AI agents for business finance: what they can and can't do
What AI agents can do in bookkeeping, close, collections and compliance today, where a person must stay in charge, and how to judge a product.
The short answer
Your shares sit in the CSCS depository under your Clearing House Number (CHN), not with the broker, so a quiet broker account does not mean the shares are gone. To reactivate from abroad, confirm the broker is still SEC-registered, update your KYC through them with notarised ID, and obtain a CSCS statement to check your holdings; if you have lost track of the broker, CSCS can run a global search.
Many Nigerians abroad opened a stockbroking account during a boom, bought a few shares, moved, and stopped checking. Years later the broker's phone number is dead, the email bounces, and nobody is sure what is left. The structure of the Nigerian market works in your favour: holdings are recorded centrally.
Where your shares actually are
According to the CSCS FAQs, you open a CSCS account through a stockbroker, and your CHN is your unique investor number. Shares bought through the exchange are held in the depository against that number. Dividends and bonuses are handled by each company's registrar, which pays dividends to the bank account on its e-dividend mandate. So there are three records to bring back to life: the broker relationship, your CSCS account details, and the registrar's details.
Step 1: find out whether your broker still exists
Search the SEC's 'Find a Registered Operator' directory for the firm. It shows each operator's function (for example broker/dealer), address, contacts, directors and account status. If the firm is not listed or is inactive, you will need a new broker and a transfer. Our guide to checking a stockbroker is SEC-registered explains what to look for.
Step 2: reactivate and update your KYC
- Write to the broker with your full name, CHN if you have it, old address and the approximate date you opened the account.
- Send ID. CSCS lists acceptable IDs as NIN card, international passport, driver's licence or voter's card; outside Lagos and Abuja it accepts a notarised ID through your broker.
- Provide your BVN and a current bank account number.
- Request a KYC update for address, phone and email. CSCS says KYC updates are made by letter to its Managing Director through your broker.
- Ask the broker whether any account maintenance or reactivation charge applies, in writing.
Step 3: confirm your holdings
Ask for a CSCS stock position statement. The FAQs say this needs biometric capture at a CSCS office, which is in Lagos and Abuja; from abroad, ask your broker how they handle it for clients using notarised ID. You can also register for CSCS online portfolio view to see holdings yourself.
If you have lost track of which broker you used, the CSCS FAQs describe a global search, covering brokerages and registrars, by visiting a CSCS office in Lagos or Abuja with valid ID, or requested through a broker.
Step 4: recover dividends and corporate actions
While the account was quiet, dividends may have gone unpaid and bonuses may be uncredited. The BusinessDay explainer on unclaimed dividends describes searching the SEC's non-mandated database, completing each registrar's e-dividend mandate form with your BVN and bank details, and returning it through the broker or registrar. It also notes that the Finance Act 2020 lets the federal government borrow dividends unclaimed for six years or more. See tracking bonus shares.
Common problems
| Problem | What usually resolves it |
|---|---|
| Name on CSCS differs from your ID | Sworn affidavit and supporting documents through the broker |
| Broker closed or deregistered | Open a new account and request transfer of holdings; CSCS says biometrics are compulsory for transfers between brokers |
| Bank account linked to dividends is closed | New e-dividend mandate to each registrar |
| Shares held as old certificates | Dematerialise into your CSCS account |
| Account holder has died | Transmission to the estate; see inherited shares |
Example: what to send in your first letter
Example only. 'I opened an account with your firm in 2008 under the name Adaeze N. Okafor, CHN C000000000 (if known), at a Surulere address. I now live in Manchester. Please confirm whether my account is active, send me your KYC update requirements for clients abroad, tell me in writing of any charges, and help me obtain a CSCS stock position statement.' Attach a notarised copy of your passport data page, your BVN and a recent proof of address. A clear first letter avoids weeks of back-and-forth by email.
Keep copies of everything you send and receive, and note the name of the person handling your file. If the broker does not respond within a reasonable time, the SEC directory shows its listed contacts and directors, which you can use to escalate.
Safety
People who 'recover' dormant shares for a percentage sometimes target investors abroad. Deal only with your SEC-registered broker, the registrar or CSCS through official contacts, and never give your CHN, BVN and ID together to anyone who contacted you first. CSCS publishes its contact line on its FAQ page.
Where Pryme fits
If you plan to sell and bring money out, see selling shares and moving the proceeds. A Pryme multicurrency account can hold naira and foreign currencies together, with conversion through Swap showing the rate and fee before you approve.
Questions people ask
Are my shares lost if my broker account is dormant?
Not usually. Shares are held in the CSCS depository under your CHN. A dormant broker relationship does not by itself remove them, but you need to reactivate or transfer to trade or update details.
Can I reactivate my Nigerian stockbroking account from abroad?
Generally yes, through your broker with notarised ID, BVN and updated contact details. Some steps, such as a stock position statement, involve biometrics; ask the broker how it handles clients abroad.
How do I find shares if I forgot my broker?
CSCS describes a global search covering brokerages and registrars, done at a CSCS office in Lagos or Abuja with ID or requested through a broker.
How do I claim unpaid dividends on old shares?
Search the SEC's non-mandated dividend database, then complete each registrar's e-dividend mandate with your BVN and bank details and return it through your broker or the registrar.
Sources
- CSCS frequently asked questions · accessed Oct 2026
- SEC Nigeria: Find a registered operator · accessed Oct 2026
- Explainer: steps for shareholders to get unclaimed dividends (BusinessDay) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.