Your assessment is largely correct. There are really two separate issues here:
1. Dangote Flour Mills shares that were converted to cash
Dangote Flour Mills was acquired by Olam International and eventually delisted. Shareholders were entitled to receive the cash consideration approved for the acquisition.
If your follower never received the payment, he should:
Confirm the exact number of shares he held at the qualification date.
Contact the company’s registrar that handled the acquisition payout.
Provide:
CSCS statement (if available)
Share certificate or evidence of ownership
Valid means of identification
Bank account details
BVN/NIN if requested
Request a search for any unclaimed merger/acquisition consideration in his name.
Many investors who failed to update their bank mandates or whose records were incomplete still have such payments lying unclaimed with registrars.
2. The statement he has may be from the old certificate era
You mentioned that the latest document does not bear CSCS and may be from the old system.
If the shares were never dematerialized, then yes, you may need to start with the normal verification process:
Determine whether the shares are already in a CSCS account.
If they are not in CSCS, initiate dematerialization through a licensed stockbroker.
The broker will submit the certificates and ownership details for verification.
Once confirmed, the holdings can be credited into a CSCS account.
However, do not immediately begin dematerialization until you first establish whether a CSCS account already exists in his name.
Since he received a statement in 2018 showing multiple companies, there is a good chance the shares had already been dematerialized and were simply being held in a CSCS account managed through that broker.
Recommended order of action
Obtain all documents he has.
Search for his CSCS account using:
Full name
Former address
CHN (if available)
Request a current holdings statement from the broker or CSCS participant.
Check each company:
Still listed
Merged/acquired
Delisted
Trace any unpaid dividends through the relevant registrars.
Trace any unpaid acquisition proceeds (such as Dangote Flour Mills).
Only proceed with dematerialization if the shares are confirmed to still exist in certificate form.
One thing that stands out is that he says he has never received dividends from any of the six companies. That often suggests either:
His dividend mandate was never registered,
The shares are still in certificate form,
The registrar’s records are incomplete,
Or there are substantial unclaimed dividends and corporate action proceeds waiting to be claimed.
Before any dematerialization exercise, I would first obtain a current shareholding search from the broker and identify the registrars for each company. That search will reveal whether the shares already exist in CSCS and whether bonus shares, rights issues, or corporate actions have increased his holdings over the years.

Yes, you can legally have more than one CSCS/CHN account in Nigeria, because each stockbroker can open a separate CSCS account for a client. So what InvestNaija told you is not entirely unusual operationally.
However, your concern is valid: having multiple CHN/CSCS numbers can create management complications if not handled properly.
The key distinction is this:
CHN (Clearing House Number) = your investor identity under a particular CSCS account.
CSCS account = where your shares are warehoused.
You can have:
one investor,
multiple brokers,
multiple CSCS accounts.
The problems usually arise when:
your names differ slightly across accounts,
your bank details differ,
your e-dividend mandate is incomplete on one account,
or you forget where certain shares are held.
That can affect:
dividend tracking,
bonus shares,
rights issues,
portfolio visibility,
and probate/verification later.
Now regarding Bamboo specifically:
Bamboo primarily focuses on U.S. equities and partners with local institutions differently from traditional NGX stockbrokers. Some Nigerian brokers may not accept an externally created CHN if:
they cannot verify it directly,
it was created under another custodial structure,
or their onboarding system only supports internally generated CSCS accounts.
So InvestNaija asking you to create another CSCS through them is operationally common.
My recommendation:
If you intend to actively use InvestNaija for Nigerian stocks, it is reasonable to allow them create their own CSCS/CHN for you, BUT:
Ensure your name format is identical everywhere Example:
Jeremiah Ochoyoda not:
Jeremiah O. Ochoyoda on one platform and full name on another.
Use the same:
phone number,
email,
bank account,
BVN,
and NIN details.
Register e-dividend properly for ALL accounts.
Keep a personal record of:
which shares are in which CSCS account,
the broker attached,
and the CHN numbers.
If later you want consolidation, you can transfer shares between brokers/CSCS accounts through stock transfer processes.
Many experienced Nigerian investors actually maintain:
one broker for long-term holdings,
another for trading,
another for foreign stocks.
So multiple CHNs themselves are not the real danger; poor record management is.
One more important thing: If InvestNaija told you your Bamboo CHN “does not exist,” it may simply mean:
it is not visible within their integration system,
not necessarily that the CHN is fake or invalid.
You can independently confirm your CSCS details directly with Central Securities Clearing System or through the originating broker.

This is a very important concept in the Nigerian stock market, and once you understand it properly, everything else becomes much easier.
Let’s break it down clearly.
1. What is CSCS and how does it work?
The Central Securities Clearing System (CSCS) is basically:
The “central database” where all Nigerian stock holdings are stored electronically.
It works like this:
Step-by-step flow:
You open an account with a stockbroker (e.g. Bamboo, InvestNaija, Meristem, etc.)
The broker creates your CSCS account (linked to your identity)
You are assigned a CHN (Clearing House Number) = your investor ID
Every share you buy is stored under that CSCS account
Dividends and bonuses are also paid through it
👉 Think of CSCS as:
“Your central bank account for shares”
2. Can someone have more than one CSCS number?
❌ Technically: NO (not supposed to)
Each investor is meant to have:
One identity
One CHN
One consolidated CSCS profile
⚠️ But in practice in Nigeria:
Yes, people sometimes end up with:
Multiple CSCS accounts
Multiple CHNs
because:
Different brokers create new ones instead of linking existing records
3. Your exact situation (Bamboo + InvestNaija)
You asked:
If I use Bamboo and also open InvestNaija, do I need another CSCS?
The correct answer:
👉 No, you should NOT create a new CSCS/CHN
Instead:
✔ You should use your existing CSCS/CHN
4. What you SHOULD do (correct process)
When opening InvestNaija:
You will be asked for:
CSCS account number OR CHN
Broker details
👉 You should enter:
Your existing Bamboo CSCS/CHN
Then InvestNaija will:
Link to the SAME CSCS account
Hold your new shares under the same identity
5. What happens if you create a new CSCS?
If you mistakenly allow a new one:
Your shares get split into two identities
Dividends may come separately
Tracking becomes messy
You may need manual consolidation later
👉 This is exactly what you are trying to avoid.
6. Important rule in the Nigerian market
Golden rule:
ONE INVESTOR = ONE CSCS/CHN (no matter how many apps)
You can have:
Bamboo
InvestNaija
Trove
Meristem
…but they should all point to:
ONE CSCS identity
7. What about old brokers creating new CSCS?
Some platforms (especially older “analogue” brokers):
Open fresh CSCS accounts by default
Don’t ask if you already have one
👉 That’s why duplication happens
8. If you already have multiple CSCS accounts
You don’t panic—you fix it via:
CSCS account consolidation / transfer
This merges all holdings under one CHN.
9. Practical recommendation for you
Since you already use Bamboo:
Do this:
Treat Bamboo CSCS as your primary account
When opening InvestNaija:
Use the SAME CHN
Avoid creating new CSCS unless absolutely necessary
If you already created duplicates → request consolidation
10. Simple analogy
Think of CSCS like:
Your National ID number
You can use it in:
Bank A
Bank B
Investment apps
But:
You should not have multiple identities
Bottom line
CSCS = central share ownership system
You should have one CSCS/CHN only
Bamboo + InvestNaija should both link to the SAME one
Never create a new CSCS unless forced (and even then, avoid it)
If you want, I can show you:
⁠How to check if you already have duplicate CSCS accounts
Or ⁠how to merge Bamboo + old broker holdings step-by-step

Normally, dematerialization of paper share certificates into a Central Securities Clearing System (CSCS) account should take between 2 weeks to 8 weeks — not several months.
Since you submitted your request to InvestNaija since October last year, and it’s now many months later, this is not normal and something is likely delaying the process.
Normal Timeline (Nigeria)
Typical dematerialization process:
Submit dematerialization form — Day 1
Stockbroker verifies documents — 3–7 days
Sent to Registrar — 1–3 weeks
Registrar processes — 1–4 weeks
Shares credited to CSCS — Immediately after approval
👉 Total normal time: 2–8 weeks
Why Yours May Be Delayed
Common reasons include:
1. Registrar Delay
Some registrars are slow, especially if:
Certificate is very old
Company has merged or changed name
Records need verification
2. Name Mismatch
If:
Name on certificate ≠ CSCS name
Signature mismatch
Missing middle name
This can cause long delays.
3. Missing Documents
They may need:
Valid ID
Passport photograph
Signature verification
Bank details
4. Stockbroker Did Not Submit
This happens sometimes (unfortunately).
What You Should Do Now (Important)
Since it’s been since October, take these steps:
Step 1 — Contact InvestNaija Immediately
Ask them:
Has it been submitted to registrar?
Which registrar is handling it?
What is the status?
Step 2 — Request These Details
Ask for:
Registrar name
Submission date
Reference number
Step 3 — Escalate If Necessary
If no response:
Email them
Call them
Send WhatsApp (if available)
Red Flag 🚩
Anything beyond 3 months is already too long.
Since yours is over 6 months, it must be followed up immediately.
My Advice (Based on Experience)
Be polite but firm. Say:
“I submitted since October”
“Please provide status”
“Please confirm registrar submission”
This usually speeds things up.