When Banks become their own Registrars.

Of late, I’ve been observing the recent trends by our banks after the consolidation exercise. Most banks have decided to open shops as registrars or issuing houses. What this translates to is; if you are an ordinary shareholder in XYZ bank, probably your share certificates and dividend warrants were being posted by GHY registrar.

Recently, I received my dividend warrant from Intercontinental Bank and was surprised to note that I was credited twice with different share unit bringing my total number of share units to 30,000. I decided to make a make a visit to Intercontinental Registrar to complain about this error. On arrival, I was informed by the customer service executive that the mistake did not occur from the bank rather it was the fault of Wema Registrar, who were obviously miffed about losing a client that they decided to mess up the books. (How plausible does this seem?)

The point I’m trying to make here is that if every bank decides to establish its’ own registrar house,  coupled with the fact that banking stocks are the most attractive and lucrative on the stock market, isn’t that a bit crazy. Will they be vying for each other’s account or vying for clients in other sectors such as agriculture, food, beverages and tobacco, insurance and so on. These are some of the questions running through my mind.

As at the time of writing this article, UBA, WEMA, Intercontinental, GTB, First Bank. UBN, Zenith Bank, IBTC, Oceanic are some of the banks that have established their respective registrar outfits.

14 thoughts on “When Banks become their own Registrars.

  1. Bubbles says:

    It’s unfortunate they’re not well coordinated. But just like you currently have more shares than you bought I’m sure some people who had more have had it reduced. That’s sad.

    This is one of the reasons I’ve been afraid to buy shares in Nigeria. I’ve read complaints in the newspapers where people bought shares years back and are yet to receive their certificate. It’s scary investing so much money only to gain nothing in the end. But I like to believe that’s an exception not the norm.

    January.. I would like to invest in the Dangote Flour Mills shares and was wondering if you could give me some advice. I don’t know any stock brockers… plus I think it’s pretty late to engage one. I’m new to it so I’m not really sure how to go about purchasing it. I would really appreciate it.

  2. January says:

    Hello Bubbles, regarding the Dangote Flour Mills initial public offer, you don’t need the services of a stockbroker. I’d advise if your account is domiciled at either GTBank or Zenith Bank. Just walk in and ask for the forms, fill and pay for the number of units you wish to purchase. You may either do this via fund transfer to avoid the hassle of withdrawing the money and then queuing up to pay the money into the Flour Mills account. Just inform the cashier that you’d like to transfer the sum to the Public offer account. They’ll put you through. Hope this answers your question.

  3. bubbles says:

    Hi January. How’s everything going?

    Everything went well. I asked when I would get the share certificate and the bank said they are just marketers. That it was up to the company to distribute it to buyers when they were ready. So… I’ll be waiting.

  4. January says:

    Hi Bubbles, I read in the papers that the share certificates will be posted within 15days once the share allotment has been announced in the papers. I’ll keep you posted as soon as this happens. All the best in your pg studies.

  5. January says:

    Hello David, you can retrieve your expired dividend warrant by writing a letter of revalidation to the registrar. I’d advise you take this letter down to Wema Registrar yourself so that this can be effected imediately. If it’s not possible for you to go, you can write a letter of authorisation for someone to act on your behalf. Hope this answers your question.

  6. Owolabi Adekunle S says:

    i wish to change the postal addres that i filled in my application form last time,i bought wema bank share,and i havent got my certificate yet.hope u can help me out.i bought it at olubadan brach iwo road ibadan.

  7. January says:

    I would advise you to go to Wema Registrar to fill in a change of address form for your Wema shares. If you don’t know where Wema Registrar is, i’d advise you to ask any customer service officer at any Wema Bank branch nearest to you. Hope this answers your question.

  8. January says:

    On the other hand, if you haven’t received your share certificate yet, please fill out an indemnity form when you get to Wema Registrar. It usually take about two weeks for a new share certificate to be issued.

  9. odudu akpan says:

    Hi January, i must say am so impress and excited they way you attend to peoples’ quetons right here. KUDOS TO YOU.

    Please i want to know if Dangote flour mills’ shares certificare has being dispatch.

  10. January says:

    Hello Odudu, as far as I know, Dangote Flour Mills share certificate has been dispatched a long time ago. If you’ve not gotten yours,please get in touch with their Registrar or through the bank at which you puchased..they’ll be able to help you out.


    I purchase 10,000 units of WEMA Bank through Osun State in 2008 and the stock was credited into my CSCS NO:C4286440S but through unknown broker INDPS; INDEPENDENT SECURITIES LIMITED. My reason for writing this is to inform the regisrar that I could not access the broker and this has denied my right issue been received up till now.

    I will be glad if WEMA registrar can give the contact of this broker to enable me do the follow up.


    • Jan says:

      Kunle, i’d advise you get in touch with WEMA Registrar directly by paying a visit to their office. You can google for the address through the Internet.

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