Nigerian Banks, Stockbrokers, And Services For Nigerians Abroad

@ NBA

Hi NBA,

I have had several correspondence from Diamond Bank at the various stages of opening my account:

• After submitting the form online - same day (automated response)
• After sending the scanned documents - same day automated response and an email from a named person the next morning
• Details and reference to pay into the account - same day - automated response and email from named person the next morning
• Confirmation of funds received- 2 days after I send via online banking from my UK Bank - email from named person
• Last correspondence welcome letter with account number and list of services- one day later - automated email

I have been given a toll free number to call which I havent done yet. The email does not let me know what to expect next in terms of internet access, bank cards or charges.

I will keep you posted I hope this was helpful.

@ Etin,

Thanks that was helpful, I went through similar steps. I will try again next week.

Hello NBA and others.

Thanks for this wonderful thread.

I am on the verge of opening a NRN Account, but I don't know how sort out the attestation of photocopies requirement by Notary Public or Nigerian Embassy. I live in a "remote" location in the UK and can't seem to find any Notary Public around, not to mention the Nigerian Embassy.

Can  anyone please enlighten me about any other possiblity? I see there was something about NRN staff, is that limited to NRN accounts opened when the applicant is physically is present in Nigeria what?

Cheers

Hi NBA,

You must be a professional when it comes to stock business. Thank you very much for all your good advise. I have really gained a lot from you and other contributors

Now, I have some questions for you.
1. I recently opened an account with a stockbroking firm and they assisted me to open a CSCS ACCOUNT and I also bought some shares through them (IPO). I am still expecting my shares to be credited to my CSCS ACCOUNT.

This is the question: Is it possible for me to change to another stock broker now?. I want to change because I want a stock broker with good track record.

2. If you have all these stock broking firms on your list, 1. ZENITH SECURITIES, 2. ESL(ECOBANK) SECURITIES, 3. UBA SECURITIES, 4. VETIVA CAPITAL , 5. LEAD CAPITAL AND 6. FUTURE VIEW. Which one will you choose or select, I mean the one you will use as your broker?.

Waiting to hear from you.

tonyjon.

Thanks @TonyJon.

I actually only got interested in all this stuff this year and I am still learning a lot from a lot of the threads here on Nairaland and StockMarketNigeria.com.

I agree with Panadol, I will recommend Vetiva  because I use them and have been satisfied with their service to date. Others with the mentioned brokers please share your experiences.

Zenith requires N5 mil to open an account so that may rule out a lot of people. Vetiva, FutureView, and Lead Capital require N1 mil, while UBA is N250 K but no online access yet.

I will not recommend you try to change brokers now since the PO shares are not in your account, better to keep things simple. I have heard it is difficult to change brokers so I suggest you open a new account with a new broker of your choice and start to fund only the new account. When your PO shares have been credited to your current CSCS account you may then try to transfer to your new broker. The old broker has to sign a release form and some will stall indefinitely to get you to stay. If that happens, leave the account open till you sell those shares and get your money back.

I currently have the same situation with CashCraft though I did not attempt to transfer, I just stopped funding the account until I sell the units with them. Luckily for Cashcraft though, I recently bought the Union Diagnostics Private Placement through them so I guess I am not dumping them anytime soon!

Hope this helps.

Etin, how did you transfer money from your UK bank account online? I am having problem doing this. Cheers

@ Etin

Thanks a lot. I never knew one could do it that way. Went to the Bank and was charged £30.

Do you know if one can still be transfering money through this method after the initial transfer? If possible, one would have to use account no or is it the account name?

Cheers

@ Etin

Thanks

Hi X-2-X

You could ask a solicitor to do the attestation for you. There should be one at your location!

Tosjay

@all Thanks for you response. Well Appreciated.

I will explore your suggestions. The reason why I wanted UBA is because VETIVA has an account with them. If I use Diamond, I don't know any reliable Stockbroker who banks with them, so it will (or might) be another hassle transfering from Diamond to my stockbroker account in another bank. Or does anyone know a cool stockbroker  taht banks with diamond?

Another quick question: Anyone in the diaspora who has participated in the ongoing FCMB offer should please guide us on the way and manner to go about it.

Cheers!

·         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.

 

@NBA

You can scan the application form and email it to them.  You don't have to  mail by post. 

@ Man Jiro

Thanks

Hi All,

for anyone having challenges of getting their forms countersigned by their exsisting bank. Keep at it eventually you would find someone who doesnt think the form has been written in Greek. I visited 3 branches of Lloyds TSB before I met a lady at the desk who just followed the instructions on the form and signed and stamped it for me.

Branch  1: ' we don't do this in the branch we have to send it off somewhere
Branch  2: ' our manager is not in this week if we do sign only the manager can sign'
Branch  3:  signed on the spot, stamped and ready for dispatch


The data protection make them pannick before thinking

@NBA

That is about $100 via DHL to mail the original application form from the States.  That is not acceptable.  I just scan the form and email it to them.  I'm sure you can do the same.

@Panadol

Thanks for the heads-up. I agree with you, it doesn't make sense. I will push back again and see what they say, especially as they may be allowing some customers to do so.

By the way, the post office will send Priority Mail to Naija for $11! This is what I have always used, it is a 5 to 10 business days service but they have always received it in a week. That is why I mail the forms early to make sure it gets there on time.

@ 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.