NBA:

@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.

I thought the charges where minimal, at least when u use the NRN Savings? Pls confirm that, cos I am on my way to opening a NRN account myself this weekend.

Thanks.

Hi Guys,

You guys are great by going for UBA NRN. They have a lot of things but their charges are a bit on the high side.

You guys should go head and open the account but make sure you use you savings account more than current account.

I use UBA NRN for many things and their services are good. I was told that they will set up their on line services as per stock trading very soon.

I wish you guys well.

Peace.

[CBN ready to license foreign banks, says Soludo]

Hi everyone,
I got this from Proshare website. Do you guys think our indigenous banks can withstand fierce competition from foreign banks if licensed to operate in Nigeria? I'm sure the gurus in the house can help us thrash out this.
Cheers,
Tosjay

P.S. Please read the story below.

====================================================================================================
[Proshare News and Analysis

CBN ready to license foreign banks, says Soludo
Posted Wednesday, November 14, 2007

Governor of the Central Bank of Nigeria, Prof. Chukwuma Soludo, has said that the CBN is ready to license foreign banks to operate in the country. However, the governor, who spoke at the National War College Course 16, said that such foreign applicants for banking licence should meet the CBN’s requirements, which include possession of a minimum equity capital of N25bn.



He also spoke on the Financial Services Strategy 2020 and the Nigerian Economy.



Three banks – Nigeria International Bank, Standard Chartered Bank and the IBTC Chartered Bank (which recently merged with Stanbic Bank) have dominant foreign ownership.



Institutions likely to benefit from a new licensing window include the Islamic Development Bank. IDB’s Country Representative, Chief Bisi Ogunjobi, recently disclosed that the organisation was seeking the nod of the apex to establish a full-fledged Islamic retail bank in the country.



Soludo said the deregulation of the financial industry did not imply that foreign institutions could take over the nation’s financial system.



According to him, ownership of dominant financial institutions has implication on a country’s security.



On the gains of economic reforms, the CBN boss said total credit had grown from 18 per cent to 30 per cent of Gross Domestic Product while the economy attracted a total foreign direct investment of $7bn in 2006.



He, however, observed that this was still less than the situation in many advanced countries where credit had grown to more than 100 per cent of their GDPs.



He said new banking institutions to be licensed in the country would not be permitted to take over any of the local banks which the apex bank regards as “our national champions.”



Soludo, while acknowledging the fast rate of penetration of banks since the consolidation exercise, said only 40 per cent of the bankable publics were covered by existing banks and their branch networks.



On FSS 2020, he said the plan was to concurrently strengthen the domestic financial markets; enhance integration with external financial markets and engineer Nigeria’s evolution into an international financial centre.



He said, “The first prong of our strategy for achieving our national aspirations focuses on strengthening our domestic financial markets. We will then use our strengthened financial sector as a catalyst to drive overall economic growth.



“The second prong of our strategy focuses on enhancing integration with external financial markets. We plan to focus on initiatives that would enable the financial sector to reinforce the expansion of our export base. In integrating with external markets, we plan to start with our regional bloc, and then expand to other global economic blocs.”



He said that the third prong of financial system strategy would focus on engineering Nigeria ’s evolution into an international financial centre.



“We plan to become an international financial centre in the medium- to long-term. We intend to leverage an area of strength as a key differentiating factor,” he said. - Punch]
Code:

X-2-X:

I thought the charges where minimal, at least when u use the NRN Savings? Please confirm that, because I am on my way to opening a NRN account myself this weekend.

Thanks.

Yes, the Savings have few charges, I posted these a while back. The checking (current) has much more but overall the charges have not been a deal breaker, I just adapted.

By the way there is a N105 monthly charge on the checking account.

Attention!
Before you think of transferring funds, I must tell you that institutions in Nigeria must first see you, have (receive) signed paper forms from you before doing business. you may consider going to open accounts with continental banks like Zenith Bank, Gt bank (Best on line facilities) etc. Then open the stock account with a broker - IBTC assets management (Good on Online business and principles), FSDH (business experience), BGL (speed of execution), the list is endless. But you must first go to Nigeria to open the accounts and the accesses that will make your presence irrelevant.

Michael (FCA)

ng90118:

Attention!
Before you think of transferring funds, I must tell you that institutions in Nigeria must first see you, have (receive) signed paper forms from you before doing business. you may consider going to open accounts with continental banks like Zenith Bank, Gt bank (Best on line facilities) etc. Then open the stock account with a broker - IBTC assets management (Good on Online business and principles), FSDH (business experience), BGL (speed of execution), the list is endless. But you must first go to Nigeria to open the accounts and the accesses that will make your presence irrelevant.

Michael (FCA)

I strongly disagree with you that institutions in Nigeria must see you before you transfer funds.

Peace.

I agree with you, I opened my UBA NRN account from the UK without ever stepping foot in Nigeria so that bit of Information is wrong

You only have to send scanned copies of the original documents requested and the ATM card, chequebook etc is sent to you by courier
Communication is mostly by email and they are relatively quick to respond to emails compared to other banks

ANother point to note; UBA remit is very uncompetitive compared to other methods of remitting money, i will never use it unless i am desperate
I was quoted a rate of £1 to N247 when the CBN rate was N252 and various others were offering a range from N255- 258, but then i suppose it is easier to send money to Nigeria from the UK through various channels than from the US and those who live in remote places have to use the 'official' channels

Obm

Obamedo:


UBA remit is very uncompetitive compared to other methods of remitting money, i will never use it unless i am desperate
I was quoted a rate of £1 to N247 when the CBN rate was N252 and various others were offering a range from N255- 258, but then i suppose it is easier to send money to Nigeria from the UK through various channels than from the US and those who live in remote places have to use the 'official' channels

Obm

Moneygram was 240 to 1 pound on tuesday !

You use moneygram (and western union)?? Aah Sorry ooh

You might as well just donate your money to charity instead of Moneygram, i have never used them and never will

Obamedo,

what "channels" do yo use?

@ NBA

DON'T YOU THINK THAT VETIVA COMMISSION IS A LITTLE HIGH HIGHER THAN THE RECOMMENDED COMMISSION RATE. THEY ARE MY BROKERS AS WELL WHAT SHOULD WE DO?

There is an informal network of individuals and certain traders who provide exchange services to trusted ones.
It's 100% reliable and introduction is mainly by recommendation.

I am forever being asked if i have more sterling to transfer to Nigeria, the demand seems to be inexhaustible!

Anyway for safety's sake and peace of mind, please do not deal with anyone you are not 100% sure of.

If in doubt donate to western union at least there will be some change left

Mr. Cee:

@ NBA

DON'T YOU THINK THAT VETIVA COMMISSION IS A LITTLE HIGH HIGHER THAN THE RECOMMENDED COMMISSION RATE. THEY ARE MY BROKERS AS WELL WHAT SHOULD WE DO?

@Mr Cee

The allowed range is .75 to 1.5%. http://www.sec.gov.ng/cmocharges.htm

They are charging the max like many other brokers are. I guess we all found out on the Stockmarket Tips for Nigerians thread that brokers commission vary. We should send them a note asking how to reduce the commission, I suspect it will be tied to the volume of transactions but won't hurt to try.

@ NBA

Well said won't hurt to ask and see what their response will be. Though their services are good with their online system you can see everything you have but even at that we will still try to negotiate.

This forum has been very insightful. I have the following questions:

1. What is the minimum to open the UBA NRN Account?
2. After opening the UBA NRN Account, will a stock brokerage account be automatically created?
3. What are the other alternatives to the UBA NRN?
4. What are the other stock brokerage companies with online presence and what is the minimum required by these companies?

Thanks

donne4real:

1. What is the minimum to open the UBA NRN Account?
2. After opening the UBA NRN Account, will a stock brokerage account be automatically created?
3. What are the other alternatives to the UBA NRN?
4. What are the other stock brokerage companies with online presence and what is the minimum required by these companies?

NRN Current (min opening) =  NGN 50000
NRN Savings (min opening) =  NGN 25000

You can specify on your NRN account opening form that you want a broking
account opened, then it will be done simultaenously

See these for NRN details:
http://www.ubaplc.com/newubaplc/pagesNRN.asp?parent=1&id=13
http://www.ubaplc.com/newubaplc/pagesNRN.asp?parent=1&id=1
http://www.ubaplc.com/newubaplc/pagesNRN.asp?parent=1&id=2

As per alternatives, NBA/Etin and others users have talked about Diamond Reach
on this thread (pls browse tru). I know Oceanic bank has one too, see the linkbelow.

http://www.oceanicbanknigeria.com/nid/

Cheers

In addition to @X-2-X's response, the minimum to open the Domiciliary Account is $1000. The minimum operating balance for savings is N1000; the current has no minimum operating balance while the domiciliary is USA 100. I think I funded one then moved the money to the others to satisfy the requirement.


Etin and I have been waiting for the account documentation to be couriered for weeks from Diamond Bank with no joy so can't say what the service would be like with such a poor start.

Other banks have Diaspora offerings - PHB, Fidelity, etc but I don't know anyone using them. Nigeria Galleria site lists banks, stockbrokers, etc in Nigeria with links to their website if available. (http://www.nigeria galleria.com/Banking_and_Finance/Banks.html) Please remove the space between nigeria and galleria in the link, strange but it won't let me post as one word??

@NBA, thanks for this thread.

So in one word the better option so far is the UBA NRN SAVINGS AND VETIVA FOR STOCK BROKERS.


Is that correct.


I currently use LEADS but since they changed my customer service office it's been one kind. So I may diversify.

@cutebabe

Yes, based on my personal experience and that of others posted here. I hope more people with good experiences with other firms will share.

Wow you wont believe this just signed for a DHL package fron Diamond Bank! I was just about to ask NBA how far. DHL tried to deliever it 4 days ago. I will open it and let you know what it contains.

@ NBA et al,

Update on Diamond Reach Account. DHL Recieved today (actually came on Monday but I missed it)
[list]
[li]Cheque book issued in pounds sterling "For use in Nigeria only" a bit strange why would I want to spend pounds in Nigeria![/li]
[li]Internet login[/li]
[/list]

No ATM Card and no instructions on how to use it or what url yo use I guess I may be able to work that out myself

Etin:

@ NBA et al,

Update on Diamond Reach Account. DHL Recieved today (actually came on Monday but I missed it)
[list]
[li]Cheque book issued in pounds sterling "For use in Nigeria only" a bit strange why would I want to spend pounds in Nigeria![/li]
[li]Internet login[/li]
[/list]

No ATM Card and no instructions on how to use it or what url yo use I guess I may be able to work that out myself

@ Etin
Good news, so the account has actually being opened. I was begining to doubt them.

The guy over there told me my package was sent two weeks ago, but I have not received anything yet. I sent a mail but no reply. Now, I can hope that the package is in transit.

Etin, do you have an idea when the package was sent originally?

@NBA,

Thanks for your quick response.
What about remitting money from Nigeria to UK.
Who has the best rate and how do you go about it.

Also if I need to give money to someone in Nigeria from my UBA account how do I do it.

@Manjiro

Man Jiro:

@ Etin
Good news, so the account has actually being opened. I was begining to doubt them.

The guy over there told me my package was sent two weeks ago, but I have not received anything yet. I sent a mail but no reply. Now, I can hope that the package is in transit.

Etin, do you have an idea when the package was sent originally?

Accounting Process started: 03/10/2007
Date the Login detailed where despatched : 31/10/2007 (Username, Password)
Cheque book - no details
DHL despatched: 15/11/2007
DHL 1st attempted delievery: 19/11/2007

It seems the bank in Lagos waited to get all the bits together before sending them all by DHL

cutebabe:

@NBA,

Thanks for your quick response.
What about remitting money from Nigeria to UK.
Who has the best rate and how do you go about it.

Also if I need to give money to someone in Nigeria from my UBA account how do I do it.

@Cutebabe

Login in to UBA direct and click on 3rd party transfers, the rest is self explanatory

Ciao

Etin:

@ NBA et al,

Update on Diamond Reach Account. DHL Recieved today (actually came on Monday but I missed it)
[list]
[li]Cheque book issued in pounds sterling "For use in Nigeria only" a bit strange why would I want to spend pounds in Nigeria![/li]
[li]Internet login[/li]
[/list]

No ATM Card and no instructions on how to use it or what url yo use I guess I may be able to work that out myself

@Etin

Great news! They sure took their time and yeah that is weird with the Pound Check book Wondering about that, I assume they will send me a $ Check book?

cutebabe:

What about remitting money from Nigeria to UK.
Who has the best rate and how do you go about it.

@cutebabe

I haven't had to do this through a service but UBA can do such for NRN customers. Here is a previos post on this.

About sending money from Nigeria abroad, below is a conversation I had a while back with my relationship manager. I have not had to do this yet though.

Question to UBA: What options do I have to remit money back to myself in the US?

Response: To effect transfers to your US address, kindly give us a duly signed instruction to transfer to your account in US stating your bank’s SWIFT details. It typically takes two days to reflect in beneficiary account.

Question to UBA: That's good, how much does this transfer cost?

Response: Its 0.5% of amount transferred plus VAT (5%) and a telex charge of USD 25.

@NBA

Good news I am sure it will as easier to send money to UK.

This thread has been helpful. I have printed the NRN forms, to opn the savings acc.
That will serve me till I can go to Lasgidi to sort Guranty et al.

NBA:

@cutebabe

I haven't had to do this through a service but UBA can do such for NRN customers. Here is a previos post on this.

About sending money from Nigeria abroad, below is a conversation I had a while back with my relationship manager. I have not had to do this yet though.

Question to UBA: What options do I have to remit money back to myself in the US?

Response: To effect transfers to your US address, kindly give us a duly signed instruction to transfer to your account in US stating your bank’s SWIFT details. It typically takes two days to reflect in beneficiary account.

Question to UBA: That's good, how much does this transfer cost?

Response: Its 0.5% of amount transferred plus VAT (5%) and a telex charge of USD 25.

Hi NBA,i have seen your post, it is interesting.Can you give me a good stock broker,which i can use to buy share and which bank should i use though i use UBA.Is there anyway i can open an Account for N50,000 or N100,000.

Hope to hear from you

Etin:

@Manjiro
Accounting Process started: 03/10/2007
Date the Login detailed where despatched : 31/10/2007 (Username, Password)
Cheque book - no details
DHL despatched: 15/11/2007
DHL 1st attempted delievery: 19/11/2007

It seems the bank in Lagos waited to get all the bits together before sending them all by DHL

Thanks Etin.

Does anyone know where to get year end dates for all or most listed companies? I have tried Cashcraft but i need more details.
Cheers.

Man Jiro:

Thanks Etin.

Does anyone know where to get year end dates for all or most listed companies? I have tried Cashcraft but i need more details.
Cheers.

Register at Nigeriansecurities.com and go to the valuation page.

or

Register at FSDHSecurities.com and the daily report has that info

or

Go to IBTC's research center and download the free "stock select" file

easimoni:

Register at Nigeriansecurities.com and go to the valuation page.

or

Register at FSDHSecurities.com and the daily report has that info

or

Go to IBTC's research center and download the free "stock select" file

@ Easimoni

Cheers