If a Nigerian company declared bonus shares but you never received them, your entitlement may still be outstanding. This guide explains why bonus shares go uncredited and the steps to claim them.
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When a Nigerian listed company declares a bonus issue, the new shares are credited to every registered shareholder's CSCS account. However, there are several reasons a shareholder might not receive their entitlement: their CSCS account details on the registrar's record are outdated or incorrect; the original shares were bought through a broker that no longer operates and the CSCS account was never properly maintained; the shares were held in a paper certificate that was never dematerialised, so the CSCS account does not reflect the full holding; or the registrar was unable to match the shareholder's records to an active CSCS account.
If you know a company declared a bonus issue but your CSCS balance did not increase, your entitlement is not automatically forfeited. It is held by the registrar until it can be matched to a valid account.
Before contacting anyone, confirm the bonus issue actually occurred. Check the company's annual report, the NGX disclosure portal (ngxgroup.com), or the company's investor relations page for bonus issue announcements. Note the ratio (e.g., 1 for 5) and the record date — you must have held shares on the record date to be entitled to the bonus.
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Log in to your broker or investment platform and check your portfolio balance for the specific company. If the bonus shares were credited, they will appear as an increase in your share count. You can also request a CSCS statement from your broker — this shows every credited transaction on your account. If the bonus shares do not appear and you were a registered holder on the record date, proceed to contact the registrar.
The registrar for the company that declared the bonus holds uncredited bonus share entitlements. Contact them in writing or in person with: your shareholder reference number or CHN; a copy of your valid government-issued ID; proof of shareholding on the record date (CSCS statement, old share certificate, or any correspondence from the company at that time); the company name and approximate date of the bonus issue. Ask them specifically whether your bonus entitlement is outstanding and what documentation is needed to process the credit to your CSCS account.
If your original shareholding was in physical paper certificate form and was never electronically registered in the CSCS, the registrar may require you to dematerialise the holding before crediting the bonus shares. Dematerialisation involves converting the paper certificate to an electronic CSCS entry. The registrar will provide the required form and documentation list. Once dematerialisation is complete, the bonus entitlement can be credited.
If you are not certain which companies you own shares in — and therefore which registrars to contact — a Find My Shares search can identify all holdings registered across your name and personal details. Once the holdings are identified, you can then approach each relevant registrar to verify whether any bonus entitlements are outstanding.
Not sure which companies you hold shares in? A Find My Shares search traces all holdings registered in your name across Nigerian brokers and registrars.
Start a Find My Shares SearchUnclaimed bonus shares do not automatically expire. They are held pending matching to a valid shareholder account. However, the longer you wait, the more complex the documentation process may become. It is better to contact the registrar as soon as you identify a discrepancy.
Yes. There is no statutory cut-off that forfeits your entitlement to uncredited bonus shares. The registrar may require more extensive documentation for older claims, but the entitlement remains yours.
This can happen when shares were bought through a broker that no longer operates or when records were not properly transferred. A Find My Shares search can help locate the original CSCS account and shareholding record, giving you the documentation needed to approach the registrar.
Important disclaimer
This article is for general information and educational purposes only. It does not constitute financial advice or any recommendation. Registrar procedures and documentation requirements can vary. Always verify requirements directly with the relevant registrar. Shares Saver does not provide financial advice.
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