Go Back   StockMarketNigeria.com Forums > Nigerian Stocks > Other Stocks & Investment strategies

Other Stocks & Investment strategies Discuss other stocks

Welcome to the StockMarketNigeria.com Forums.
If this is your first visit, be sure to check out the FAQ by clicking the link above. You may have to register before you can post: click the register link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below.

Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 13th June 2007, 11:00 PM
olusolakemmy's Avatar
Forum Moderator
Rank: Senior Member
Points: 5,987, Level: 50
Points: 5,987, Level: 50 Points: 5,987, Level: 50 Points: 5,987, Level: 50
Activity: 0%
Activity: 0% Activity: 0% Activity: 0%
 
Join Date: May 2007
Posts: 1,485
Thanks: 0
Thanked 5 Times in 3 Posts
Groans: 0
Groaned at 0 Times in 0 Posts
Rep Power: 9
olusolakemmy will become famous soon enough
Default My Cfao Story

HI everyone,

I bought into CFAO shortly before they were delisted from daily trading due to lack of information and update from my broker.

The moment i heard about the crises,i gave orders that my cfao be sold, its no longer tradeable!!!!!!!!

i called the registrar which happen to be first registrar on the way forward, i was inform that at the last AGM held they agree to pay share holders N3.75 per share under a special scheme inform of dividend, but the intention is to pay back investors, the time the company was delisted, it was N2.79, so i was happy that atleast i will get my funds back.

After about four month, i received my dividend, BUT, instead of sending dividend for 13500 unit which is my holding in the company, they sent dividend for 872unit!!!!!!!!!!!!!!! i rushed to my broker, as expected no expalnation, then i went to the registrar, after so many visit, i was asked to bring my CSCS transaction details for CFAO which i produce under 24hours, then i was ask to check back, two weeks ago, i went back to know how far, the findings is that THE SELLER TO MY ACCOUNT DO NOT HAVE ADEQUATE/ENOUGH UNIT!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

So the remaining 2217 unit in his account has been transfer to my account, that my remaining unit which is 10000 plus is uncertain that i will get it back!!!!!!!!!

The question now is that, how is IT possible for someone to sell shares that he does not have?
what happen if my investment runs into millions of naira, will i loose just like that?
who is to blame? is my broker, the registrar i dont even know.

Is it not the registrar that is meant to give detail of share holding to CSCS and not the other way round?

Because everymonth, my cscs report still read CFA0 -13500, even till date.
Is someone trying to be funny?

everything i heard at the registrar office point to me that we have a long way to go interms of securities of fund, proper computation etc and also that fraud still exist even in co-operate setting

i want this matter to be trashed on this forum and possible way forward, thanks
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
Reply With Quote
  #2 (permalink)  
Old 14th June 2007, 05:47 PM
c kenneths's Avatar
Rank: Senior Member
Points: 16,796, Level: 82
Points: 16,796, Level: 82 Points: 16,796, Level: 82 Points: 16,796, Level: 82
Activity: 0%
Activity: 0% Activity: 0% Activity: 0%
 
Join Date: Oct 2006
Posts: 3,210
Thanks: 32
Thanked 48 Times in 32 Posts
Groans: 0
Groaned at 2 Times in 1 Post
Rep Power: 13
c kenneths has a spectacular aura aboutc kenneths has a spectacular aura about
Default

I would'nt say i blame you much for lack of research before investing, cause most of us are guilty of same offence, infact inearly plunged into the same stock heavily in the mad rush for penny stock. infact a neighbour of mine saved me, he works there and i sat down with him one evening, and over a few bottles of beers, we dissected the company, at the end i learnt a lot and took his advice not to put my money into the stock, for now.

The real blame goes to yr broker for not being on the alert to protect their client from losing his money, also the registrars and even cscs, nse will share part of the blame, or what do others think?
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
Reply With Quote
  #3 (permalink)  
Old 14th June 2007, 06:35 PM
olusolakemmy's Avatar
Forum Moderator
Rank: Senior Member
Points: 5,987, Level: 50
Points: 5,987, Level: 50 Points: 5,987, Level: 50 Points: 5,987, Level: 50
Activity: 0%
Activity: 0% Activity: 0% Activity: 0%
 
Join Date: May 2007
Posts: 1,485
Thanks: 0
Thanked 5 Times in 3 Posts
Groans: 0
Groaned at 0 Times in 0 Posts
Rep Power: 9
olusolakemmy will become famous soon enough
Default

c.kennets,

thanks for the response and i hope to get more from this forum.

NSE keeps lots of companies that are not in active business on their list and people put in alot of money to invest in this coy.

cscs to the best of my knowledge keep adequate record and profile of my account, the only area i have found them wanting is the trade alert which to an extent have not been successful.

The regisrar (first), i dont know what to say about them, is it not the registrar that is meant to have the correct list of share holders?
it is the cscs that have it in this case, infact the registrar had to reffer me to cscs to bring transaction detail before they could establish the fact that i actually bought the units claimed.

So many people make similar mistake, but the co-operate theft that is involve is my problem, how can some sell shares that is not valid?

i dont think it is possible, so someone is playing games or someone somewhere committed a gross mistake by crediting a false account.

If you are in such case what do u do?
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
Reply With Quote
Reply



Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are Off



All times are GMT +1. The time now is 03:24 PM.


Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.
SEO by vBSEO 3.3.0
StockMarketNigeria.comAd Management plugin by RedTyger
no new posts

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37