@NBA,

If you wire money to Diamond bank how is the bank exchange convertion? I noticed that the difference with the parallel market is more than 5 naira please what is your experience? For the diamond reach account how would I start?

NBA:

@ Etin

Thanks for the update. I think we are now in the same phase of the account opening. I got an email stating the same on September 18 - ATM card, Cheque Book, and login details will be sent by courier. I am still waiting.

From UK standard that's too long any ideas what the average Nigeria time scales are? how much longer do you expect to wait?

@NBA

[tr] Vetiva Nominee Account – is an account that we set up for Non-Resident investors in the Nigerian Capital Market. The Nominee Account essentially empowers us to act and sign on behalf of clients in matters regarding the sale and purchase of equities and any other administrative paperwork on your account e.g. verification of Bonus share certificates, administration of dividend warrants and applications for Public Offers[/tr]

What do you think of this Nominee account? Is it Good or Bad for account holders Your input will be highly appreciated.

@Mr. Cee.

Very good!

Mr. Cee:

@NBA,

If you wire money to Diamond bank how is the bank exchange convertion? I noticed that the difference with the parallel market is more than 5 naira please what is your experience? For the diamond reach account how would I start?

@ Mr Cee,

They have always used the bank rate which is close to the parallel market. I have never bothered about the difference.

Etin:

From UK standard that's too long any ideas what the average Nigeria time scales are? how much longer do you expect to wait?

Yup, I agree. Don't know how much longer, still keeping my fingers crossed.

Panadol:

@Mr. Cee.

Very good!

@Panadol,

Do you use the Nominee Account? I am trying to find out more about it, sure sounds like a good deal for NRN's.

Me I am tring to get any account with Vetiva! I used the link NBA posted
previously, they are yet to reply and its over 2 weeks. I guess I have to
call them.

Any advice?

NBA:

@ Mr Cee,

They have always used the bank rate which is close to the parallel market. I have never bothered about the difference.

Mr Cee,

How long did it take Diamond Bank to set up your acc?

Regards,
Tosjay

@ Tosjay

I don't even have account with Diamond bank but planning to.

@ X-2-X

As per Vetiva issue calling them is the only way out they don't respond to emails written from the address on their website that's my observation. I tried many times without success then I called them and eventually spoke with someone.

Thanks Mr. Cee. Will call them on monday.

@ NBA

Today I read on proshare about someone advising the investing public on how to deal with their brokers the one that caught my eyes was the one I am guilty of "Never use your brokers address when buying shares that will be giving them too much trust" This was exactly what I am about to do with my brocker I advised them to use their address for my PO/IPOs for faster certificate verification. Any advise should I withdraw that I advise or just give them a trial?

I read this article from proshare and believe it might be beneficial to all,

http://www.proshareng.com/myproshare/portal_articles.php?id=1292

Mr. Cee:

@ NBA

Today I read on proshare about someone advising the investing public on how to deal with their brokers the one that caught my eyes was the one I am guilty of "Never use your brokers address when buying shares that will be giving them too much trust" This was exactly what I am about to do with my brocker I advised them to use their address for my PO/IPOs for faster certificate verification. Any advise should I withdraw that I advise or just give them a trial?

Mr. Cee,

That is just the truth. Do not use your stockbroker's address and if you have been doing it, you have to stop it. You are suppose to be in control of your investment.

tonyjon.

Mr. Cee:

I read this article from proshare and believe it might be beneficial to all,

http://www.proshareng.com/myproshare/portal_articles.php?id=1292

@Mr Cee,

Nice article, thanks for sharing it.

I agree with the recommendations though I do use my stockbrokers address myself to avoid complications with sending mail abroad. I have some confidence in a firm like Vetiva but more important is I am able to monitor everything myself online. All my purchases to date can be viewed online, including my POs/IPOs which show up as Primary Issues Outstanding. For the secondary market purchases they always issue a contract note (detailed receipt) which is also viewable online. I also save a copy of all these for myself. I planned to request a CSCS statement every quarter but may change it to monthly as suggested if I carry out a lot of transactions.

My previous broker used my work address in the US as my postal address for CSCS and I wasn't aware until I got a dividend check from Intercontinental Registrars for my Wapic Insurance holding.  I was lucky to receive it as they omitted the building number on the address. Now I have to mail this back to be paid into my Naira account.

Hello all,

I was wondering if anyone here has information on how Nigerians in the diaspora can participate in the ongoing FCMB offer (without going through a stockbroker). My current stock broker does not have a domiciliary account through which I can remitt funds to them and I am currently in the middle of sorting out a new account with another stockbroker.

I was able to participate in oceanic PO in March by transfering the funds to a Special Oceanic Bank PO account setup for Nigerians in diaspora by Oceanic Bank. Does anyone know if FCMB has something similar?

Cheers.

X-2-X:

Hello all,

I was wondering if anyone here has information on how Nigerians in the diaspora can participate in the ongoing FCMB offer (without going through a stockbroker). My current stock broker does not have a domiciliary account through which I can remitt funds to them and I am currently in the middle of sorting out a new account with another stockbroker.

I was able to participate in oceanic PO in March by transfering the funds to a Special Oceanic Bank PO account setup for Nigerians in diaspora by Oceanic Bank. Does anyone know if FCMB has something similar?

Cheers.

Download a copy of the FCMB form, fill it, sign it and then send a scanned copy of the Form to a friend/relation in Nigeria to help you print out. Send money to the person and ask him / her to make payment for the Shares for through any receiving bank. That is how I have been able to purchase all my Dangote Sugar/Flour,Zenith Bank,NAHCO,et al shares. Scanned copies of forms are now acceptable (at least I have my Dangote Sugar and Zenith Bank dividends to show that it works).

LondonCool:

Download a copy of the FCMB form, fill it, sign it and then send a scanned copy of the Form to a friend/relation in Nigeria to help you print out. Send money to the person and ask him / her to make payment for the Shares for through any receiving bank. That is how I have been able to purchase all my Dangote Sugar/Flour,Zenith Bank,NAHCO,et al shares. Scanned copies of forms are now acceptable (at least I have my Dangote Sugar and Zenith Bank dividends to show that it works).

Thanks for confirming this method works. I have been using it but as I haven't got any share certificates yet I couldn't authoritatively recommend it.

Vetiva still insists on sending the hard copy of the application form for PO's. I go this response today.

"Thank you for your email.

We would like to inform you that you would need to mail us a hard copy of the FCMB application form."

[tr]Vetiva still insists on sending the hard copy of the application form for PO's. I go this response today.

"Thank you for your email.

We would like to inform you that you would need to mail us a hard copy of the FCMB application form."[/tr]

@ NBA,

It all depends on who is your relationship officer. You can ask them more about this their Nominee account where they can take care of the PO/IPOs for you but I don't really know how safe that is. Probably it could be because you started with sending in the hard copy and they might not want to change the trend.

@Mr Cee,
I have tried several times but they insist. No worries.

I do not think they had the Nominee account when I opened my account with them or I wasn't informed. I found out about it on this thread and inquired but they said:

We would like to inform you that your account has already been set up as a standard brokerage account. Please note that Nominee Accounts are set up from the onset at the CSCS as Vetiva Nominee accounts.

Hi guys, I am a novice in dealing with Nigerian stock market, however i tried to open an account with IBTC and they sent me a form that requires that i disclose my personal details like DOB, residence and work address, income and mother's median name. A'm a bit worried about disclosing all these information because of Nigeria's reputation with ID fraud. Is there a way around this 'cos i really wanna get into the Nigerian stock mkt.

chiboyz:

Hi guys, I am a novice in dealing with Nigerian stock market, however i tried to open an account with IBTC and they sent me a form that requires that i disclose my personal details like DOB, residence and work address, income and mother's median name. A'm a bit worried about disclosing all these information because of Nigeria's reputation with ID fraud. Is there a way around this 'because i really want to get into the Nigerian stock mkt.

@Chiboyz
Not sure you have a choice, they need a way to identify you. As long as you do not include your social security number (if you are in the US) you are OK. Also IBTC is a reputable firm so one would hope they keep their records secure.

[tr]Hi guys, I am a novice in dealing with Nigerian stock market, however i tried to open an account with IBTC and they sent me a form that requires that i disclose my personal details like DOB, residence and work address, income and mother's median name. A'm a bit worried about disclosing all these information because of Nigeria's reputation with ID fraud. Is there a way around this because i really want to get into the Nigerian stock mkt.[/tr]

The Information they require is in other with the rules they suppose to work with. Your DOB is to make sure you are above 18 years the assumed age of maturity. Your Mothers maiden name is to open CSCS account for you without it you will not have CSCS number so this the requirement of CSCS. Your work address and Prove of Income. They want to guide against dirty money or money laundry They want to know your source of fund. This is also one of the rules they must follow or they will stand the chance of loosing their licence. If you really want to trade on stocks in Nigeria go ahead and fill the forms and warn them of confidentiality.

Hello All,

I finally got the Vetiva Account Opening forms mailed to me. I have filled the form and would be posting it back to Vetiva 2morrow. What I don't know is wether to transfer the initial cash requirement to their account or wait for them to acknowledge receipt of the forms / completion of the account opening before transfering the funds.

Can you guys who opened Vetiva account tell me the correct sequence?

Also they requested a letter of Introduction from either my banker or a vetiva client. As I don't know any vetiva client, I will ask from my bank, something tells me they may not oblige my request, in which case I plan to send the forms /documents without an introduction letter. I am being shortsighted ? Anyone did something similar.

Please advice a confused brother.

Thanks

@ X-2-X,

Make sure you get a letter from your bank and send it to them.

Obey their instructions and do the right thing. They will surely allow you to open the account.

Peace.

Hey guys,

Still nothing new from Diamond bank per account documents 2 months into the Diamond reach application.

@NBA

Hmm. Not looking good at all. How much delay did you experience with UBA NRN?

@tonyjon - went to the bank, no show; luckily I found an old pal that is already a Vetiva client, he is writing me the Intro letter.

Thanks.

@X-2-X
To my suprise, my UBA NRN experience (if I ignore the charges) have been quite good. The account was opened in 1 week and the online access was completed in another 2 weeks.

@ NBA

Hi NBA, I was half expecting you to be announcing that your waiting game for the Diamond Reach Account was finally over! Well it looks like the winner is UBA NRN. I have not heard anything either but was hoping you had so I could have an estimate of how much longer mine would take.

Hi Etin,

Yeah, I know. I do not think the product was ready for prime time when they launched it. I had a naira dividend check mailed to me in the US so contacted them about paying it into my account. 2 weeks no response then after my third email they said to mail it to them. I mailed it to UBA instead.

I hope it gets better but this hasn't been a good start.