General Shareholding FAQs
DataMax Registrars limited is licensed and monitored by the Securities and Exchange Commission. If you have a complaint on any area of our service, please let us know: we will do our best to answer your concerns.
What do I do?
• When a shareholder has died, anything they owned or owed has to be calculated – this is known as the estate. The estate includes any shares and un-cashed dividend payments. The people appointed to deal with the estate are called executors, administrators or personal representatives.
• As a personal representative, you will need to know how much the shares are worth. We will be able to tell you the details of the shareholding, but we cannot provide a valuation. You can get up-to-date share prices from your stockbroker and newspapers with a financial section, or The Nigerian Stock Exchange website.
• If you are administering an estate, you may need to transfer shares into the name names of beneficiaries.
• The first step is to write to us to let us know what you are going to do. We will then place a temporary marker on the register to ensure that wherever possible, we do not issue further dividend payments in the shareholder’s name.
• You may need advice from your solicitor on how to go about this or you can contact the Probate Registry of the high courts for more details. We will then ask you to return the completed forms with an ‘office copy’ of the grant. This is a copy of the front page of the document which has been sealed by the Probate Registry and issued by a court of competent jurisdiction i.e. the high courts.
• We will then issue a certificate in the new name.
• There is an administration charge to amend the register. The original death certificate is also required. You should also send us the share certificates so that we can issue replacements in the new name.
The following legal documents which includes: the original and 2 copies which has been sealed by the court.
• Letters of Administration
We also need you to send us the following:
• The Original share certificate(s)
• Any un-cashed dividend cheques/Warrants still in your possession
• 2 Copies of death certificate (original copy for sighting)
• Original copy of banker’s confirmation of signature(s) of administrators or executors with their passport photograph(s) stamped by the Bank.
• Covering letter with administrators / executors current address
• Newspaper publication/notice of obituary
• Power of attorney (where applicable)
If you can’t find the share certificate(s) please get in touch with us and we will let you know what you need to do.
When you get in touch with us we will be able to let you know the amounts of any outstanding payments.
• The shares cannot be transferred until the grant of representation has been registered.
If you wish to sell the shares, you will need to contact a stockbroker or financial adviser.
If the shares are held in joint names, we will remove the name of the shareholder who has died and the shares will be kept in the name of the other joint holder or holders. So that we can do this, please send us the following:
• The original death certificate
• All share certificates
• Any outstanding dividend cheques
Yes, you will need to pay a fee. – Please get in touch with us for more information.
You can use online shareholder service to look at a wide range of information about your shareholdings.
This is a service offered by DataMax Registrars which gives you internet access to a range of information about shareholdings on registers that we maintain. This includes holding details (such as name and address), indicative share prices, and recent balance and movements. It also includes information on corporate actions, proxy voting. The service is easy to use because once you have created your online access; information on your holdings is presented clearly and conveniently.
You can only gain access to your own information using your shareholder account number, and your password (which we select and send to your home address or email) and your password (a sequence of numbers and characters that you select) when you logon to our portal for the very 1st time.
At present there is a yearly charge of N1,000.00 for using the online shareholder service.
You must have a holding on a participating register in your name and address to use the online shareholder service.
The main use of the online shareholder service is to give you access to information about your holdings.
If shares are bought or sold through the market, the share register changes 1 week after the ‘settlement’ date.