This is a very important question—and you’re not alone. Many people who bought shares through bank branches (like Fidelity Bank Plc) face this same issue.
Right now, the truth is: 👉 You likely own the shares, but you don’t yet have full control or visibility.
Let me guide you step-by-step in simple terms.
🔑 First: Understand where your shares are
When you bought shares at the bank:
The shares are kept in a system called Central Securities Clearing System (CSCS)
This is like a bank vault for shares in Nigeria
👉 So your shares are not lost—they are stored electronically.
📌 Why you cannot track it yet
Because you probably don’t have direct access to:
Your CSCS account (CHN number)
A stockbroker platform/app
The bank only helped you buy, not manage.
✅ What “full possession” really means
To truly control your shares, you need:
Your CHN (Clearing House Number)
A stockbroker account
Access to monitor (app or statement)
🛠️ Step-by-step: What you should do now
1. Go back to the Fidelity Bank branch (or contact them)
Ask them clearly:
“Please give me my CSCS CHN number and the stockbroker used for my share purchase.”
You need:
Your CHN
Name of the broker that executed the trade
2. Open an account with a stockbroker
Examples in Nigeria:
Meristem Securities
CardinalStone Securities
ARM Securities
Tell them:
“I already bought shares through Fidelity Bank, I want to link and manage my CSCS account.”
3. Link your CSCS to the broker
The broker will:
Connect your CHN to their platform
Allow you to:
See your shares
Sell anytime
Receive dividends properly
4. Request your CSCS statement
Very important:
Ask for:
“My CSCS statement of account”
This will show:
All shares you own
Quantity
Companies
5. Set up e-dividend (so you receive money directly)
Register for e-dividend with your bank so that:
Dividends go straight to your account
No missing payments
⚠️ Common mistakes to avoid
Thinking bank = full investment platform ❌
Not collecting CHN ❌
Not linking to a broker ❌
🧠 Simple analogy
Right now:
You bought land (shares)
But you don’t have the documents (CHN + broker access)
👉 What we’re doing is helping you collect your ownership papers and control
🚨 Important check
If you bought shares long ago and:
Don’t know CHN
Don’t know broker
👉 Don’t worry—this can still be traced using:
Your name
Phone number
Bank details
👍 Final summary
To track and control your shares:
Get your CHN from Fidelity Bank
Open account with a stockbroker
Link your shares
Start monitoring through app or CSCS statement

Good question—this is where many beginners get misled. Let’s break it down in very simple, practical terms.
1. Why does share price drop after dividend?
A dividend is not free money. It is your own money coming back to you from the company.
Think of it like this:
Before dividend:
Company has cash inside it → this cash is part of what gives the share value
After dividend is paid:
Company pays out part of that cash → company is now worth slightly less
So the market adjusts the share price downward.
Example:
Share price = ₦15
Dividend declared = ₦1
After the qualification date, price may adjust to around:
₦15 – ₦1 = ₦14
That drop is called a dividend adjustment.
2. What is dividend adjustment?
Dividend adjustment is simply:
The stock exchange reducing the share price by the dividend amount after the qualification date.
It is done so that:
Old investors (who will receive dividend)
New investors (who will NOT receive dividend)
are treated fairly.
If this adjustment didn’t happen:
Someone could buy the stock after qualification and still enjoy the dividend unfairly.
3. Qualification date vs Payment date
These two confuse many people:
Qualification Date (also called Record Date)
This is the cut-off date
You must own the shares on or before this date to receive dividend
👉 If you buy after this date → you won’t get dividend
Payment Date
This is when the company actually sends the money to your bank
👉 You may qualify today, but receive cash weeks later
4. Is dividend “free money”?
No. Not at all.
Let’s be real:
Scenario:
You have a share worth ₦15
Company pays ₦1 dividend
After adjustment:
Share becomes ₦14
You receive ₦1 cash
👉 Total still = ₦15
Nothing extra was created.
5. Why do professional investors still care about dividends?
Even though it’s not free money, dividends are still important:
a. Regular income
Some investors (especially retirees) want steady cash flow.
b. Strong companies
Companies that pay consistent dividends are often:
Profitable
Stable
Well-managed
c. Reinvestment (compounding)
Smart investors:
Collect dividend
Buy more shares
Over time, this builds wealth faster.
6. Why beginners get confused
Because it looks like this:
“I got ₦1 dividend, I made profit!”
But they ignore:
The share price dropped by ₦1
So in reality:
No immediate gain
7. Simple analogy
Imagine you own a bucket of water:
Full bucket = ₦15
You remove 1 cup (dividend)
Now:
Bucket = ₦14
Cup in your hand = ₦1
Total still the same.
Bottom line
Dividend is not free money
Share price drops because company cash reduces
Dividend adjustment ensures fairness
Qualification date = who is eligible
Payment date = when cash is received
Professionals use dividends for income + long-term growth

Good questions—this is exactly where many new investors get confused. Let’s break it down cleanly.
1. ₦4.56 vs ₦145 — which one is “better”?
Short answer: share price alone tells you almost nothing about value.
What actually matters is market capitalization:
Market Cap = Share Price × Total Number of Shares
Example:
Company A: ₦4.56 per share × 10 billion shares = ₦45.6 billion
Company B: ₦145 per share × 200 million shares = ₦29 billion
👉 Even though ₦145 looks “bigger”, Company A is actually more valuable.
So how should a layman decide?
Instead of price, focus on these 4 key fundamentals:
1. Earnings (Profitability)
Is the company making consistent profit?
Check EPS (Earnings Per Share)
2. Dividend History
Does it pay regularly?
Example in Nigeria: banks like GTCO or Zenith Bank are known for consistency.
3. Growth Potential
Is the business expanding?
Future matters more than current price
4. Valuation Ratios
P/E Ratio (Price ÷ Earnings)
Low P/E ≠ always cheap
High P/E ≠ always expensive
Important Truth:
₦4 stock can be overpriced
₦145 stock can be undervalued
So: 👉 Cheap price ≠ cheap company
👉 Expensive price ≠ expensive company
When two companies are in the same sector
Compare:
Profit margins
Debt levels
Dividend yield
Management quality
Example: Two banks may look similar, but one could be:
More efficient
Less risky
Paying better dividends
Should you buy cheaper or higher priced?
Neither. Buy based on:
✔ Strong fundamentals
✔ Consistent earnings
✔ Long-term growth
If your goal is wealth building, focus on:
Quality companies
Long-term holding
Reinvesting dividends
2. If your shares cannot be found in CSCS
Central Securities Clearing System (CSCS) is the official record keeper in Nigeria.
If they cannot find your shares, it usually means one of these:
Possible Reasons
1. Shares were never dematerialized
Old physical share certificates not converted to electronic form
2. Wrong or multiple CSCS accounts
You may have:
Different stockbrokers
Different CSCS numbers
3. Registrar still holds the shares
Some shares are with company registrars, not yet in CSCS
4. Name mismatch / spelling errors
Very common in Nigeria
E.g. “Jeremiah Ochoyoda” vs “J. Ochoyoda”
5. Shares sold or transferred unknowingly
Through a broker or mandate
What you should do immediately
Contact your stockbroker
Request your CSCS statement
Contact the company registrar
Check for:
Old certificates
Previous brokers
Do a share reconciliation
Red flag situation
If:
No broker has record
CSCS has no record
Registrar has no record
👉 Then something is seriously wrong (possible loss, wrong identity, or unclaimed estate issue)
Final clarity
Don’t judge stocks by price — judge by business strength
A ₦4 stock can destroy wealth
A ₦145 stock can build wealth

This is a common point of confusion on shareholder portals like Datamax Shareholders Portal—and it’s not an error in the way you’re thinking.
What you’re seeing (GTCO on dividend history)
When your dividend history shows Guaranty Trust Holding Company Plc (GTCO), it does NOT mean:
GTCO is your bank account ❌
Or that your dividends are being paid into GTCO ❌
What it actually means:
It is showing the company that paid the dividend, not the bank receiving the money.
How dividend records are structured
On platforms like Datamax:
“Client Account / Dividend History” typically shows:
Company name (e.g., GTCO, Dangote, etc.)
Dividend amount
Payment date
Status (paid/unpaid)
👉 It is a transaction log, not a bank account display.
Where your bank account actually comes in
Your real payment account (e.g., Access Bank) is linked through:
The e-Dividend Mandate system:
Managed by Central Securities Clearing System (CSCS)
And the registrars
If properly set:
Dividends from GTCO or any company go straight to your bank (e.g., Access Bank Plc)
Why you’re confused (very understandable)
You expected:
“Client Account = My Bank Account”
But in reality:
“Client Account” = Your shareholder/investor record
Not your withdrawal bank
When it could actually be a problem
Now, let’s be precise—there can be an issue if:
1. Your e-dividend mandate is not set or outdated
Then:
Dividends may go to an old bank
Or remain unpaid
2. You have multiple CSCS/registrar records
Then:
One account may be linked to GTCO bank
Another to Access Bank
3. Registrar mismatch
Different companies use different registrars:
Datamax handles some companies, not all
How to fix / verify properly (step-by-step)
Step 1: Confirm your e-dividend setup
Check:
Which bank account is linked to your CSCS
If unsure:
Visit your stockbroker or registrar
Step 2: Check your bank alert history
Look for:
Dividend payments from GTCO
If you’re receiving alerts in Access Bank: → Everything is fine
Step 3: Update your e-dividend mandate (if needed)
If wrong bank is linked:
Fill SEC e-dividend form
Submit through:
Your bank, or
Registrar
Step 4: Cross-check with your broker
Especially if you use multiple apps like:
InvestNaija
Others
Ask:
“Which bank is currently linked to my CSCS for dividends?”
Bottom line
Seeing GTCO there is normal
It refers to the dividend-paying company, not your bank
Your actual bank account is controlled via e-dividend mandate, not that screen

You’ve asked a very sharp, analytical question—this is exactly how a serious investor thinks. Let’s break it down properly.
1. Why you can’t find STL on NGX
The key point is this:
Not all financial companies are listed on the stock exchange.
STL Asset Management Limited is:
A fund/portfolio manager
Licensed by the Securities and Exchange Commission
But NOT a publicly listed company
What this means:
It does not trade shares on the Nigerian Exchange Group
So its financial statements are not required to be published on NGX
2. What NGX actually lists (this is where confusion comes from)
NGX mainly lists:
Public companies (e.g., Dangote, GTCO)
Some closed-end funds or special funds
Example:
An infrastructure fund can be listed on NGX as a product
But:
Open-ended mutual funds (like money market funds) are usually NOT listed
Their managers (like STL) are also NOT listed
3. Where fund managers actually report (very important)
Since STL is not listed, its reporting goes through:
Primary regulator:
Securities and Exchange Commission
They:
License the company
Approve their funds
Supervise operations
And yes—you are correct:
SEC confirms STL is licensed ✔️
4. Why you’re not seeing audited financial statements easily
This is the honest reality in Nigeria:
Many private asset managers:
Do not publicly publish full financial statements online
Even though they submit them to SEC
So:
Lack of NGX data ≠ fraud
It simply means they are not a public company
5. Where you can actually find useful financial information
Since NGX won’t help, use these instead:
(A) SEC filings & approvals
Check:
Fund approval documents
Fund fact sheets
Trustees & custodians
(B) Fund-level reports (VERY IMPORTANT)
Don’t focus only on the company—focus on the fund itself:
For example:
STL Money Market Fund:
Is a collective investment scheme regulated by SEC
Invests in treasury bills, commercial papers, etc.
What to look for:
NAV (Net Asset Value)
Yield
Portfolio breakdown
Custodian bank
These matter more than the company’s profit.
(C) Trustees & Custodians (this is your real safety layer)
This is where many beginners miss it.
For STL:
There is a trust structure (e.g., STL Trustees)
Meaning:
Your money is NOT kept by STL alone
It is held by:
Trustee
Custodian bank
So even if:
The fund manager has issues
→ Your money is still protected structurally
(D) Independent platforms
You can check:
Nairametrics (news & updates)
Nairacompare (basic fund data)
Fund fact sheets (from the company directly)
6. The most important mindset shift (this is critical)
You said:
“I want to determine how strong and healthy the company is”
That’s good—but in mutual funds:
👉 You should focus more on:
Fund structure
Assets inside the fund
Regulation
Custodian/trustee
NOT just:
Company profit or balance sheet
Because:
Your money is tied to the fund, not directly the company.
7. Is STL being “top performing” enough reason?
Be careful here.
High returns in MMF:
Often come from:
Higher-yield instruments
Active portfolio management
But always check:
Risk level
Liquidity
Consistency
Bottom line
STL is not on NGX because it is not a listed company
That is normal for asset managers in Nigeria
Financial statements are usually:
Submitted to SEC
Not widely published publicly
What matters more is:
Fund structure
Regulation
Custodian/trustee safety