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COMPLAINTS and INVESTIGATIONS: No longer receiving dividend from Access Bank

Please I want to commend you for the good work you are doing. I bought shares from former Intercontinental Bank now Access Bank, in 2006 at Aba,   Abia State. Sir,  I presently work in Abuja and have mailed them concerning my change of address since 2009. Before that time I received my dividend twice, in 2007 and 2008. But up till now I have not received any communication concerning my shares. Please advice my on what to do.  (Jane Ego)

Investors Forum

Please contact the registrars United Securities Limited. They are the registrars of Access Bank. The company is located at 10, Ojikutu Street, Victoria Island.   Lagos. Telephone: 01-2714566 or 01-2714567)

What happened to my investment in Afribank?

Please sir I want to know what happened to my share with Afribank Nigeria PLC. I am not in Nigeria since 2004. The last time I came home I received a bonus certificate the number is 487703. The account number on the certificate is 70924. Since I bought this share I have not collected any dividend. What I want to know is does Afribank still exist and do I still have shares in the bank. (Damian Ubabuchi Obiakor)

You need to investigate further on Afribank

I read your comments in response to enquiry by a shareholder of Afribank in Vanguard Newspaper of 25/6/13. You said Afribank does not exist again neither is his investment in the bank. You need further investigation on this. A Bank acquired the Assets & Liabilities of Afribank which included the shareholdings. That bank must be liable to the share holders of Afribank.

Investors Forum

The license of Afribank was revoked by Afribank in 2011 and its assets and liabilities were handed to Nigeria Deposit Insurance Corporation (NDIC). The function of the Corporation, when this happens is to sell the assets of the bank and use the proceeds to settle the liabilities.

The most important and usually biggest liability of a bank is the deposit liabilities, or depositors’ money.   But in this case the Corporation chose to sell the assets and liabilities of the bank to Asset Management Company of Nigeria (AMCON), which transferred them to Mainstreet Bank.

Mainstreet Bank, Keystone Bank and Enterprise Bank were created by AMCON to assume the assets and liabilities of the three banks namely, Afribank, Bank PHB and Spring Bank, whose licenses were revoked by CBN. The implication of the above is that these three banks no longer exist legally. The assets and liabilities no longer belong to their shareholders. Hence, shares of the banks have become invalid or worthless. In summary, Afribank does not exis
t again and your investment in the bank is gone.

I need update on Dangote Sugar Refinery shares

I bought shares worth N 18000   from Dangote Sugar Refinery between    2006 and   2007   through Intercontinental Bank, Warri Effurun Branch, I have not seem my certificate, I don’t know how   to go about it.

Investors Forum

You need to contact the Registrars of the company- Zenith Registrars Limited. It is located at Plot 89 Ajose Adeogun Street, Victoria Island Extension, Lagos.     Tel: 234-1-2708930-4. E-mail: enquiry@zenithregistrars.com

What is the status of my investment in Finbank?

I bought Finbank during their IPO and now the bank is FCMB.   Please tell me my fate on this and what I should do (ILIYA S.)

Investors Forum

Due to the acquisition of Finbank by First City Monument Bank (FCMB),   shareholders of Finbank Plc are expected to get 1 new FCMB share in exchange of 60 Finbank shares held.   So your investment is intact. To ascertain the volume of your shareholding, contact City Securities Primrose Tower, 2nd Floor, 17A Tinubu Street, Lagos. Tel: 234-1-2641298, 234-1-7924462.

No certificate or dividend from Fidelity and Daar Communication

Sir, I bought public offer shares from Fidelity Bank and Daar Communications. Uptill now I have not received certificate or dividends. What should I do? (Robinson Warri)

Investors Forum

You need to contact the registrar of the two companies i.e.   First Registrars,

It is located at Plot 2 Abebe Village Road, Iganmu. Tel:   08033018295, 08191410456

No dividend from DVCF and Fidelity Bank

I bought 5000 units of DVCF shares but for some time now, I have not received any dividend. Same applies to Fidelity bank where I have 1000 units. I would like to know how to go about it. (Wilson)

Investors Forum

If you mean DVCF Oil and Gas, then contact Unity Registrars Limited. The company is located on Unity Bank Building, NO. 94, Agege   Motor Road, Ido-Oro, Mushin, Lagos. Tel:   08033006038, 01-7408123, 01-8418765.

For your investment in Fidelity Bank, contact First Registrars at   Plot 2 Abebe Village Road, Iganmu or call     08033018295, 08191410456

I need a reliable stockbroker

I bought shares from UBA, Standard Trust Bank, Eko International Bank, Wema Bank, Skye Bank, Oceanic Bank and Daar Communications. I bought the shares between 2004 and 2008. I need a reliable stockbroker to verify the certificates. (Dan Pedro, Benin)

Investors Forum

We don’t recommend stockbrokers to readers. What we do is to direct them to list of licensed stockbroking firms.   The list is published on the website of Nigeria Stock Exchange (www.nse.com.ng/Regulation/ForBrokers/Pages/Dealing-Members.aspx)


Disclaimer

Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.