses, parents, children, siblings, and stepchildren.
Fee Reductions for Retail Investors and Families
Under the proposed changes, the lien fee applies when securities are placed under arrangements where a creditor holds an interest in an investor's securities as security for an obligation, rather than during ordinary share transactions. The reduction is designed to ease friction for retail investors and lower the cost of using securities as collateral.
CSCS is also proposing to remove the 0.3% charge on nominal transfers of qualifying securities between immediate family members. This means investors moving eligible securities within those family relationships would no longer pay that charge, according to Punch reports.
Stockbroker Fees Targeted
Beyond retail investors, the proposed review targets costs borne by stockbrokers. CSCS plans to drop the N145,600 fee, excluding VAT, for broker code creation and renewal. It also proposes scrapping the N36,400 eligibility fee payable by stockbroking firms across the Nigerian Exchange (NGX), the NASD, and the Lagos Commodities and Futures Exchange (LCFE).
Removing these charges could lower the administrative and operational expenses that come with participating in Nigeria's capital market infrastructure.
Context and Scope of the Proposal
The proposals arrive less than seven months after CSCS introduced an overhauled fee structure that came into force on January 1, 2026. That earlier review drew attention from market participants because it raised charges on some services. At the time, CSCS said its core fees had not changed and that the adjustments largely affected services that had previously been underpriced or offered at no cost.
The latest proposal is a targeted adjustment rather than a full reversal of the 2026 pricing framework. CSCS's current fee schedule still includes charges for transactions, custody, accounts, online subscriptions, and other services. A 0.3% CSCS fee on sales executed on the NGX also remains in place.
CSCS said the proposed reductions are designed to ease friction for retail investors, lower running costs for market intermediaries, and support broader participation, efficiency, and liquidity in Nigeria's capital market.
