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 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