pls i really need ur help. My broker is fond of not buying or selling stocks as at when instructed. He ensures it rises b4 he buys it and vice versa. Thus, i told him 2 hands off my shares, b4 he did, he bought stocks from Livestock,ATC and some other stocks which i had initially ordered but cancelled due 2 his nonchalant attitude towards buying these stocks while they were still cheap. Now he bought all these stocks worth N500,000

Uthainah:

please i really need your help. My broker is fond of not buying or selling stocks as at when instructed. He ensures it rises before he buys it and vice versa. Thus, i told him 2 hands off my shares, before he did, he bought stocks from Livestock,ATC and some other stocks which i had initially ordered but cancelled due 2 his nonchalant attitude towards buying these stocks while they were still cheap. Now he bought all these stocks worth N500,000

I understand how you feel, just take it easy. First start by talking to him and if this don't work get another stock broking firm and transfer your shares there. In this business, there is no long friend or long enemy. Stay Bless.

I don't think going to court is the best thing to do under the circumstance. Waste of time and money even though there is a tribunal said to handle these cases with dispatch. I agree with ed. Get another broker and seek transfer of your stock, then dispatch a formal complaint about this to SEC.

Some brokers are notorious for buying you stock you didnt ask for because they want to collect commission from you and seller who also happen to be their client.They will tell you they couldnt get this and so had to get you that. This is one of the areas of operator abuse the NSE/SEC need to look into.

What good will talking to him do? The damage has already been done and the Uthainah has lost some money.

If there's a good malpractice lawyer in the house, feel free to contact Uthainah through his email address.

Yes this particular damage has been done. But SEC need to have these complaints so that when
formulating policies and guidelines they will take acts like these into consideration.

hi everyone. please i want to know if access bank shares certificake is out already cuz i bought from the one they sold last year october and havent gotten my own copy of certificate yet. im looking forward to your responses. god bless.

How did you place your order?

I always send an email to my broker specfying the price at which I want to buy a particular stock, the number of units required and the total cost of the transaction including broker fees/commission.

I also specify the maximum price per unit I'm willing to pay for the stock which must not be exceeded.

I then follow up with a phone call, asking him to check his email and execute.

Problem nipped in the bud! (Of course if he flouts these instructions my emails are proof and can be used to nail him at SEC).

To be honest, these Naija brokers are irritating pests we can't do without.

u wan sue ur broker?y u dey waste time to sue?guy just send in picture and phone number to me thats all, ur money and shares go show at ur door steps, free of charge

hotshawlng:

Lol, he go remote am for you. Da African way!

hotshawling u undastand how we do am now

Take the incompetent fool to the cleaners!

Am not in the habit of advertising but I'd advise you try CASHCRAFT.

In truth, every stock broking firm is as competent as the stock broker himself. I've never been let down by mine.

Pennywise:

I don't think going to court is the best thing to do under the circumstance. Waste of time and money even though there is a tribunal said to handle these cases with dispatch. I agree with ed. Get another broker and seek transfer of your stock, then dispatch a formal complaint about this to SEC.

Some brokers are notorious for buying you stock you didnt ask for because they want to collect commission from you and seller who also happen to be their client.They will tell you they couldnt get this and so had to get you that. This is one of the areas of operator abuse the NSE/SEC need to look into.

edwardaigb:

I understand how you feel, just take it easy. First start by talking to him and if this don't work get another stock broking firm and transfer your shares there. In this business, there is no long friend or long enemy. Stay Bless.

Please what's the procedure to change your stockbroker.

I think this information would be useful.

don jazzie:

Please what's the procedure to change your stockbroker.

I think this information would be useful.

I have had my own share of broker frustration. Sometimes all you want is to bring the roof down on the firm but I have not had to swap brokers in the past. It would seem the most logical thing will be to pick a broker you are comfortable with and then give instruction.They usually know about these things well.

I am looking forward to when it will be possible to issue orders directly after lodging funds with your broker the way it is done in advanced economies.

if you want to change your stockbroker or you want to move your stocks,you simply get what is called an intermember transfer form from the target house you are moving to,you fill or instruct them to fill on your behalf,get a portfolio evaluation from your residing house,basically you get in touch with the target house and they tell you what to do.
if you need more information,call me 08030645454

Uthainah:

please i really need your help. My broker is fond of not buying or selling stocks as at when instructed. He ensures it rises before he buys it and vice versa. Thus, i told him 2 hands off my shares, before he did, he bought stocks from Livestock,ATC and some other stocks which i had initially ordered but cancelled due 2 his nonchalant attitude towards buying these stocks while they were still cheap. Now he bought all these stocks worth N500,000

Uthaina,

You'll be suprised to discover that these sort of practices by stockbrokers are quite common these days. However, important questions are: (1) Have you spoken to the broker in question or other top management, with a view to remedying the situation and if you did, what was their response? and (2) Do you have documents (i.e. letters, emails or faxes) evidencing that you gave your broker instructions which he failed to adhere to? If you gave your instructions over the telephone, it may be difficult to prove malpractice.

Be that as it may, and for what it's worth, I think you should consider reporting your stock broker's activities to the Securities Exchange Commission and the Nigerian Stock Exchange and attention your complaint to the Compliance Department, stating the stockbrokers name, position and the name of the stockbroking firm he's attached to. Also send a copy of the complaint letter to the stockbroking firm in question so they can see what you have done. Remember, it helps if you can attach any form of documentation to the complaint letter (photocopies) evidencing your relationship with the stockbroker and his later malfeasances.

In the meantime I suggest you close your stock broking account with the broker to prevent further damage.

Gr8Child

ok now, but small small oooooooooooooooo.

bussylove:


if you want to change your stockbroker or you want to move your stocks,you simply get what is called an intermember transfer form from the target house you are moving to,you fill or instruct them to fill on your behalf,get a portfolio evaluation from your residing house,basically you get in touch with the target house and they tell you what to do.

Well said bussy,changing your broker is no big deal,by the time you've filled the intermember transfer form and had your portfolio evaluation done,your residing house basically cannot hold you back cos they must sign their own due portions of the form.
Like he said your target broker will tell you what to do

I would rather advise you ask the manager of the brokerage firm you are using to change your account officer. Try another person within that same firm and see how its gonna be, but if there is no change, then, you can go somewhere else. Make sure you put your request for the change in writing and let the brokerage firm acknowledge receipt.

you are even lucky, my Broker sold off my stocks worth 4m and left the country. All SEC could get for me was a miserable 100k. All l will advise u to do is to trade with broking firms that are owned by banks.

for me i think they all have issues not necessarily intentionally, but my suggestion is that never leave all transaction execution to your broker alone keep breathing down over his/her neck till its done. After doing this and it still doesn't jell, i advice follow bussy's advice MOVEEEEEEEEE

I think in the poster's case i suggest a quick move and 500k no be yam

Pls i need the address of cashcraft asset mananagement nearest to me, i stay at beesam close to the airport. I knw most stockbroking firm are in v/i, but was told cashcraft is along airport road, hav tried to locate there all to no avail. Pls anyone who hav their contact address shld let me knw. Thanks

Lizzyye: Pls i need the address of cashcraft asset mananagement nearest to me, i stay at beesam close to the airport. I knw most stockbroking firm are in v/i, but was told cashcraft is along airport road, hav tried to locate there all to no avail. Pls anyone who hav their contact address shld let me knw. Thanks

Do you need to go there physically...I stay on the mainland but have my brokers on the Island..I do not have to go there at all. They have a good online presence..I just send an email on what to buy and sell....once its done they pay in my cheque into my account. I also have their account no and i make lodgements from the branch close to me.