₦airaland Forum

ElectronicMoney:
I need advise on how best to approach this problem.

In June 2007 I made a deposit of N100K to a stockbroking firm for the purchase of shares of Wema Bank.

After the shares were purchased they gave me my CSCS number and the CHN and I had no further contact with the stockbroking firm; this was partly because the market was not doing so well and the price of shares had crashed.

In 2015 or thereabouts I went to the office of the stockbroking firm and learnt that they had moved to another address.

Now early this month when I heard that shares had started going up in price I searched for the company online and was able to get their new address and their phone numbers.

I put a call to them and asked for a copy of my CSCS statement which was sent to me.

When I examined it I was shocked to see that the number of Wema Bank shares was just 1,700 approximately when in actual fact it should be above 20,000.

Let me state categorically that I have never given instruction to sell either verbally or in writing!

Even if there was capital reconstruction by Wema Bank between 2007 and 2025 there is no way shares of N100K which were purchased in 2007 would have reduced to just 1,700.

I need advise on how best to approach this matter because I am very sure that something does not add up.

EmmanuelEwumi
Agbalowomeri
Streetinvestor2
Megawealth01
KarlTom
Emmaodet
EDUECO
Jonnysessy
SonofElElyonRet
Pennystockwarri
yMcy56
PuristForest

emmanuelewumi:
Contact CSCS for the transaction history of Wema Bank on your account. It should cost you N200 or thereabout

Hamachi:
First, don’t panic. This kind of issue happens more often than you think, and the good thing is that you already have your CSCS number and CHN — that means your investment is traceable.

The drop from what you expected (20k shares) to just about 1,700 is huge, and you’re right that something doesn’t add up. Sometimes, companies like Wema Bank go through share reconstructions — for example, 10 old shares might be merged into 1 new share. That can reduce the number of shares on paper but shouldn’t make you feel like your money just vanished.

Still, there’s another possibility: some stockbrokers in the past have been known to sell people’s shares without permission, especially when they think the client has forgotten about the investment.

Here’s what you should do in plain steps:

1. Go to CSCS directly (not just through the broker) and ask them for a full breakdown of your account from 2007 till now. That way, you’ll see every transaction — whether any shares were sold, when, and by who.


2. Write a formal letter to the stockbroking firm, telling them you never authorized any sales and asking them to explain the reduction.


3. If they start giving you excuses, take it to SEC Nigeria (the regulator). They handle complaints like this all the time, and if your broker messed up, SEC can step in.



The key is: don’t rely on phone calls and verbal promises. Put everything in writing. Once you get the CSCS statement, the truth will come out — whether it’s just a legitimate “share reconstruction” or your broker was playing games.


Treat this like a paper trail investigation. Start with CSCS, then confront the broker, and escalate to SEC if needed.

alterego17:
Hi plz I just came cross my late dads different shares certificates he wrote down in his diary in his room... kindly help me with procedures of getting this shares claimed from each of d company's he had d share with

Hamachi:
http://sec.gov.ng/non-mandated/

Search for the his name with this link O shared. Then send a mail to the registrar.

alterego17:
Thanks alot for this brother..I Sister really do appreciate

Hamachi: