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Alex ejike
Alex ejike
Asked: June 10, 20262026-06-10T11:42:36+00:00 2026-06-10T11:42:36+00:00In: INVESTING & WEALTH BUILDING

How Can I Recover Payment for Shares That Were Delisted and Converted to Cash in Nigeria?

One of my followers came up with this.
He has changed account with account number from one newdevco finance services . He should me a paper he receives from them last in 2018 with CSCS as a header and from it he has shares in about 6 companies and all looking reasonable and according to him he has never received dividend from any any of them neither is he aware of his current holdings maybe from bonus shares.
But first after we discussed I checked the broker and noticed it’s licence. I also went ahead to check the companies one after the other and discovered some are there,some transformed and one which is dangote flour mills was sold out to owners of Alan in 2019 and all shares were converted to cash at #24 per share.
Now the question is he has not received his payment and wants to know how to go about it.
Secondly the the last update he was given the paper does not bear CSCS and I am thinking it still belongs to the old system. If that is the case do I follow full procedure for dematerialization for him ?
Thanks

cscsdelisted sharesshare recoveryunclaimed corporate actions
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  1. Ochoyoda
    Ochoyoda Educator
    2026-06-10T13:08:27+00:00Added an answer on June 10, 2026 at 1:08 pm

    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 acquiRead more

    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.

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    • Alex ejike
      Alex ejike
      2026-06-10T14:35:20+00:00Replied to answer on June 10, 2026 at 2:35 pm

      Thanks so much sir

      Thanks so much sir

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