Reader Tomi writes, “My mum wishes to sell shares of her Nigerian stock, but her broker seems to have disappeared. How can she go about getting her shares sold?”
Unfortunately, Tomi’s mum isn’t the only Nigeria investor to face this problem. In the wake of Nigeria’s financial crisis, the Nigerian Stock Exchange made an attempt to restore investor confidence by suspending 61 brokerage firms that failed to meet minimum capitalization requirements. This resulted in lots of confusion for these brokers’ customers, leaving them with questions much like Tomi’s.
But don’t despair, Tomi. Your mum’s shares most likely haven’t disappeared, and as I’ve learned from the Nigerian brokers quoted below, there are a number of people who can assist you with tracking them down.