How long to verify share certificates...

[obinnaD]

Folks,

How long, on the average, does it taken y'all to verify your share certificates?

Again, Mine is taking AGES.

I need Help Oooo.

[wanaj0]

Originally Posted by obinnaD

Folks,

How long, on the average, does it taken y'all to verify your share certificates?

Again, Mine is taking AGES.

I need Help Oooo.

Function of registrars and your broker.

It can take like a month especially if it is First Registrars.

It can take like 6 months if it is UBA Registrars or Union Registrars.

Delays come mainly from your signature not being traceable. In which case, always have a bankers confirmation ready for ALL verification.

The registrars sometimes do delay.

Also you need your broker to follow up and at least get the status.

Hope this helps.

[obinnaD]

Originally Posted by wanaj0

Function of registrars and your broker.

It can take like a month especially if it is First Registrars.

It can take like 6 months if it is UBA Registrars or Union Registrars.

Delays come mainly from your signature not being traceable. In which case, always have a bankers confirmation ready for ALL verification.

The registrars sometimes do delay.

Also you need your broker to follow up and at least get the status.

Hope this helps.

Thanks a whole lot.....

[ajifowowe adeyemi]

Obinna D,

read the discussion on page 4 of Dangote Flour's IPO inching closer and see if it helps. Also, I advise you try to find out (may be on the internet), who the compan(y)ies registrar(s) are and try to call or visi them for proper folow up, sometimes, brokers make use of the information tha you provide.

[chidianosike]

Folks...

I thought i should share this with the house. I am impressed with this descision. I think it also shows that our worries on this forum as well as other investment forums are being heard and there is an attempt to address them. Hopefully this will eliminate all the beuracracy and restore investor confidence in the NSE. And most importantly one can take profit early enough from these IPO's...........

enjoy..


Investors Alert
Dear Chidiebere,

In a bid to improve the efficiency of the Nigerian Capital Market, the regulatory authorities - The Nigerian Securities & Exchange Commission and The Nigerian Stock Exchange; held a meeting with stakeholders (Issuing Houses and Stockbroking Firms) in the market today and the following decisions were AGREED UPON:

1. Henceforth, all public offers would be alloted via electronic means into Investors' CSCS account, this presupposes that before investors apply for public offers they are expected to have brokerage account with a stockbroking firm.

2. Certificates would ONLY be issued if investors fail to supply their CSCS account details on the application form.

3. Central Bank of Nigeria will no longer have to go through the verification process before allotment of the shares as was the case in previous offerings. This has been a bottle neck in allotments for previous public offers because of the beureaucracy involved. However, if there is any need to verify or investigate any application this would be done after the shares has been alloted.

The above decisions have thus been taken to strengthen investors confidence in the market.

For us at Proshare, we have once again been vindicated in our stand on the subject and are very happy that the market has taken action.

Readers would have noticed that in the last two weeks, we have devoted considerable time and attention to the subject of investors confidence and indeed published an article today on the subject titled: INVESTOR RELATIONS: TIME FOR A NEW APPROACH (Personal Finance News and Analysis, Features, and Tools)

This shows that the Nigerian capital market is quite responsive and gives investor issues the priority it deserves. Kudos to NSE, SEC and the Industry Players.

[rose]

SEC, NSE phase out share certificates Dec 2008

This is very good for investors. Hopefully with this, everybody will now be able to put money in IPOs without losing sleep about verification and all the procedures of certificate verification. Maybe we should start smiling!!!

Read story: Vanguard - Business : SEC, NSE phase out share certificates Dec 2008

[faoogoke]

A number of brokers are non chalant toward verification. I gave my broker a share certificate and for over a month the certificate was still with them. They were yet to turn it in to the registar. It was my persistent calls and inquires that led them to discover that the Lagos office was yet to recieive my share certificate. A month lost is a lot of time!

[Babs_O]

The worst registrars is Afribank Registrars. They have not verified May & Baker for over 10 months. They even said bankers authorised signature (1 out of 2) was irregular. Useless Afribank Registrars. Infact I may start avoiding companies that deal with them.

First Registrars are the best. I think they did Dangote in less that a month.

[Gbangban]

My Union Bank shares are yet to be verified after one year with Zenith Securities. I've barked, cried, pleaded, entreated, threatened. Nothing, Nothing yet. God help me.

[pesadilla]

Originally Posted by Gbangban

My Union Bank shares are yet to be verified after one year with Zenith Securities. I've barked, cried, pleaded, entreated, threatened. Nothing, Nothing yet. God help me.

you were barking at the wroung house,no wonder they never cared to open the door for you. stop crying,union bank is under union registra in apapa.

[pesadilla]

Originally Posted by Babs_O

The worst registrars is Afribank Registrars. They have not verified May & Baker for over 10 months. They even said bankers authorised signature (1 out of 2) was irregular. Useless Afribank Registrars. Infact I may start avoiding companies that deal with them.

First Registrars are the best. I think they did Dangote in less that a month.

first registrars is a nightmare,it is a branch of oshodi market.heaps of swealthy people jammed together inside one saloon,you can imagine the odor (they also said one of bankers signature was irregular),after 2 visits i decided to abondone my bank phb dividens,to preserve my health and make a better use of my time.thank God the bonus was credited direct into my account.

[lemerriam]

Hello I would like to know if anyone knows anybody at Afribank Registrars as I would love to verify some certificates,I just received my Value capital Private placement certificate and would like to verify it as soon as possible so i can follow the Buccuours and verify immediately and offload once it is listed on the NSE...............please your help would be very much appreciated

[Babs_O]

Originally Posted by Babs_O

The worst registrars is Afribank Registrars. They have not verified May & Baker for over 10 months. They even said bankers authorised signature (1 out of 2) was irregular. Useless Afribank Registrars. Infact I may start avoiding companies that deal with them.

First Registrars are the best. I think they did Dangote in less that a month.

I am withdrawing this credit given First Registrars as they have delayed a lot of returned moneys. You can imagine they sent me interest on returned money that amounts to nothing while still holding the returned money.

My MAY & BAKER is now in my CSCS, after taking 11 months verification time by Afribank Registrars.

I am now getting wary of PO's because of all the delays and unpredictable back and forth action in the process of verification, plus some other issues.