Good afternoon. Please I have a question. My friend created an account with Afrinvestor 2.0 and was assigned CSCS number and CHN number. Then he went through the NGX website to subscribe for the Dangote Refinery IPO. He filled all the necessary information and indicated Afrinvestor Securities as his stock broker. Immediately he submitted the subscription and made the payment, he was assigned a different CSCS number and a different CHN number. How can this be resolved?
A CSCS account number can be different from another CSCS account number, but a CHN is supposed to identify the investor. CSCS describes CHN as a unique number identifying an investor in the Nigerian capital market. I think the mix up is coming from when you were choosing the stockbroker. If I am getRead more
A CSCS account number can be different from another CSCS account number, but a CHN is supposed to identify the investor. CSCS describes CHN as a unique number identifying an investor in the Nigerian capital market.
I think the mix up is coming from when you were choosing the stockbroker.
If I am getting your question right…
Your friend already had:
Afrinvestor 2.0 account
CSCS Account No. A
CHN A
Then, while subscribing for the Dangote Refinery IPO through the NGX electronic application process, the system appears to have created/assigned:
IPO application
CSCS Account No. B
CHN B right? If it is that so..
That does not automatically mean the IPO money or shares are lost.
I think what is best now is that your friend
Contact Afrinvestor immediately
Email or contact Afrinvestor telling them that:
“I already had a CSCS account and CHN with Afrinvestor. I subsequently subscribed for the Dangote Refinery IPO through the NGX electronic application channel and the application generated a different CSCS account number and CHN. Please confirm which CHN was used for my IPO subscription and ensure that my existing investor identity is properly linked/consolidated.”
Ask them specifically to check the IPO application using the friend’s:
Full name
Existing CHN
Existing CSCS account number
New CSCS account number
New CHN
IPO app
Ask Afrinvestor one very specific question
See less“Which CHN will receive the Dangote Refinery IPO shares if my application is successful?”
That’s the question I would want answered.
Because the important thing isn’t merely that two numbers exist. We want to establish where the IPO allotment will be credited. Do you get?
When subscribing for public offers via primary market electronic portals (like NGX Invest), if an existing Clearing House Number (CHN) or CSCS number is not explicitly linked during the signup flow, the system automatically generates a new CHN and CSCS account to ensure the allotment goes through. Read more
When subscribing for public offers via primary market electronic portals (like NGX Invest), if an existing Clearing House Number (CHN) or CSCS number is not explicitly linked during the signup flow, the system automatically generates a new CHN and CSCS account to ensure the allotment goes through.
There is no need to worry—his funds and shares are safe, and the duplicate account can be consolidated so all his shares reflect under his main account.
What I experienced was that, I first registered on Investnaija but was given another CSCS number on another stock app, but when I applied for an IPO, they asked me to give them which of the stockbroker app I want the shares to reflect on, which I did. I hope this works if I got the question right.
See lessThank you. There was no option to create an account with NGX before subscription. That was why he couldn't link his existing account. It was after the subscription, when the new CSCS and CHN numbers were assigned that he was asked to create password for his NGX account. We will write for consolidatiRead more
Thank you. There was no option to create an account with NGX before subscription. That was why he couldn’t link his existing account. It was after the subscription, when the new CSCS and CHN numbers were assigned that he was asked to create password for his NGX account.
See lessWe will write for consolidation. Thank you so much.
Good afternoon. I would not panic yet, but I would also not assume that the second CSCS number/CHN is correct simply because it appeared after the IPO subscription. Since the investor already had an Afrinvestor account with an existing CSCS number and CHN, the first step should be to contact AfrinveRead more
Good afternoon. I would not panic yet, but I would also not assume that the second CSCS number/CHN is correct simply because it appeared after the IPO subscription.
Since the investor already had an Afrinvestor account with an existing CSCS number and CHN, the first step should be to contact Afrinvestor Securities and ask them to reconcile the IPO subscription against his existing investor record.
He should provide them with:
• His original CSCS number and CHN
• The new CSCS number and CHN that appeared after the subscription
• His IPO subscription/reference number
• Proof of payment
• His BVN and registered details, if requested
He should specifically ask:
“Was a new CSCS account/CHN actually created for this subscription, and if so, why was my existing investor identity not matched?”
CSCS currently has processes for dealing with multiple or fragmented investor records, including CHN Consolidation, which can bring multiple CHNs under one unified investor identity. However, the broker should first establish what happened to this particular IPO subscription before requesting any consolidation or correction.
I would also avoid submitting another IPO application just to try to correct the issue. First get written clarification from Afrinvestor and confirm where the money and subscription are sitting.
If Afrinvestor cannot resolve or explain the discrepancy, the investor can escalate the matter to CSCS with the subscription and account details.
The important thing is to reconcile the existing account, the new account/CHN and the IPO subscription before taking another action.
See less