Preference shares have not died, but they are far less popular than ordinary shares for retail investors today, especially in the Nigerian market.
Here is the practical reality:
What Preference Shares Are
Preference shares are a hybrid between:
ordinary shares (equity), and
bonds/debt instruments.
They usually:
pay fixed dividends,
have priority over ordinary shareholders during dividend payment,
may have limited or no voting rights,
are generally less volatile than ordinary shares.
In accounting, companies’ equity section is often:
Ordinary Share Capital
Preference Share Capital
Retained Earnings
So what you learned is correct.
Why You Rarely Hear About Them Today
1. Nigerian companies hardly issue them publicly now
On the Nigerian Exchange Group (NGX), most companies raise money through:
ordinary shares,
corporate bonds,
commercial papers,
rights issues.
Preference share offerings are relatively rare.
2. Retail investors prefer capital growth
Most people investing today want:
price appreciation,
capital gains,
aggressive wealth growth.
Ordinary shares give that opportunity better.
For example:
a bank stock can rise 100–300%,
while preference shares may only pay a fixed dividend yearly.
So younger investors especially focus on growth assets.
3. Preference shares behave more like income instruments
They are mainly attractive to:
pension funds,
insurance firms,
institutional investors,
conservative investors needing stable income.
They are not usually “high wealth multiplier” assets.
Do Preference Shares Build Wealth?
Yes — but differently.
They are better for:
preserving capital,
generating predictable income,
reducing portfolio volatility.
They are weaker for:
explosive long-term wealth creation.
Think of it like this:
Asset Type
Main Goal
Ordinary shares
Growth
Preference shares
Stable income
Bonds
Capital preservation + income
Why You Don’t See Them on Many Investment Apps
Most Nigerian retail investment apps focus on:
ordinary NGX-listed stocks,
ETFs,
mutual funds,
treasury bills.
Preference shares have:
lower trading activity,
limited public offerings,
poor liquidity.
So apps may not prioritize displaying them.
Do They Still Exist?
Yes.
Some banks and companies still use preference shares privately or during restructuring/capital raising.
Globally, preference shares are still active in:
banking,
real estate,
infrastructure financing,
venture capital structures.
In advanced markets like the US and UK, preferred stocks are still traded actively.
How Someone Can Participate
In Nigeria
Opportunities are limited but possible through:
stockbrokers,
private placements,
corporate actions,
institutional offerings.
You would usually need:
a licensed stockbroker,
access to primary market offers,
notifications from issuing companies.
Examples of brokers/platforms include:
Meristem Securities
CardinalStone Securities
Stanbic IBTC Stockbrokers
Important Distinction Many Investors Miss
A lot of what preference shares were traditionally used for has now been replaced by:
mutual funds,
bond funds,
REITs,
dividend stocks,
ETFs.
These instruments are:
easier to access,
more liquid,
easier to understand,
available directly on apps.
So preference shares became less visible in retail investing discussions.
For Wealth Building, What Matters More Today?
For most retail investors in Nigeria:
quality ordinary shares,
ETFs,
dividend stocks,
equity mutual funds,
REITs,
disciplined long-term investing,
usually contribute more to meaningful wealth accumulation than preference shares alone.
Preference shares are more of a portfolio stabilizer than a wealth accelerator.

Send this message to their support team
Good day,
I transferred funds to my Bamboo wallet but the payment has not reflected in my account yet.
Below are the transaction details:
Amount:
Date/Time:
Transaction Reference/Session ID:
Sending Bank:
Registered Bamboo Email:
My bank account has already been debited successfully. Kindly assist in confirming the status of the transaction and when the wallet will be credited.
I have attached proof of payment for reference.
Thank you.

If money transferred into your Bamboo wallet is not reflecting, the first thing is to determine whether:
the transfer actually left your bank account successfully,
or whether it is stuck in processing between the bank and Bamboo.
Usually this issue happens because of:
delayed payment settlement,
incorrect transfer reference,
temporary banking network issues,
or Bamboo wallet reconciliation delays.
Here is the proper follow-up process:
Step 1: Confirm the Debit Was Successful
Check:
bank debit alert,
transaction history,
session/reference ID (very important).
If your bank debited you successfully, then keep:
screenshot of debit,
amount,
date/time,
sender account,
recipient account,
transaction reference/session ID.
Step 2: Check Bamboo Wallet Funding History
Inside Bamboo:
go to Wallet/Funding History,
check whether the transaction is:
pending,
processing,
failed,
or absent completely.
Sometimes the wallet updates later even when the bank already debited you.
Step 3: Contact Bamboo Support Properly
Use:
in-app support,
official email,
or support ticket.
Official website: Bamboo
Do not rely only on social media comments.
Provide:
full name,
Bamboo registered email,
amount transferred,
exact time/date,
transaction reference/session ID,
screenshot of successful debit.
Step 4: Give Settlement Time
Depending on:
transfer type,
banking network,
maintenance,
or reconciliation cycle,
some wallet credits can delay from:
minutes,
to several hours,
occasionally 24 business hours.
But if it exceeds:
24–48 business hours, then escalate firmly.
Step 5: Escalate Through Your Bank If Necessary
If Bamboo claims:
“we did not receive the payment,”
then contact your bank and request:
transaction trace,
NIP investigation,
destination confirmation.
The bank can track whether:
the receiving institution accepted the payment,
rejected it,
or it is hanging in settlement.
Here is a professional follow-up message you can send to Bamboo support:
Message
Good day,
I transferred funds to my Bamboo wallet but the payment has not reflected in my account yet.
Below are the transaction details:
Amount:
Date/Time:
Transaction Reference/Session ID:
Sending Bank:
Registered Bamboo Email:
My bank account has already been debited successfully. Kindly assist in confirming the status of the transaction and when the wallet will be credited.
I have attached proof of payment for reference.
Thank you.

This happens because dividend eligibility is determined by ownership on a specific cutoff date — not by whether you still hold the shares later.
The company already “records” who qualified before many people sell.
Here is how it works step-by-step:
1. Company Announces Dividend
Suppose Zenith Bank Plc declares:
₦5 dividend per share
They also announce:
qualification date,
ex-dividend date,
payment date.
2. Investors Buy Before Qualification Date
If you own the shares before the ex-dividend date, your name gets captured in the shareholder records through:
CSCS,
registrars,
and stockbrokers.
This record determines who will receive dividend.
3. The Registrar “Takes Snapshot”
On the qualification date, the registrar checks:
“Who are the shareholders entitled to dividend today?”
That list becomes fixed.
Even if you sell tomorrow, your name is already on the entitlement list.
That is why you can still receive dividend later.
4. After Qualification, Many People Sell
Once investors know they already qualified:
some no longer want to hold the stock,
so they sell immediately.
The buyer after ex-dividend date will NOT receive that declared dividend.
Instead:
the old owner gets it.
Example
Imagine this timeline:
Date
Event
May 1
You buy 1,000 shares
May 10
Qualification date
May 11
You sell all shares
May 20
Dividend payment date
You still receive dividend because on May 10:
the registrar already recorded you as owner.
Why Investors Do This
There are several reasons:
Dividend Capture Strategy
Some traders only want the dividend income.
They:
buy before qualification,
qualify for dividend,
sell afterward.
This is called:
dividend capture strategy.
They Expect Price To Drop
Since stocks usually fall after ex-dividend:
some investors sell quickly,
hoping to buy back later at lower prices.
Short-Term Trading
Some people are not long-term investors.
They simply:
chase dividend opportunities,
rotate capital,
move to another stock.
Important Reality
Dividend capture is not “free money.”
Why?
Because if:
stock price drops ₦5,
and dividend paid is ₦5,
your total value may remain almost the same.
Example:
Before:
Share price = ₦50
After ex-dividend:
Share price = ₦45
Dividend receivable = ₦5
Total economic value:
still around ₦50.
That is why experienced investors focus more on:
quality companies,
long-term growth,
sustainable dividends,
and capital appreciation.
Not just chasing dividend dates.
In Nigeria, dividend payments are usually processed by the company registrar through:
e-dividend bank mandate,
or direct bank payment.
Examples of registrars include:
Coronation Registrars
Meristem Registrars
Africa Prudential Registrars
They rely on the shareholder snapshot already taken before the shares were sold.

Your concern is understandable, especially since the redemption has taken more than a week. A Money Market Fund (MMF) redemption in Nigeria normally should not take this long under normal conditions. Most MMFs process within:
same day,
24 hours,
or at most 2–3 business days.
A delay from May 4 till now is abnormal and should be treated seriously.
From recent public app reviews, several users of InvestNaija have complained about:
delayed withdrawals,
redemption issues,
OTP problems,
slow customer support,
and delayed settlement of funds.
That does not automatically mean your money is lost, but it does suggest there may be:
operational delays,
liquidity processing bottlenecks,
settlement backlog,
or app/support system problems.
What is important now is whether:
your redemption request status shows “successful,” “processing,” or “pending,”
the units have already been deducted from your MMF balance,
and whether you received any transaction reference.
If the units disappeared from the MMF but cash has not arrived, then the transaction is somewhere within their settlement pipeline.
For now, I would not panic yet, but I also would not ignore it anymore.
You and your husband should immediately do these things:
Take screenshots of:
wallet balance,
MMF balance,
redemption request,
transaction history,
emails/chats/call logs.
Send a formal written complaint by email instead of only calls.
Request:
transaction status,
redemption reference,
settlement timeline,
and escalation to compliance/operations department.
Reduce additional deposits into the app until this issue is resolved.
If no resolution comes within another few business days, escalate formally to the regulator.
Because MMFs themselves are regulated investment products in Nigeria, the underlying fund is usually managed by a licensed asset manager, even if the app interface has problems.
You should check:
the exact MMF name,
and the actual fund manager/asset management company behind the product.
That is very important because your investment may legally sit with the fund manager rather than the app itself.
You can also verify licensed operators through:
SEC Nigeria
CSCS Nigeria
Here is a formal escalation message you can send:
Email
Subject
Urgent Follow-Up on Pending MMF Redemption
Good day,
I am writing to formally complain about a Money Market Fund redemption request I made on the InvestNaija app on May 4, 2026, which has still not been credited to my account till date.
Despite several calls and complaints to customer support, I have not received any clear explanation or resolution regarding the delay.
Kindly provide:
the current status of my redemption,
the transaction/reference number,
the reason for the delay,
and the exact timeline for payment.
I am seriously concerned because I still have additional funds on the platform, and I need reassurance regarding the safety and accessibility of my investment.
Please treat this as urgent and escalate it to the appropriate department for immediate resolution.
Thank you.