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Why Have I Not Received My Fidson Right Issue Shares After Payment in Nigeria?
I understand your concern—this situation is actually common with rights issues in Nigeria, so don’t panic yet. Let’s go straight to what is happening and what you should do. 📌 First, what should normally happen? From the official Fidson rights issue document: Offer closed: 30 January 2026 After alloRead more
I understand your concern—this situation is actually common with rights issues in Nigeria, so don’t panic yet. Let’s go straight to what is happening and what you should do.
See less📌 First, what should normally happen?
From the official Fidson rights issue document:
Offer closed: 30 January 2026
After allotment:
Your CSCS account should be credited within about 15 working days
👉 That means, in a smooth process, investors should start seeing shares a few weeks after allotment is finalized.
⚠️ So why haven’t you received yours?
There are a few real reasons this delay can happen:
1. Allotment has not been finalized
Rights issue shares are not automatic like buying shares on NGX.
Company + SEC + NGX must approve final allotment
If many people applied for extra shares → it takes longer
👉 Sometimes delays happen because approval is still ongoing
2. You applied for “additional shares”
If you requested more than your normal entitlement:
You may not get everything
Excess money may be refunded later
👉 This process delays allocation
3. Issue with your CSCS / stockbroker details
From the circular:
Shares are credited using your:
CHN (CSCS number)
Stockbroker details
If anything is wrong:
Shares may be pending or stuck
4. Your stockbroker has not updated you
Sometimes:
Shares are already allocated
But your broker has not reflected it in your app yet
✅ What you should do immediately (very important)
Don’t just wait—take these steps:
1. Contact your stockbroker FIRST
This is the most important step.
Tell them:
“I subscribed to Fidson rights issue since December 2025, I have not received my shares. Please confirm allotment status and CSCS credit.”
Ask them specifically:
Has allotment been done?
Was I allotted shares?
Has my CSCS been credited?
2. Check your CSCS statement
Not just your app—ask for:
Official CSCS statement
Sometimes:
Shares are there but not showing on app
3. Ask about refund (if you applied extra)
If you applied for more shares:
Ask:
“Was my application fully successful or should I expect refund?”
4. Escalate if needed
If your broker is not helping:
Contact:
The registrar handling Fidson issue
Or the issuing house (CardinalStone)
🚨 When should you be worried?
You should start taking it seriously if:
It’s been 2–3 months after closing (Jan 30, 2026)
AND your broker cannot give a clear answer
👉 At that point, escalate immediately.
🧠 Simple truth (so you don’t stress)
This is NOT like buying shares instantly.
Rights issue process involves:
Verification
Allotment
Regulatory approval
CSCS credit
👉 Delays are common in Nigeria market.
👍 Bottom line
You likely didn’t lose your money
Most times it’s delay, not loss
Your stockbroker is your first line of solution
What Is the Difference Between a Public Offer and a Rights Issue in Nigeria’s Stock Market?
Good question—this is a core concept in stock investing, especially in Nigeria where companies like banks frequently raise capital. Let’s break it down cleanly. 1. Public Offer (IPO / Secondary Offer) A public offer is when a company sells shares to any member of the public. What it means: Company iRead more
Good question—this is a core concept in stock investing, especially in Nigeria where companies like banks frequently raise capital.
See lessLet’s break it down cleanly.
1. Public Offer (IPO / Secondary Offer)
A public offer is when a company sells shares to any member of the public.
What it means:
Company is raising fresh money
Shares are offered to everyone, not just existing shareholders
Can be:
IPO (Initial Public Offer) → first time listing
Follow-on/Public Offer → already listed company raising more funds
Example:
When a company like MTN Nigeria did its public offer, any Nigerian investor could apply
Key Features:
Open to all investors
Fixed offer price (e.g. ₦10 per share)
You apply during the offer period
Shares are later credited to your CSCS account
2. Rights Issue (Rights Offer)
A rights issue is ONLY for existing shareholders.
What it means:
Company gives you the right (not obligation) to buy more shares
Usually at a discounted price
Based on how many shares you already own
Example:
If you own shares in United Bank for Africa:
You may get something like:
“1 new share for every 4 shares you own at ₦8”
You can:
✅ Buy your rights
✅ Sell your rights
❌ Ignore (but you’ll be diluted)
Key Features:
Only existing shareholders qualify
Discounted price
Helps company raise capital without going to outsiders first
3. Main Difference (Straight Comparison)
Feature
Public Offer
Rights Issue
Who can buy
Anyone
Existing shareholders only
Price
Market/fixed
Usually discounted
Ownership impact
New investors enter
Existing investors maintain %
Access
Open
Restricted
4. Where Can You Buy Them?
In Nigeria, both are typically done through:
1. Stockbrokers
Traditional brokers (forms or online)
2. Issuing Houses / Registrars
You may apply directly through:
Banks
Investment firms
5. Can You Use Your Broker App? (Important)
👉 Yes—but with conditions
For Public Offers:
Some platforms like:
Bamboo
Trove
👉 Usually DO NOT support Nigerian public offers directly
Instead, use:
Local brokers (e.g. Meristem, ARM, Stanbic IBTC)
For Rights Issues:
Your broker does NOT automatically buy it for you
What happens:
Rights are credited to your CSCS account
You must:
Fill a rights subscription form OR
Instruct your broker to act
6. Very Important (Most People Miss This)
For rights issues:
👉 If you do nothing:
You may lose the opportunity
Your ownership gets diluted
7. Practical Advice for You
Since you already invest:
Always check your email + CSCS alerts
When you see:
“Offer”
“Rights Issue”
“Allotment”
👉 Take action immediately
8. Simple Analogy
Public Offer = “Company invites everyone to join”
Rights Issue = “Company asks existing members to add more money first”
If you want, I can:
Show you a real Nigerian rights issue breakdown (with numbers)
Or guide you on how to subscribe step-by-step using your broker
How do I track FCMB shares I bought in 2024 in the Nigerian stock market?
If you bought FCMB shares through the bank or a public offer and you are trying to track or claim your shares and dividends, here is the simple and correct way to handle it. First, understand that your shares are safe. They are not lost and nobody can take them. The issue is usually that your detailRead more
If you bought FCMB shares through the bank or a public offer and you are trying to track or claim your shares and dividends, here is the simple and correct way to handle it.
First, understand that your shares are safe. They are not lost and nobody can take them. The issue is usually that your details are not fully linked or updated in the system.
The best step is to contact the registrar that handles FCMB shares, which is CardinalStone Registrars Limited. You can reach out to them directly through their official contact channels and explain that you want to trace your shares.
When you contact them, they will ask for your details. If you already have a CSCS account, you should provide your CSCS number. If you do not have one, do not worry. You can provide your full name, email address, valid ID card, and any information you used when buying the shares. They will help you trace your records.
However, to properly manage and monitor your shares, it is very important that you open a stock brokerage account in Nigeria. This is where you will get your CSCS account and CHN number. These details will allow the registrar to link your shares directly to your brokerage account.
Let me use Mama Ngozi as an example:
Imagine she bought tomatoes from a supplier but did not register her name properly. The tomatoes are still hers, but the supplier cannot easily deliver or account for them. Once she registers properly and provides her correct details, everything becomes clear and organized.
This is the same situation with shares bought through the bank. Many people ignore the next step after buying shares. Buying from the bank is not the final step. You still need to connect your investment to a stockbroker so that your shares are properly recorded in your name and easy to track.
Also, always check for unclaimed dividends. You can verify this through your registrar or by checking with the Securities and Exchange Commission unclaimed dividends portal in Nigeria.
Your investment is safe, but you must take action by linking your details through a stockbroker and communicating with the registrar so you can fully access and control your shares and dividends.
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