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Stock Market Difficulties, Please Help by Katakore(m): 12:41pm On Feb 02, 2011
I am making this post to my fellow nairalanders especially those with knowledge on capital market. Our late father was a shareholder with various institutions before his sudden death in 20008. Immediately after his death we started the process of sharing what he left behind such as car,houses,farms and money. But how to SELL HIS SHARES became a problem,may be because we followed a wrong method. What we did was to obtain his death certificate and all his share certificates, we took certificates to a high court which endorsed the documents as legal and declared me as my father s heir (in all his documents he used to write me as his next-of-kin).
   After that, we took all the share certificates and other legal documents to a so-called stock expert in Kano,who was to go to Lagos to do all the necessary processings to get the shares sold and the money to be transferred to my account (I signed a letter authorising him to do everything on my behalf in Lagos). For the past 2 and half years, that stock expert has been giving one excuse or the other,to cover for his failure to fulfil the promise he took. Anytime I go to his Office he will show the Certificates intact and complete. Some of the excuses he used to give are ; the stockbrokers in Lagos want to be given parts of their commissions before they act,the stock market has to send someone to Dutse high court to confirm authenticity of our documents before anything starts in Lagos and the stockbrokers need to see me in person in Lagos. We asked him what was the amount needed by the stock brokers,but he was beating about the bush.
  I am the oldest son,a Medical doctor by profession,needing your urgent help on how to overcome this difficulty.
   Lastly, thank you and God bless.

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Re: Stock Market Difficulties, Please Help by Regouch: 2:52pm On Feb 08, 2011
You have taken the right step in getting the letter of administration of your fathers estate from the court.
However, note that you required to visit in PERSON the various company REGISTRARS that your late father held shares in for endorsement with the following items:

1. Letter of administration of estate (endorsed by the court)

2. Your late fathers date certificate

3. Newspaper publication of his death( If any) or Obituary poster

4. Bankers letter confirming an account in the name of the administrators of the estate.

5. your means of identification.

This process would take less than 2 months to be verified into CSCS LTD account in your estate name,thus you can authorize your broker to sale the shares.

Therefore, I advise that you collect the shares certificate from the said broker. Beware of Jobbers parading themselves as stockbrokers.
For more info reach me on : nairabroker@gmail.com or 08036636204

Cheers!!!

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