BY NKIRUKA NNOROM
I bought shares in A B C Company’s IPO in 2009 and up till now, I have not received my share certificate from XYZ Registrar. M N Company declared dividend in 2010, two years after, I am yet to get my dividend warrant, and I don’t understand what is happening. I tried to find out from the Registrar and they said it was the problem of mail service; perhaps it got lost on transit.
I sent my share certificate through my stockbroker to B Registrar for verification, several months after, nothing has been done about it.
Registrars connive with companies to with-hold share certificates of minority investors to allow big time investors reap from price appreciation before the certificate are eventually sent out to others. The Registrars cover up for companies that declare dividends not backed by cash because they dont want to lose such customer.
These are some of the numerous complaints about Registrars in Nigeria, and yet they carry on as if all is well with nobody actually questioning their activities.
Not once has it been heard that the Securities and Exchange Commission, SEC, which regulates the capital market, suspended or sanctioned any of them for all these atrocities against innocent shareholders. Sometimes, you to wonder if they are even regulated at all. It is time SEC sits up and exercises its supervisory function over the activities of Registrars.