You’re not stuck—even without the physical certificates, you can still recover and dematerialize those shares. It just takes the right process, because in Nigeria the registrar’s records matter more than the paper certificate.
Let’s go straight to what works.
🧾 First: What you’re trying to do
You want to move old paper-based shares (FBN, UACN) into your CSCS account at
Central Securities Clearing System Plc
That process is called: 👉 Dematerialization (Demat)
⚠️ Key reality (important)
Even if certificates are missing:
Your shares are still recorded with the registrar
The certificate is just evidence, not the ownership itself
👉 So recovery is possible.
🏢 Step 1: Identify the registrars
You need to contact the registrars of:
FBN Holdings Plc
UAC of Nigeria Plc
Each company has a registrar managing shareholder records.
🔍 Step 2: Request a “Statement of Holdings”
Tell the registrar:
“I have lost my share certificates and want to confirm my holdings and dematerialize into CSCS.”
They will:
Search using:
Your name
Old address
Parents’ details (since it was bought when you were young)
👉 This step confirms:
Whether shares still exist
Exact quantity
📄 Step 3: Apply for “Loss of Certificate” (CRITICAL STEP)
Since certificates are missing, you must:
Provide:
Affidavit of loss (from court)
Police report
Indemnity form (from registrar)
Valid ID
Passport photograph
👉 This legally replaces the missing certificate.
🔄 Step 4: Dematerialize into your CSCS account
After verification:
Fill Dematerialization Request Form (DRF)
Provide your CHN (CSCS number)
👉 Shares will be:
Moved from paper form
Into your CSCS account
🔗 Step 5: Consolidate everything
Once completed:
All shares reflect under your broker (e.g. Meritrade / InvestNaija)
You can now:
Sell
Track
Receive dividends properly
⚠️ Special situation (VERY IMPORTANT)
Since your parents bought the shares:
If shares are in YOUR NAME:
Process is straightforward
If shares are in YOUR MOM’S NAME:
Then you need:
Share transfer process
Or legal transmission (if applicable)
👉 This complicates things slightly—confirm the exact name used.
💡 Common mistakes to avoid
❌ Waiting to find certificates before acting
❌ Assuming shares are lost permanently
❌ Not using the registrar (broker cannot fix this alone)
🔥 Best practical approach (do this)
Ask your broker: 👉 “Who are the registrars for FBN and UACN?”
Contact them directly
Request:
Statement of holdings
Loss of certificate process
Start affidavit + indemnity
⏳ Timeline expectation
Registrar confirmation: few days
Loss processing: 2–4 weeks
Dematerialization: 1–2 weeks
👉 Total: about 3–6 weeks
🧠 Bottom line (no confusion)
✔️ You can recover shares without certificates
✔️ Registrar is the key—not your app
✔️ You’ll need affidavit + indemnity
✔️ Then dematerialize into your CSCS account

Short answer: You don’t need to fill a separate e-dividend form for every company—but you also cannot rely on your broker (like InvestNaija) alone.
Let’s clarify the structure so you don’t make mistakes.
🧾 How e-Dividend actually works in Nigeria
Dividends are handled by:
Registrars (not your broker)
Examples:
Datamax Registrars Limited
First Registrars & Investor Services Limited
Your shares are held in:
Central Securities Clearing System Plc
👉 So the flow is: Company → Registrar → Your bank account
⚠️ Key issue most investors miss
Each company can have a different registrar.
So if you own:
GTCO → Registrar A
Zenith → Registrar B
Dangote Cement → Registrar C
👉 Without a proper mandate, you may need to deal with each separately.
✅ The correct modern solution (VERY IMPORTANT)
You should use the SEC e-Dividend Mandate Management System (eDMMS) via your bank.
Through:
Securities and Exchange Commission Nigeria
👉 This allows you to:
Fill ONE mandate
Link it to your BVN
Cover ALL your shares across all registrars
🏦 How to do it properly (best method)
Option 1 (Recommended): Through your bank
Go to your bank and:
Request e-dividend mandate form
Fill using:
BVN
Bank account
Signature
👉 This automatically applies across registrars
Option 2: Online via registrar portals
You can also:
Fill forms on each registrar’s website
👉 But this is:
Stressful
Repetitive
Not necessary if you use BVN method
❌ What about InvestNaija?
👉 Important:
InvestNaija is a broker, not a registrar
So:
They help you buy shares
But they do NOT control dividend payment setup
👉 Meaning: Setting it in InvestNaija alone is NOT enough
🔥 What you should do now (clear action)
Since you already invested:
Go to your bank
Ask for: 👉 “E-dividend mandate form (BVN-based)”
Fill and submit
Confirm activation
⏳ After activation
Future dividends → paid directly to your bank
Old unpaid dividends → can be claimed
🧠 Bottom line (no confusion)
❌ Not per company (if using BVN system)
❌ Not handled by InvestNaija alone
✔️ Best method = one BVN-linked mandate via your bank

There’s a small confusion in your question, so let’s fix that first:
👉 Stocks are equity investments.
Stocks = you buy shares of a company directly
Equity investments = a broader term (stocks, equity mutual funds, ETFs)
So what you really want to know is:
Direct stock picking vs equity funds — which is better, faster, and stronger?
⚖️ 1. Which gives faster income/profit?
🥇 Stocks (Direct shares)
Can give faster profit if:
Price rises quickly
You buy at the right time
Example on the Nigerian Exchange Limited:
A stock can move 5–10% in days or weeks
👉 But:
You can also lose money just as fast
🥈 Equity Funds (Mutual funds)
Slower, more stable growth
Managed by professionals
Diversified across many companies
👉 Profit is:
Steady, not fast
🔥 2. Which is “stronger” (more reliable)?
✅ Equity Funds → STRONGER for beginners
Because:
Diversification reduces risk
Professionals manage it
Less emotional mistakes
Platforms like Cowrywise offer these funds.
❌ Stocks → NOT strong for beginners (initially)
Because:
Requires skill (timing, analysis)
Market can be volatile
Easy to make wrong decisions
📊 3. Real comparison (Nigeria context)
Factor
Stocks
Equity Funds
Speed
Fast (high volatility)
Moderate
Risk
High
Medium
Skill needed
High
Low
Control
Full control
Managed
Best for
Active investors
Beginners
🧠 4. What actually builds wealth?
Here’s the truth most people miss:
👉 Wealth is not built by speed — it’s built by consistency + discipline
Best practical strategy (for YOU)
From your questions, you are:
Still learning
Just started investing
👉 So do this:
Step 1 (Foundation)
Start with:
Money market fund (stability)
Equity fund (growth)
Step 2 (Upgrade gradually)
Then add a few strong stocks
Step 3 (Advanced stage)
Learn:
Timing
Financial analysis
Dividend strategy
⚠️ Important reality check
If you chase:
“fast profit”
👉 You’ll likely:
Make emotional decisions
Lose money early
💡 Straight answer (no confusion)
✔️ Fastest profit: Stocks
✔️ Strongest & safest for beginners: Equity funds
✔️ Best for long-term wealth: Combination of both
🧠 Final advice (very practical)
Start like this:
60–70% → Equity / Money Market Funds
30–40% → Carefully selected stocks
👉 This gives you:
Growth
Stability
Learning experience

Let’s deal with this carefully, because reacting emotionally to “the dollar will crash” talk is how investors lose money.
⚠️ First: Don’t act on political statements alone
Comments from people like Kashim Shettima can be:
Political positioning
Economic optimism
Policy signaling
👉 They are not investment signals on their own.
A real “dollar crash” is a global macro event, not something that happens because of a single statement.
🧠 What does a “dollar crash” even mean for you?
As a Nigerian investor using Cowrywise:
Your dollar mutual fund is exposed to two things:
Dollar performance globally
Naira vs Dollar exchange rate
👉 Even if the dollar weakens globally, it can still remain strong vs naira.
🇳🇬 Reality in Nigeria (very important)
The naira has historically:
Lost value against the dollar over time
Been vulnerable to inflation and FX shortages
👉 So for Nigerians:
Dollar investments are often a hedge, not just a return play
📊 Should you sell your dollar mutual fund?
❌ Don’t sell JUST because of speculation
Selling now because of fear:
Locks in your current position
Removes your FX protection
May make you miss long-term gains
✅ When selling actually makes sense
You should consider reducing or selling ONLY if:
1. Your investment goal has changed
Example:
You now need naira liquidity urgently
2. You’re overexposed to dollar assets
If:
80–100% of your portfolio is in USD
👉 Then rebalancing makes sense (not panic selling)
3. There is REAL macro evidence (not talk)
For example:
Sustained US recession
Interest rate collapse by the Federal Reserve
Strong and stable naira appreciation (rare historically)
📈 What smart investors do instead
1. Hold (most common strategy)
Continue earning dollar returns
Keep FX protection
2. Diversify (better strategy)
Instead of selling everything:
Keep some in dollar fund
Add:
Naira money market fund
Nigerian equities
3. Rebalance gradually
If you’re worried:
Don’t sell everything today
Reduce small portions over time
⚖️ Clear decision framework
Ask yourself:
Do I need this money soon?
Am I investing for FX protection?
What % of my portfolio is in dollars?
👉 If your goal is long-term wealth + protection against naira risk,
selling now is usually the wrong move.
💡 Straight answer (no confusion)
✔️ The “dollar will crash” talk is not enough reason to sell
✔️ Dollar mutual funds still protect Nigerians from naira risk
✔️ Best move for most people: hold or rebalance—not panic sell
🧠 Final perspective
For a Nigerian investor:
The bigger risk historically is naira depreciation, not dollar collapse
So before you sell: 👉 Make sure you’re not solving the wrong problem.

buying shares alone is not enough to start receiving dividends immediately in Nigeria. There are a few conditions that must be met first—and timing is the biggest reason you haven’t seen anything yet.
Let’s break it down properly.
⚠️ 1. You only get dividends if the company declares one
Not all shares pay dividends regularly.
A company must:
Make profit
Decide to pay dividend
Announce it officially
If no dividend is declared, nothing will be paid—no matter how long you hold.
⏳ 2. Timing matters (this is likely your issue)
Dividends are not paid monthly.
On the Nigerian Exchange Limited:
Most companies pay once or twice a year
Some haven’t paid yet this year
👉 So if you bought shares 2 months ago, it’s very possible:
The company hasn’t declared dividends yet
Or you bought after the qualification date
📅 3. You must buy BEFORE the qualification date
Every dividend has:
Qualification date (closure date)
Payment date
👉 If you bought after the qualification date, you will NOT receive that dividend.
You’ll have to wait for the next one.
🧾 4. Register for E-Dividend (VERY IMPORTANT)
Even if dividends are declared, you won’t receive money unless you complete your e-dividend mandate.
Do this through your registrar or your broker.
Registrars in Nigeria include:
Datamax Registrars Limited
First Registrars & Investor Services Limited
👉 What you need:
Bank account details
BVN
Completed e-dividend form
Without this, dividends may:
Remain unpaid
Or go into old records (warrants)
🏦 5. Check where your dividend is going
From your previous question, you noticed dividends entered another account.
That’s because:
Dividend payment is tied to your CSCS/registrar record, not your app alone
👉 Your stock account is linked to:
A Clearing House Number (CHN) via Central Securities Clearing System Plc
If details there are different, dividends go there.
✅ 6. What you should do now (practical steps)
Step 1: Confirm dividend status
Check if your companies have declared dividends
You can ask your broker or check NGX announcements
Step 2: Confirm qualification
Ask yourself:
Did I buy before the qualification date?
If NO → wait for next cycle
Step 3: Fix your e-dividend
Ensure your bank details are correctly registered
Confirm with your registrar
Step 4: Check your CSCS details
Ask your broker: “Which bank account is linked to my CHN?”
Step 5: Be patient
2 months is too short in dividend investing.
💡 Reality Check (Important)
If your goal is:
Regular income monthly → stocks alone won’t do that
Combine with money market funds
If your goal is:
Wealth + yearly cash flow → you’re on the right track
🧠 Bottom Line
You will receive dividends ONLY if:
The company declares it
You bought before qualification date
Your e-dividend is set up correctly
Your CSCS details are accurate