Dejipumpin:


All i can see from these posts is personal beefing. I believe some guys/coy paid you to write all these image denting stuffs about Cashcraft. Even a layman would know that you're being baised after reading your initial posted beef-talk. No matter your dealings through them, i'm of the opinion that you can still settle issues through your account officer or whoever manages your account, and not to come to the forum to post topic that draws undeserved
recognition & unnecessary attention to you. If you care to know, i'm one of the people that believe in Cashcraft as one of the best Stockbroking, Portfolio Mgt, Asset mgt & Investment coy in Nigeria. Case closed! ! !

That's not true. I've lost a lot of money too dealing with Cashcraft. For the past 5wks, I've been palcing SELL order on my FIDELITY shares, needed the money to settle urgent issues. Called broker every week same story, she'll remind them next day. Spoke with her last Sunday evening ( Nigerian time), FIDELITY STILL NOT SOLD today!!!! They bought Oceanic @ a high price after I cancelled my buy order, the list goes on,   Cashcraft should just sit up ( if possible) or pple should look elsewhere. I'm planning to sell off all I have with them ( by the grace of God), and move on.

I think we should all do more.I have personally printed my account from their website and sen a petition to SEC and copied their MD.If we all report the issue to SEC I can assure they will sit up.

If after all these warnings people still go to cashcraft then blame yourselves.I was fooled by a smart talking account officer who knew nothing about stockbroking.Trust me I don't work for any other broker,I am a VICTIM of the vultures and vampires in CAshcraft!

Dejipumpin:


All i can see from these posts is personal beefing. I believe some guys/coy paid you to write all these image denting stuffs about Cashcraft. Even a layman would know that you're being baised after reading your initial posted beef-talk. No matter your dealings through them, i'm of the opinion that you can still settle issues through your account officer or whoever manages your account, and not to come to the forum to post topic that draws undeserved
recognition & unnecessary attention to you. If you care to know, i'm one of the people that believe in Cashcraft as one of the best Stockbroking, Portfolio Mgt, Asset mgt & Investment coy in Nigeria. Case closed! ! !

make i do small gbeborun for here sef.

deji, i am glad u have had a good experience with cashcraft. good for u.

that said, it is not particularly sharp to deem other people expressing their experiences as having a personal beef with cashcraft. fellas have lost money or at best not made money since they've been with cashcraft and should not be castigated for saying so. of course there are exceptions to the rule and in this case u are one of the few exceptions. the majority of people who are with cashcraft have astonishingly similar stories of woe to tell about cashcraft. how do u explain the fact that not 1, not 2 people have issued sell orders only for "one of the best stockbroking,portfolio Mgt, Asset mgt & investment coy in Nigeria" TO GO AHEAD AND BUY THE SAME STOCK?

in the business of investing, this is a major, major NO-NO! and relaly cant be excused if its a recurring pattern.

its by making these kind of observations that changes will be made for the better and not by supporting and not allowing criticism. the fellas wo have decided to go public are doing it after all else has failed. If cashcraft is as u say one of the best then they should listen to the complaints of their customers and take appropriate action to correct the situation in a manner acceptable to the customer regardless of the size of their portfolio. a customer with N200 and another with N2b both have the right to be treated equally but not in naija. Why?

I am sure fellas from cashcraft will get to hear of this thread that has been startrd just for them and if they are as good as u say, they will revamp their internal prcesses to provide better customer satisfaction. then and only then will fellas stop expressing their displeasure at sheer ineptitude on cashcraft's part. WHAT IS NOT GOOD IS VERY BAD!!

Dejipumpin:


All i can see from these posts is personal beefing. I believe some guys/coy paid you to write all these image denting stuffs about Cashcraft. Even a layman would know that you're being baised after reading your initial posted beef-talk. No matter your dealings through them, i'm of the opinion that you can still settle issues through your account officer or whoever manages your account, and not to come to the forum to post topic that draws undeserved
recognition & unnecessary attention to you. If you care to know, i'm one of the people that believe in Cashcraft as one of the best Stockbroking, Portfolio Mgt, Asset mgt & Investment coy in Nigeria. Case closed! ! !

You've got to be kidding me. You sound more like a Cashcraft employee. I have given cashcraft a very long rope and they have shown me sufficient proof that they cannot deliver good service if their licence depended on it. This is a thoroughly imcompetent company that does not deserve patronage from any serious minded person.

The company also has in its employement a bunch of very dishonest account officers that try to cut corners to make a cut out of your transactions. This is a useless company and I will challenge anyone that wants to defend them.

Why will it take 5 months for cashcraft to pay a customer the proceeds of a sale? That is corporate stealing.

Dejipumpin:


All i can see from these posts is personal beefing. I believe some guys/coy paid you to write all these image denting stuffs about Cashcraft. Even a layman would know that you're being baised after reading your initial posted beef-talk. No matter your dealings through them, i'm of the opinion that you can still settle issues through your account officer or whoever manages your account, and not to come to the forum to post topic that draws undeserved
recognition & unnecessary attention to you. If you care to know, i'm one of the people that believe in Cashcraft as one of the best Stockbroking, Portfolio Mgt, Asset mgt & Investment coy in Nigeria. Case closed! ! !

Case closed ke? Case never start sef. The fact is that if 50% of cashcraft's disgruntled customers had the opportunity to post here or knew that this thread existed, you would see at least 80 replies a day. The fact is that cash craft is a complete mess-up. (Do we want to start from Nascon shares sale?) They have to retrain all their staff if they want to stay in business.

Mind you, they are not one of the top 10 stock broking firms in Nigeria so why would someone "pay people" to bring them down _{u wan turn to mel gibson for conspiracy theory?.} Please wise up o, except u wan dash person your money.

cashcraft

Dejipumpin:


All i can see from these posts is personal beefing. I believe some guys/coy paid you to write all these image denting stuffs about Cashcraft. Even a layman would know that you're being baised after reading your initial posted beef-talk. No matter your dealings through them, i'm of the opinion that you can still settle issues through your account officer or whoever manages your account, and not to come to the forum to post topic that draws undeserved
recognition & unnecessary attention to you. If you care to know, i'm one of the people that believe in Cashcraft as one of the best Stockbroking, Portfolio Mgt, Asset mgt & Investment coy in Nigeria. Case closed! ! !

Mr Dejipumpin or what you call yourself, i believe you are the one been paid to cover up for them. This is the reason why we nigerian's dont grow. I am telling you a live experience i had and you say I was paid. I dont blame you. may be you are one of their staffs. I have tried all means to rectify the account anf nothing was done so i had to remove my money. Continue to defend them my friend and one day some thing like this will happen to you

Cashthieves won a case in court recently,  i read somewhere.
But, does anyone know - if this would change anything?

Ahh!!!!!!!!!! thank God I was going to open an account with them but was going to ask the gurus here. and to God be the glory i saw this thread.
nairalanders una thanks youuuuuuuuuuu oh. it would have been from frying pan to fire for me. cos from wat i see here my dangerously slow broker looks better.

Hmmn, no comment

SavvyLanre:

Cashthieves won a case in court recently,  i read somewhere.
But, does anyone know - if this would change anything?

Cashcraft did not win a case.They sold 9,000units of Mobil shares for a client without authorization.NSE ordered them to pay the guy 50% of the share value.Meaning-they paid the guy 50% extra in addition to his shares they sold.The guy was not satisfied and he took the MD and another senior partner of CAshcraft to the Stockbrokers Institute to get them decertified.The Institute ruled that the MD of CAshcraft was not directly responsible for the sale of the shares.Meaning the actual stockbroker who sold the shares on behalf of cashcraft should have been the one sued.

blueband:

Cashcraft did not win a case.They sold 9,000units of Mobil shares for a client without authorization.NSE ordered them to pay the guy 50% of the share value.Meaning-they paid the guy 50% extra in addition to his shares they sold.The guy was not satisfied and he took the MD and another senior partner of CAshcraft to the Stockbrokers Institute to get them decertified.The Institute ruled that the MD of CAshcraft was not directly responsible for the sale of the shares.Meaning the actual stockbroker who sold the shares on behalf of cashcraft should have been the one sued.

Walahi, i no blame the guy for suing the MD o, a thief and his boss, equals to what?

There is a saying that where there is a will, there is a way. Apart from Bluband,s suggestion that we should personally forward our petitions to SEC, How easy is it to transfer shares from one stockbroking house to another and whats the lawif the stockbroking house is refusing to transfer the shares. Even if it means paying a fee to transfer shares , i think that will be another easy solution to this winchcraft wahala? has anybody tried transfering shares from Cashcraft? These guys cannot be above the laws or are they greasing some palms in SEC? . Your contributions are welcome and please if you know the law governing the transfer of shares especially when one of the stockbroking house is refusing, let us know

I use cashcraft as my only performing stockbroker for now. I wouldn't want to join issues with any one on this forum. However, your experience with cashcratf, no matter how ugly it may be, does not mean it is a bad company afterall. For me , Cashcraft is good good at least for now in the following areas:
1. Prompt execution of orders( Max 4 days).
2. Online dealing/trading facilities
3. Online payment facilities
4. Online real time remittance of proceeds to my bank account(UBA/GTB)
5. Buying/selling has been good since 2000.
6. online technical analysis.
7. Functional website with latest daily update of price movement .
8. Stock analysis/recommendations.

The list is endless.

I will like to challenge anyone to match the qualities listed above with any other stock broking firm in Nigeria that has better facilities where you can monitor and track your account without the stress of making series of phone calls.

I am here in the UK and I have never visited CC since I opened my account. Their quality of service outweighs their shortcomings.

I must say though that, I regret opening account with UBA as recommended by one of the contributors on this forum. UBA does not have on line presence. I paid into their account since January to buy BUY INSURANCE STOCKS, BUT NOTHING WAS DONE ABOUT IT TILL NOW. My money is still there with no one to hold accountable. But with CC, when I transfer money from GTB/UBA account, my stock broking account is credited almost immediatley. Also when I request money to be paid into my bank, it is done real time and money in the account the next day. So what CC is doing to me is great, their shortcomings nothwithstanding. Pls call their offic and settle your case with them. I am sure they will be glad to correct any error arising from their side.

Problems are everywhere in the world and mistakes are made by even the so called developed world. What makes the difference is ability to resolve the conflict and move on. Although, I am not saying people should not criticise but it has be constructive and not to bring down the company. Lets try to find a way of addressing our grievances without the need to bring ourselves down. If you know what it takes to set up business in Nigeria and survive, then you will appreciate what CC is doing. Pls lets stop this campaign of calumny and face the issues head-on.

I will like to open a debate on the activities of the so called good brokers like Zenith, UBA, fisrtbroker, CC, Afriinvest etc compare their services with evidence and draw a conclusion. I will produce all my transactions/dealings with CC on this forum.

I challenge everyone to produce evidence of their transactions with CC for comparism so that we can be better informed of what each broker is actually doing.

Prince.

I am not holding brief for  Cashcraft and do not have any dealings with them
From my experience with the investing public,  there is a lot of ignorance among the investors.
There is a need to understand the market before heaping insults on  the operators.
2006 and 2007  were very active years in the stock market and many companies could not cope with the demand/supply of shares.
When some specific shares are scarce , some investors might not believe as long as the shares are traded .
Investors should make out time to visit the brokers instead of heaping insults on them.
One lousy marketing or admin staff  might be the problem and not just a whole company

hmmm Princesege, are you sure you are telling us all.
However, i like what you have said and shows some sincerity about the issue at hand, Is it possible, that this is due to how long your account has been active with them and relationship with your account rep (as in you take care of them financially) - which to me is OK, as long as it is not forced or coerced?

When next you talk to your account rep. please tell him about the beef we have with them here - and how they suggest we resolve this amicably.
Thanks,

@Prinsege - think i agree with you about UBA as well, heard the same complains, but people are also taking advantage of the credit facility, so they cannot win all the time.
However, if you are looking for comparison anyday - i would put Zenith over CC anyday.

Obua I thought you were going to educate us as a lot of investors are ignorant but I am sure kindegaten Kid will do better than you.if you have no dealings with Cashcraft, you cannot be contributing because you dont know how it feels when stockbroking house starts messing up with your hard earned money. if companies cannot cope with the demand of buying stock , whose fault is that? is it the investor,s fault? why do you collect money and not execute orders. Why are they so difficult when it comes to transfering your account from one stockbroking house to another? when the money is being pushed into the account to buy shares why dont you advice the investor that its difficult and he should go to another stock broking firm? so I have to travel from where I am to Nigeria to know what is happening . Well i could have ignored your post but i wanted you to see the "no sense" in it and I hope it sinks . I think its very rude of you to describe investors as ignorant and yet you didnt have a single iota of enlightenment in your post . Think before you write. enough said

@scofild
I think it all depends on why u bought the stock, was it a cico or was it long term hold and at what prz you got in, as for me i felt like having a stock in that sector, so am in for the long haul i will not be pertubed by movements like the ones we have witnessed in the recent days and also i try not to time the market, i leave that to the experts and those with the time and the type of brokers.So my bros think bout it, if you are in for cico may be u should consider other stocks that have better potentials in the immediate, but if u are in like me i believe there are better days ahead.
As usual, all caveats apply.
Good luck to u.

does anyone have info/contact person at bankphb's sharepurchase program, please let me know At solaceonyix@yahoo.com.

I thank God almighty for stumbling on this thread. I was just thinking of opening an account with these
people. God Bless you all.

@All

Guys, I don't understand what is happening, has Seun locked the other thread for good?
Ha!!!!!!!!!!!!

Anyway, if that is the case, I guess SavvyLanre opened this one, why don't we just continue our discussion here?

or what do you guys think?
but we will need a way to let others know, we just have to figure out something so we wont have divided house with many threads talking about the same thing.

@Jideakins
https://www.nairaland.com/nigeria/topic-122068.64.html
http://www.stockmarketnigeria.com/forums/nigerian-stock-exchange/770-nigerian-stock-market-tips-11.html

Lets see what happens in a couple of days, as most of us prefer nairaland in comparison to SMN

SavvyLanre:

@Prinsege - think i agree with you about UBA as well, heard the same complains,  but people are also taking advantage of the credit facility, so they cannot win all the time.
However, if you are looking for comparison anyday - i would put Zenith over CC anyday.

@savvyLanre,
I am conducting a research on the best broker in Nigeria with the following facilities as parameters:
1. Online presence(Real time)
2. Online orders (ie buying and selling real time)
3. Technical analysis ( daily update)
4. Online payment option from bank account to stock account realtime(and Vise versa)
5. Monthly Online CSCS account update( CC curently provides this data from CSCS)
6. Commission for buy/sell orders
7. Interest charged perday/permonth if you go overdrawn on your trading account.
8. Number of days taken for execution of orders.
9. Days taken to transfer money to your bank account.
10. Credit facility given and at what rate.
11. Overdrawn limit if any.


Is it possible we compare notes on the above details on all the brokers in Nigeria with a few to making an objective comments and an informed conclusion backed up with facts and not sentiments.

This is a reasearch project which is worth conductingfor the pupose of education and clarity.

I just collected Cashcraft form wanting to open an account with them. Now with all this allegation, I am having a serious rethink. I wish one of their PR Officer will respond to the issues raised by posters on this thread.

Actually make I confess,na me be the person,I just met this girl I like so much and that is what she is insisting and by the way me I never ready to marry now, My plan na to marry in the next 3 or 4 years, so dating for a small period no dey for this matter, how I go do people

@ all

It's baffling the a new stock broker could be this inefficient. But i think we need to educate ourselves on our rights. The contract between an investor and a stock broker is not more different than a principal - agent relationship. An agent cannot be TOO powerful to disobey his/her principal's WISH. How could you instruct your broker to buy but it turned away only to sell? it's unprofessional, unethical and absolutely unacceptable in any part of the world.

However, any instruction to your broker should hence forth be BLACK AND WHITE, with a received copy duly signed by the broker's receptionist or other responsible officer.

Request for your statement of account periodically and bring any identified anomaly to their notice also in WRITING. Write a strong worded but courteous letter to them disapproving and additional cost that might arisen from their negligence.

Diversify your portfolio management by having more than one broker. Dont also forget that you have the right to change your broker at will without given explanation to any one.

A word is enough for the wise.

obxddon:

Actually make I confess,na me be the person,I just met this girl I like so much and that is what she is insisting and by the way me I never ready to marry now, My plan na to marry in the next 3 or 4 years, so dating for a small period no dey for this matter, how I go do people

guy u read this thread at all b4 u post? never knew cashcraft was this bad?

Never knew cashcraft was this bad o

Just submitted a form to open an account with them.

@Topic
A Broker

Current problems and solutions surrounding stockbrokers, SEC, NSE, CSCS, and securities industry in general in Nigeria

objective view

- no harmonised  software system that allows buying and selling , that can easily be branded for stockbrokerage use and therefore use by shareholders

- issues of strike, internet inavailability/ network outages

- stockbrokerage don't have technical know how to implement information technlogy and so staff are overworked and underpayed for jobs that can use computer and information technology.

- there are a lot of laws or rather lack of laws that do not cover gray areas regarding the securities industry

-poor communication via email, phone, fax etc

- some brokers advertise stock analysis and portfoio software that they dont have just to attract share holders

subjective view (my personal view)

- there are saboteurs in our midst that are either c.i.a operatives pretending to be nse and stockbroker staff whos aim is to slow down and
prevent nigerians and nigeria from prospering by buying and selling of stocks

- that certain individuals and groups (including banks and trusts)  both local and international have purchased
bulk stocks of these companies for the next 20 or so years. thereby making only few of these shares available this is why
stockbokers in nigeria tell you not all stocks are available. these groups then re-sell these shares for extra profit in a foreign stock exchange
usualy in america, uk, south africa etc and call them small cap  or mid cap stocks i.e cheap stocks.

they do this so that the queen (uk) and americans also benefit from our money and profit in nigeria by charging high buy/sell commission . in short its called
neo colonialism i.e a new method of colonialism and slavery.

- the brokers and nse staff themselves want settlement i.e bribe before they bring out these stocks to sell to you.

- the stockbrokerage companies themselves want to make money from your money first before allowing you to buy and sell on your own i.e they wnt to also enjoy inside your money with you. 


soutions

- use of EFCC, NSE, SEC to report these sabotuers and erring stockbrokerage firms

- stockbrokerage should implement and computerize more so as to make job of brokers and staff easier

- a presidential task force combining staff from the folowing areas to steamline and allow NSE, SEC, CSCS, EFCC,  SSS, senators, ministry of finance, bank reps, stockbrokerage reps, Nigerian bar association reps. to make this information system and buying and selling of stocks in nigeria hitch free and without corruption and sabotage.

-need for creation of laws for more comprehensive securities industry

- ndidi onwurike, cecelia ibru should be sacked because if men where there a better job would be done in areas of cscs, nse etc

- allow free flow of communication via various methods

War of words against cash What now, hey guys check out CORDROS CAPITAL those guys create wealth . But make sure you are an investor not a gambler!

i really thought about investing with this company, please anyone know any company to invest money with for a long term and i need proven results please.