BY Jimoh William & Hannah Isibor
David Oso: Some of the brokers are very fraudulent in their operations and dealings. For instance, few years back when I planned to buy shares for my granddaughter, I gave money to my broker but for several months, he failed to issue me a receipt for the shares. In fact I pressurized him for countless numbers of times, and even at a point threatened him before I was given receipt for the shares of my granddaughter shares.
Not all of them are like that, because the broker that bought shares for my wife and I did not keep us so long before the deal was done and since then, we have been enjoying a smooth relationship.
Also I have a problem with the registrar, the company just went through some reorganisation, but instead of registering the share certificate in our name, they posted it and as a result four members of my family have not been able to get their own. This required me to visit the registrar and they kept on saying they will post it and you will agree with me that there are a lot of share certificates like that missing in transit and, if we had not pressurised them, they would not have take any action.
Another point is that the registrars don’t really care about the plight of shareholders. I discovered this recently when I bought Flower Mills shares from one of the brokers.
Unfortunately for the illiterate shareholders, they don’t know what to do. They are being cheated here and there because they don’t know their rights. They don’t know what to do to get their rights effected when they find themselves in such a situation.
We have what we call unclaimed dividend warrant in many of the companies. There was even a time at Nigerian Breweries Plc when the unclaimed dividend was over a billion naira.
These are little amounts of money that a lot of people are not claiming and when you meet the registrars, they will tell you that it was because the shareholder changed address and did not inform them.
So, the problem with dividend warrant is between NIPOST and the registrars which is not good enough. Presently, the regulators are bringing a lot of solution to this through the introduction of e-divided, which allows investors receive their dividend through their bank account. This eliminates the need to to present dividend warrant before they can have access to their money. But what about those investors that do not have bank account and are living in the villages? what will be their plights?
CHRIS: My stock broker is having problem with the EFCC and as for the registrar, I can’t go and meet them because I thought I can only get to them through my broker. So I have not been dealing with any of the registrars.
I have reported the predicament to SEC but all they said is that they are looking into the matter. This has been the situation for more than three months now.
I always get my dividend any time the companies declare dividend but there was a time when I needed to sell part of the shares because I wanted to use money for another project but due to none availability of my broker, I could not do so.
Sholanke Gabriel: I have all my shares with First Bank Nigeria Plc because that is where I work, and I think I have all the information available for the shareholders. If there is any development as regarding the market, they normally send dividend yearly. I have never had encounter with a stock broker and I never had any problem with the registrar.
All I am acquainted with is that when you change your address there may be problems with dividend posting and they will misplace your dividend warrant. But I will really advise them to put more effort so that their customers will enjoy them.
Gabrael Iwu: I am new in the market but looking at the price of the shares when I bought them compared to what they are today, there has been a lot of difference in value. The value of the shares has dropped and that is the reason why I am going to see my broker now to know what can be done about it.
The relationship I had with my broker and registrar during the short period has been a smooth one. Every time I approach them for any matter based on the trend of the share price, they always encourage me to sustain my shares, saying it is natural for such to happen and that has given me the strength to move ahead.
Like I told you, I am on my way to my stock broker because I think I need some enlightenment due to the fall in the price of some of my shares. I have lost about 30 per cent of what I invested.
But even in the midst of all this, my trust in the broker and registrars will make me remain in the market even as I keep hoping that the shares would yield profit in the future. But the fact remains that to be in the capital market takes a lot of inner strength most especially during this period of market dispensation.
Fowowe Micheal: I have problem with Bagco. The registrar, Flour Mills sends my bonus to Fidico, which is a stock broker who I asked to help me sell some of my shares.
So out of the 6,258 bonuses sent to the broker, they took six hundred and when I saw it, I reported to SEC and they said they didn’t see the letter and unfortunately I didn’t meet the registrar.
But now they said that Fidico has bought back that 6000 bonus shares. I had to phone the registrar back whether the claim is true or not. I am an administrator professionally, I have all my shares certificate at home, if not because of the registrar that gave it to them, they would not have had access to sell my shares.
You can also share your encounter with stock brokers and registrars through email@example.com
SEC disowns Irving Asset & Management Co. Ltd: The Securities and Exchange Commission (SEC) has disowned Irving Asset & Management Co. Ltd. A statement issued by the Commission said, “The general public is hereby informed that Irving Asset & Management Co. Ltd and Mr. Adim Jibunoh are not registered by the Commission to perform any function in the capital market. Any person dealing with them in any capital market related transaction is doing so at his/her own risk.
SEC suspends Vision Trust & Investment Ltd over unauthorised sale of investor’s shares: The Securities & Exchange Commission on Wednesday, April 17, 2013, suspended Vision Trust & Investment Limited, a stockbroker, and its sponsored individuals from all capital market activities.
The suspension is as a result of the Operator’s sale of 131, 868 and 44, 400 units of UBA Plc shares belonging to the estate of Animashaun Anjorin without mandate. The Operator was given several opportunities to restore the shares it sold without mandate and upon failure/refusal to restitute the Investor, it was suspended from all capital market activities along with its sponsored individuals.
COMPLAINT AND INVESTIGATIONS
I want my Trade Bank refunded
I bought Trade Bank shares on the 8th of august, 2005. They refunded the money when the Bank closed down and up till now mine has not been refunded. (Anonymous)
Contact the registrars of Trade Bank i.e Wema Registrars via Plot 30 Oba Akran Avenue Ikeja, Lagos. Tel: 01-7732181, 07028380379. Email: firstname.lastname@example.org
How can I reach officials of Aims Asset & Mgt
Please help me provide information on how to reach the officials of AIMS Asset and Management. Since I invested for my son, Ike Lawrence, up till now, nothing has happened (FR Haico Grace: Lokoja)
The company is located at 23 Ajao Road, off Adeniyi Jones street, Ikeja. The phone number is 01-2120049, 2120051, 07029523916, 08095988382.
I need First Bank share certificate
I bought shares of First Bank Plc, during their public offer years back. The certificate has been issued to me but since then I have not received any dividend.
Contact First Registrars at Plot 2 Abebe Village Road, Iganmu or call 01-773086, 774309, 270178,2701079