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Alex ejike
Asked: 2026-05-06T17:14:38+00:00 In:

Is It Normal to Submit Hard Copy Documents for Share Dematerialization and CSCS Transfer in Nigeria?

Got clarity after reading sir ikingferry post on how to transfer old shares to new CSCS account. But the process which seemed simple from begining has been throwing up different request accompanied with back and forth.
The most recent is asking me to send a hard copy of complete dematerialization to their office in ikoyi orm I already sent to vie email.
I hope this is the right process or am I dealing with a bad agent?

cscs nigeriashare certificate nigeria

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2 Answers

  2. Ochoyoda
    Intermediate

    Short answer: what you’re being asked to do is not automatically a red flag—but the way it’s being handled (repeated requests, back-and-forth) suggests either inefficiency or poor process management, not necessarily fraud. Let’s break this down so you can assess it properly. ✅ What the correct dematRead more

    Short answer: what you’re being asked to do is not automatically a red flag—but the way it’s being handled (repeated requests, back-and-forth) suggests either inefficiency or poor process management, not necessarily fraud.
    Let’s break this down so you can assess it properly.
    ✅ What the correct dematerialization process should look like in Nigeria
    When converting physical share certificates (or legacy broker-held shares) into your CSCS account:
    You complete a Dematerialization Form
    Attach:
    Original share certificate(s) (if physical shares)
    Valid ID
    Passport photo
    Submit through a stockbroker or registrar
    They forward it to:
    Registrar → verifies ownership
    Central Securities Clearing System → credits your CSCS account
    📌 About sending hard copy to Ikoyi
    This part is important:
    Many registrars (e.g. Meristem Registrars, First Registrars, CardinalStone Registrars) still require physical submission
    Especially if:
    Shares were bought long ago
    There are signature verification issues
    Certificates are involved
    Or your mandate details are inconsistent
    👉 So asking for a hard copy in Ikoyi is normal in many cases
    🚩 But here are the warning signs you should not ignore
    You may be dealing with a problematic agent if:
    They keep changing requirements after you comply
    They don’t clearly state ALL requirements upfront
    They refuse to identify:
    Their firm name
    Their registration with Securities and Exchange Commission Nigeria
    Their broker license
    🔍 What you should do immediately
    1. Confirm WHO you are dealing with
    Ask them directly:
    Company name
    Office address
    SEC registration number
    Then verify:
    On SEC Nigeria website
    Or through Nigerian Exchange Group broker list
    2. Confirm if they are the actual registrar
    Every stock has a registrar. Example:
    Zenith Bank → Coronation Registrars
    GTCO → GTL Registrars
    👉 If you’re not dealing directly with the correct registrar or a licensed broker, that’s a problem.
    3. Ask for a clear checklist
    Before sending anything again, request:
    “Please provide the complete and final list of requirements for dematerialization to avoid repeated submissions.”
    A legitimate firm will give you a one-time complete checklist
    4. Avoid sending original documents blindly
    If they are requesting originals:
    Use courier with tracking
    Keep scanned copies
    Confirm receiving officer name
    💡 My honest assessment
    Request for hard copy → Normal in Nigeria
    Repeated back-and-forth → Process inefficiency OR inexperienced handler
    Risk level → Moderate (verify before proceeding further)
    ⚠️ Bottom line
    You’re probably not being scammed, but you should not continue blindly.

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