Hello sir/na. I applied for dematerialization of shares but the stock brocker only credited my CSCS with a figment of all 50 out of 675. And since then they said they are working it and that was sine February 2026. Please what could possibly be wrong. Tnx
Alex ejikeStarter
Dematerialisation involves verification of the physical certificates by the registrar, after which the electronic records are sent to CSCS. CSCS itself says stockbrokers submit the documents to registrars for verification, and the registrars send the verified records to CSCS. SEC Nigeria +1 What couRead more
Dematerialisation involves verification of the physical certificates by the registrar, after which the electronic records are sent to CSCS. CSCS itself says stockbrokers submit the documents to registrars for verification, and the registrars send the verified records to CSCS.
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What could be causing the delay?
The most likely possibilities are:
Problem with some of the share certificates
The 50 shares may have passed verification while the remaining certificates have an issue.
There could be differences in the shareholder’s name, certificate number, number of shares, signature, address or other details.
Registrar verification problem
The registrar may still be trying to reconcile your physical certificates with its old shareholder records.
This is particularly possible with older shares or certificates originating from different companies/mergers.
Incomplete or inconsistent shareholder information
Your name on the certificate may differ from your current CSCS/broker account.
BVN, NIN, date of birth, address or other KYC information may need correction.
Multiple certificates
If the 675 shares consist of several certificates, some may have been successfully verified while others are being queried.
The broker may be waiting for the registrar
This is important: the broker may not be the party that can finally approve the remaining shares. The registrar maintains the shareholder records and verifies the certificates.
From what you explained, I don't think you should assume that the remaining 625 shares are lost, but since you submitted them in February and only 50 out of 675 have been credited, I think you need to follow up more seriously with the stockbroker. Sometimes with dematerialisation, part of the sharesRead more
From what you explained, I don’t think you should assume that the remaining 625 shares are lost, but since you submitted them in February and only 50 out of 675 have been credited, I think you need to follow up more seriously with the stockbroker.
Sometimes with dematerialisation, part of the shares may be successfully verified and credited while the remaining ones are held up because of issues with the physical certificates, shareholder details, registrar records, name mismatch, incomplete documentation or reconciliation.
For example, if you submitted certificates representing 675 shares and only 50 were successfully verified, the remaining 625 may still be pending verification with the registrar or CSCS.
I would advise you to ask the broker for something more specific than “we are working on it.”
Ask them:
1. What is the exact reason the remaining 625 shares have not been credited?
2. Has the full 675 shares been submitted for dematerialisation?
3. What is the reference number for the transaction?
4. Is there any issue with the certificates or your shareholder details?
5. Which registrar is currently handling the outstanding shares?
6. Do you need to provide any additional documents?
Also, check your CSCS statement directly to confirm exactly what has been credited.
If the broker continues to give you vague answers after all these months, I would escalate the complaint to CSCS and, if necessary, the SEC rather than continuing to wait indefinitely.
For something involving 625 shares, I would want a written explanation and a clear status of the outstanding shares.
Hopefully it’s just a verification or reconciliation issue, but after waiting since February, it’s reasonable to ask them for a proper explanation.
See lessThanks sir but here is the exact issue. The original units I bought back then was 300 units while the 370 are cumulative bonuses. I had 3 certificates comprising of the main purchase while 2 are for bonus shares. But when I reached out to the registrars to commence the process seeking for my statusRead more
Thanks sir but here is the exact issue. The original units I bought back then was 300 units while the 370 are cumulative bonuses. I had 3 certificates comprising of the main purchase while 2 are for bonus shares. But when I reached out to the registrars to commence the process seeking for my status which they sent,it was from there that I knew there were other bonuses which I was not in the picture off and thankfully the status they sent me had the share certificate number. While all my informational are constant.and that company is oando plc.
See lessOh, I understand the situation better now sir. That makes more sense. So your original holding was 300 Oando Plc shares, while the additional 370 shares came from cumulative bonus issues, giving you a total of 670 shares, with the holdings represented by different certificates. The fact that the regRead more
Oh, I understand the situation better now sir. That makes more sense.
So your original holding was 300 Oando Plc shares, while the additional 370 shares came from cumulative bonus issues, giving you a total of 670 shares, with the holdings represented by different certificates.
The fact that the registrar’s statement actually showed the certificate numbers is very important. Since you have confirmed that your personal information is consistent, I would not immediately assume that the problem is a name or KYC mismatch.
It may be that the registrar/broker is still reconciling the different certificates, especially the bonus shares, before the entire holding can be dematerialised and credited to your CSCS account.
For example, if the 300 original shares were properly verified, but some of the bonus certificates require separate verification against the registrar’s records, you could end up seeing only part of the holding in CSCS while the balance remains pending.
What I would do in your position is take the registrar’s statement showing the certificate numbers and compare it carefully with the certificates you submitted. Then ask the broker specifically:
“I submitted certificates covering my original 300 shares and the cumulative bonus shares. The registrar has confirmed the certificate numbers and my shareholder details are correct. Only part of the holding has been credited to my CSCS account. Kindly confirm the status of each outstanding certificate and specifically state which certificate(s) are responsible for the uncredited balance.”
That question should make it harder for them to simply respond with “we are working on it.”
Also, since this is Oando Plc, I would involve the registrar directly in the reconciliation if the broker cannot clearly explain the outstanding shares. Ask the registrar to confirm, certificate by certificate, that all the units are valid and eligible for dematerialisation.
And one thing I noticed from your explanation: you mentioned 300 + 370 = 670, not 675. So I would first reconcile that five-share difference as well, just to make sure there isn’t another issue in the records.
If the registrar’s statement says 670 and you submitted documents for 670, then you have a clear figure to work with.
I think the key now is not to keep waiting blindly. Get a certificate-by-certificate status from the broker/registrar. Once you know exactly which certificates have been credited, which are pending and why, you’ll know what action to take next.
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