Nigerian Banks, Stockbrokers, And Services For Nigerians Abroad

@NBA,
I've been charged 1.5% since the new June fee schedule even for small purchases. So I think it is the porfolio size but I might be wrong probably better to get confirmation via email with them.

@NBA

You may want to forget Afrinvest as they have a habbit of not responding to emails. I contacted their London branch just before UBA bought it. An email was sent by Jon in the London office to the head of securities Afrinvest WA its about a month now still no response. Easimoni uses them maybe he can give you a tip on how to reach them as for me wont be going there.

@ NBA.
Some questions for you as the resident expert on UBA:
(a) Does UBA create a CSCS number for you when you open a trading/broking account or do you have to already possess one to use that service?
(b) Can I transfer money from my US account to my UBA account? Is there a charge for the wire transfers?
(c) Can my family deposit money into my UBA account in Naira from Nigeria and I transfer it to my US account ( say Bank of America)?

Thanks for your response.

@UBA
Many thanks,

NBA
I sent my uba forms to their new york branch today
I reckon it will be faster since they have less holidays than those in nigeria- _{Sallah two days, Xmas 2-3days and New Year 2-3days}
but they might just send it to their main branch in Nigeria 
what do you think?

@Dis Guy,

I agree with Naijrdr to cut out the middleman.

However, I scanned and emailed all my application documents to them and it was accepted, can't beat that unless they changed the rules. If I have to mail stuff, I use the post office priority mail service. It costs $11 and it is 6 to 10 business days but so far they seem to get the mail in a week.

@Dis Guy

Wednesday and Thursday were public holidays in Nigeria.

For stockbroking services there are 2 more forms - Stockbroking account and CSCS form. There is also the Stock Transfer form if applicable. See attached.

NBA, Do you have brokerage account with UBA? I thought u are with Vetiva?

Thanks NBA

Just got informed that I'll need a current account for the stockbroking service
I will print,scan and email the forms you uploaded- think it will be faster
I'm looking to get all these sorted by first week of January


anyone having a problem with GTB online transfer? instead of withdrawing the service
they could have upgraded their security 

Sorry havent been here for a long time,  Sweden would have been kinda nice though. Anyways im practically between Sweden/Finland (my ass cant be in one place-lol) how has it been with UBA's NRN? I havent got time to send their forms yet and thinking i might enter naija next year then prob will do my issues then if i eventually go ther

I have just opened a current & capital market account with UBA stockbrokers

I opened my account about 3 weeks ago. All i did was, fill out the forms, for £38.50 DHL'd them to Patricia Nwadike (UK rep) on a Thursday, she got it on first thing on  Monday (was really impressed), by Tuesday my current account was opened, by Wednesday the next week the capital market account was opened. All in all both accounts took 8 working days (wow!!! couldnt ask for more). I could have scanned and emailed / faxed the forms but what of the passport photos, it also had to be notarised???

The bit I still don't understand is the process of issuing a buy /sell order. As I understand it, you send such orders to your Relationship officer who then passes down to the stokbrokers.

If I send a mandate tonight, does it get to the stockbrokers 1st thing in the morning the next day so it can be actioned on???

My dilenma - why can't I deal directly with the stockbrokers???

What if you send a mandate and he/she is off duty for any reason, or doesnt get to the stockbrokers before they leave for trading for that particular day??? Lost day??? (with its attendant implication on prices) you will agree with me that in this business 1 day makes a lot of difference in terms of entry / exit prices. Most profit in this game is made on entry prices.

Anyone using UBA NRN??? feel free to chip in. I stand corrected if any of my assumption(s) is(are) wrong

Does anyone know what UBAS brokerage charges/fees are???

that is good one Prince11 so wil it be possible to scan only the signature pages and someone back there print the rest and deliver it by hand to UBA branch?

Still need to know about transfering funds from UBA account to GTB account for example online or then, I will have to ask Patricia Nwadike (UK rep)

@bigjay01 , Thanks for the info.

I sometimes wonder what these banks in Nigeria are thinking!!, same problem with all Naija people in diaspora,  and all the banks seems to provide half the solution,

I want to know if I can easily get hold of my money in the NRN account from the UK if I need to - and at a reasonable premium . And a broker who really can execute quickly and keep me informed,  I think UBA is closest to the mark but I am not impressed with what seems to be @bigjay01 experience so far,

Please share any unpleasant experience wuth UBA NRN,

Seasons Greetings Everyone!

Please does any one know what the procedure is to transfer funds to a GTB domicilliary account  from Canada? i know they use anaffiliate bank in the states but the account holder could not give the swift code . i have all the account details  of the account holder but i dont have any thing about the affiliate bank an supposed top use in the states. anybody who has done this should please post details thanks guys

Wishing everyone a healthy and prosperous 2008!!!