bjluv:

Is Oceanic any good for you please Manjiro as in, their online banking and all. Is it in full function? My old man keep telling me that I should use Oceanic and not DiamondBank but I have already opened DiamondReach today and it is now waiting time to know when I will even get the account number and the starter's package!

Did you (DiamondReach account owners) get any email immediately you registered and uploaded the scanned documents?

@Bjluv

They are still working on upgrading the internet facility for online banking, so I have not really used it. I kind of opened it because my Broker has an account there. Being using UBA and Diamond.

After uploading, I got a mail like a day after. The opening process up to the time you get your stuff takes a long time though (1 - 1 1/2 months). UBA and Oceanic are quicker cos your account notification is by mail.

Please can anyone tell me more about Cash craft, how commendable are they ? Thinking of registering my stocks with them.

@babycool, I have been made to understand from various forums that Cashcraft isnt all that. Dont know though!

@Dis Guy and Man Jiro, thanks for the comments.

I already emailed them and I got a reply that I need to fund their account using my reference number & afterwards, the account will be opened. Now isnt it that I should fund my own account and not theirs? I dont have any account number yet but the reference number. diamondreach@diamondbank email address was dead when I wrote but I got through with diamondcare@

I have got to understand that Diamond has a better online facility than UBA and one can d o transfers to another bank e.g GTB or UBA. Is that true? Kindly pls tell because I would like to know so that I can transfer funds so that I can purchase stocks

bjluv:

@babycool, I have been made to understand from various forums that Cashcraft isnt all that. Dont know though!

@Dis Guy and Man Jiro, thanks for the comments.

I already emailed them and I got a reply that I need to fund their account using my reference number & afterwards, the account will be opened. Now isnt it that I should fund my own account and not theirs? I don't have any account number yet but the reference number. diamondreach@diamondbank email address was dead when I wrote but I got through with diamondcare@

I have got to understand that Diamond has a better online facility than UBA and one can d o transfers to another bank e.g GTB or UBA. Is that true? Kindly please tell because I would like to know so that I can transfer funds so that I can purchase stocks

@ Bjluv

If you check the previous mails sent to you, you would see the diamond account details in Citibank you can pay to. Use your unique reference as the beneficiary. Check some pages back, you would see the details Etin posted (for UK)

I am not sure if you can do inter-bank transfer online. But if you need to, you just have to write an instruction to your RM. Should take one day.

alright ManJiro, thanks for the info. I should make the tranfer to the CitiBank using my reference number. Thanks for the comment once again

Hi all, searching for a stockbroker with requirements of 50k-200k and possibility to monitor portfolio online cuz im not in naija. Probably having an account with Diamondbank so that I can easily send money to their accounts, although not important. Any suggestions? No cashcraft pls

@NBA

I have looked round oh. I decided not to use UBA again because over the long term, the charges will be significant; I considered CitiInvestCap (and I am still considering), but not sure they will meet up with SEC requirements. For Cashcraft, I dont like their Customer Agreement (its too lose - eg. there is no statement on electronic submission of documents) - for Zenith - their requirement is too high!!!

This leaves me with VETIVA!!!

Just to ask, if I fund the account with 1.5 million; and after 3 weeks, I use the entire amount to buy say Crusader - will they complain? or open with 1.5 and use 1m for a public offer and leave the rest NGN500,000?

Once you deposit one mil,the accout will be opened. Na your money, you tell them how you want it spent, no restrictions. When I opened mine everything went to First bank PO.

I am really sorry for not getting back to you sooner. Virgin Media has been playing with my internet access can't even render google.com a page with no graphics! Hopefully would be sorted out tommorow when the engineer comes.

@ bjluv
Re: Diamond Reach Account
You should get an email immediately you send the scan the documents with a reference to use when paying in. If you are in UK and have online Banking. Set up Diamond Bank as a bill to be paid and use the account number and sort code provided. This would save you charges on chaps or bacs (ignore the Swift code and IBAN) Enter your reference number as reference so  it should look like this:

Account No (8 digit account @ Citi Bank)
Sort Code   (6 digit sort code in typical uk style)
Reference - Your unique Diamond Reach reference no

On a Stock Broker to use. I now use Citi Invest Capital. Got in touch with them here on Nairaland. Their opening balance is N100k so far so good. I tend to invest long term and have primarily bought from PP, IPO and PP so there has not been any opportunity for me to evaluate them on execution of time sensitive trades. I recently got Diamond Bank to transfer funds to Citi Invest Capital's GTB account. The charges was about 2k for 125k. I just saw the previous question you asked about Citi Invest. Yes you have the right url.

@ Man Jiro
I notice the tranfer time last time I did it seems to take a week as against 2 days when I did the initial transfer for the opening balance. I guess it has to do with how quickly they recouncile their Nostro Account with Citi Bank. the internet banking and availablity is as good as any of the UK Banks and I have used ( Abbey National, Barclays, Lloyds TSB)

@Etin,

thanks for the info. I am not in the UK and I do have online banking. Sending funds to the account shouldnt be problems from here.

@Etin

CitiInvestCap looks good - I am optimistic their execution times should be sharp; after sending the scanned account opening docs, did they write you your account approval letter by email or hard copy?

Also for public offers, IPOs etc - how do you get the application money across to them (do they take it from your money in their stock broking account or you have to write a cheque?).

I will open a 100k account with them and try them on some small trades.

@Etin
does citi invest accept digital passport photos?

@ NBA

i dont know if this is asking for too much but would you be kind enough to introduce me to Vetiva - as per their introduction requirement?

@Obalende,

Let's talk. Send me an email nse.nba at gmail.com

Obalende:

@Etin

CitiInvestCap looks good - I am optimistic their execution times should be sharp; after sending the scanned account opening docs, did they write you your account approval letter by email or hard copy?

Also for public offers, IPOs etc - how do you get the application money across to them (do they take it from your money in their stock broking account or you have to write a cheque?).

I will open a 100k account with them and try them on some small trades.

They accept scanned copies of the forms. I completed everything in hard copy and then scanned it to them. I have the hard copy for my records. I hope you decide on a broker soon. It seems returned money on oversubscribed public offers are refunded first to brokers and all of the masses without a broker has to fight to get their cheque ,

Obalende:

@Etin
does citi invest accept digital passport photos?

Yes they did. I really do like like them. In a recent offer I did through them I filled the form wrongly and they corrected it for me and processed it. I only found out when my statement came. Its nice to know they go over the forms and check that all the i are dotted and t's crossed.

@Etin, @Man Jiro

Do you guys have the Naira cheque/check book for your Diamond Reach accounts?

@NBA

So far no, I have requested for it not have not got it yet, nor the ATM card.

@Etin,
Okay, thanks! I was thinking of getting them too, if I ever need em.

@ NBA
Email sent.

You wont believe what my beloved bank has done. I finally got my refund on th Dangote Flour offer this morning, and confidently gave my local currency account number (Diamond Reach Acct.) for it to be paid in. My brother was told that because the account was opened online I could not have the cheque paid in A serious Bank rejecting money,

Well I have emailed the product manager and will keep you posted on how it turns out

Issue sorted. Cheque paid in after the Diamond Reach Product Manager stepped in. what can I say, ?

@Etin,

Hnmm, I wonder if the Diamond reach account being designated Savings (it does on the online portal) led to the confusion? Anyway, good to hear it worked out.

@ Etin,

Thanks for all your informative posts to date.

Pls tell me more about your Dangote cheque. Was is sent to your broker or was it sent to the address you gave on the PO form?

Thanks.

@all

I have a question I would like to ask - I am indeed not impressed with a broker (contact me for name if you want) and I am happy I saw the red flags right from the start.

I submitted all scanned documents and I was told I missigned one of the forms, I scanned again and sent; and they said I should send it AGAIN - meaning that they did not even look at the second one I sent.

After submitting the documents, nearly two weeks elapsed and I did not even hear anything - not even an automated response. I contacted them recently (but why should I have to be the person to contact them again) and the person said "he thought he had sent my new account details to me". This is very unprofessional.

I am of the opinion that when new stock broking account is opened by a Company, they should send a physical and official letter confirming the account has been opened(where this is not possible, a scan of the same). But I just got an email quoting an account number and a CSCS for the 'new account'. May be I am expecting western standard here but this is generally the norm. Upon citing a clause of their agreement for electronic documents and the need to have such should dispute arise- he just said they just send a bare email - with the customers new account number and cscs number.

Now if for instance i wire 10 million naira(for example) into the so called 'new account' - and litigations should arise - I have no proof of the Company officially opening an account for me. Even worse is if the person has been trading for 2 years and then comes bak to naija to discover no account exists.

So people, do Nigerian companies just send a bare email (with no signature, Company stamp, etc) stating an account number and a CSCS number when an account is opened?

I am on the verge of just telling them to just close the account just the way they opened it and close cscs no etc.

The bigger firms are just the best.

Thanks.

well it seems that is the way things works over there. I am now also thinking to stop any banking/stock-broking with any Nigerian financial institution. Things ain't this bad in other countries like Zambia or SA even though we all know we can't compare those places with naija.

I was about opening a Zenith bank account the other day and went through hell doing that despite being told that it could be opened from abroad. After sending all the scanned documents they have requested, the person I was dealing with said the headquarters can not go ahead to open the account for me.

[b]Reasons: [/b]1. No Zenith bank account holder who could refer me on the application. _{This same official said he might help me get that settled earlier} and 2. the scanned data page of my naija passport which I sent was having the expired date information because that is what is on the data page. They didn't bothered asking for the the renewed page or whatever if they needed clarification.

We want to believe that we are the giants of Africa when doing all the above mentioned was a just like a snap in SA. Oh naija with them wahalas

Obalende:

@all

I have a question I would like to ask - I am indeed not impressed with a broker (contact me for name if you want) and I am happy I saw the red flags right from the start.

I submitted all scanned documents and I was told I missigned one of the forms, I scanned again and sent; and they said I should send it AGAIN - meaning that they did not even look at the second one I sent.

After submitting the documents, nearly two weeks elapsed and I did not even hear anything - not even an automated response. I contacted them recently (but why should I have to be the person to contact them again) and the person said "he thought he had sent my new account details to me". This is very unprofessional.

I am of the opinion that when new stock broking account is opened by a Company, they should send a physical and official letter confirming the account has been opened(where this is not possible, a scan of the same). But I just got an email quoting an account number and a CSCS for the 'new account'. May be I am expecting western standard here but this is generally the norm. Upon citing a clause of their agreement for electronic documents and the need to have such should dispute arise- he just said they just send a bare email - with the customers new account number and cscs number.

Now if for instance i wire 10 million naira(for example) into the so called 'new account' - and litigations should arise - I have no proof of the Company officially opening an account for me. Even worse is if the person has been trading for 2 years and then comes bak to naija to discover no account exists.

So people, do Nigerian companies just send a bare email (with no signature, Company stamp, etc) stating an account number and a CSCS number when an account is opened?

I am on the verge of just telling them to just close the account just the way they opened it and close cscs no etc.

The bigger firms are just the best.

Thanks.

@Obalende,

If it is UBA you are talking about, then yes, they just send you the details. You would have online access to see your account. You can ask for check book and Debit Card to be sent to you: That is proof that you have an account with them. Save all the email correspondance with them. You could also call general customer service to confirm that you actually have a account.

If you register for trade alert, you will get to know what is happening in your CSCS account. Your broker is not normally able to take stuff out of your CSCS account without your consent. Your bank surely can not.


Hope this helps

@Crownvilla

Long time. Hope you are well. To your question. My Dangote cheque was sent to the GTB branch where my brother paid and submitted it initially. I had to write him a letter of authority to collect it for me I also had to send a coloured copy of my passport for my name and signature to be verified. This was sent by email to him. The letter had to be signed. I also got the cheque for NAHCO today, using the same process only this time it was Oceanic Bank. In both cases the process was quick.

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@ Etin,

I'm fine thanks. I hope you are having a swell time, smiling all the way to the bank!

Thanks a bundle for your speedy and detailed reply.

I will check with my contacts in Naija for my Dangote returns.

My broker received my Dangote return today.

@NBA

I sent a mail to your nse.nba at gmail.com. i've bn waiting for your response.Hope to hear from you soon.Thanks bro.

@ ALL,
i have also just received my returned money cheques, frm dangote flour. those guys are mean. i think i was paid back with 2% or thereabout interests, after all of 6months?!?!?! they returrned nearly 80% of my money!! unbelievable! i got it after sending a letter of authoriusation, to my brother in naija and asking him to go there with his Int'l passport, which they requested for earlier. this was at a chartered IBTC branch,(where i applied for the shares).,but the whole thing was pretty smooth and str8 forward.