Etin:

@NBA

e reach to tire o. Who is your contact? Try calling the customer service number I have found it very useful and response are quick. My contacts have been

Isi and Olajumoke

I have a smaller window of opportunity to call Nigeria during business hours there due to the wide time zone difference. I sent an email stating my next line of action if I did not get a response and the Product Manager responded with an apology stating it had been dispatched but had to contact the courier for tracking information. So nothing yet.

@ALL

Anyone used the Oceanic package for Diaspora? Looks good on paper.
http://www.oceanicbanknigeria.com/nid/

At Oceanic Bank, we have a variety of products and services tailored for Nigerians in diaspora with value added banking solutions ranging from day-to-day transactional banking services to complex financial investment structures. As our NID customer, you can register for our Internet Banking Online and download Oceanic Debit Card application form to apply for the debit card.

Our various products and services with other vital information are outlined below: 
   
NID GOLD ACCOUNT

FEATURES
1. 24/7 on-line access to the account.
2. Minimum Account Opening Balance is N10,000
3. Interest Rate is 1% above regular savings rate at any time.
4. Account Holder will have a designated Relationship Manager.
5. Cheques/Drafts/Dividend warrants can be paid into this account.
6. Debit Cards would be available.

NID DOM ACCOUNT

FEATURES
1. A high yield domiciliary account.
2. Minimum Account Opening Balance is $250 or its equivalent in GBP or EUR
3. Interest Rate is at 0.5% above regular domiciliary account rates.
4. Joint account opening facility is available on the account.
5. Instructions can be given for the Bank to exchange at prevailing rates to buy shares of companies quoted on the floor of NSE.
6. Account Holder will have a designated Relationship Manager
7. Debit Cards would be available.

NID INVEST ACCOUNT

FEATURES
1. Fixed Deposit/Tenured-Saving Account.
2. Minimum Account Opening is $5000 or its equivalent in GBP or EUR or NGN.
3. Minimum duration is for a period of 60 Days.
4. Certificate can be used to secure loan with the Bank.
5. Instructions can be given for Bank to buy shares of companies quoted on the floor of NSE on liquidation.
6. Interest Rate is at the Bank’s competitive investment rates.

CHECKLIST FOR ACCOUNT OPENING DOCUMENTATION

1. Properly completed Account Opening Form.(Click here to Download)

2. Passport Photograph (2 copies per signatory).

3. Valid proof of Identification - International Passport OR other supporting IDs like Residence Permit OR Work Permit (necessary to confirm customer’s status). An option of Other Countries Passport for the residence permit/work permit will suffice.

4. Proof of source of funds (Any one of the following is acceptable: Employer’s reference, Letter of employment, Work ID or Recent Payslip, Evidence of Business registration, Business Bank statements or Banker’s Business reference).

5. Proof of address (Any one of the following is acceptable: Current Utility bill not exceeding 2 months, last 6 months Bank statement, or copy of any letter received within the last 3 months from existing Banker).

6. Attestation of passport and photocopies of attached documents (2 to 5) by 2 Referees who could be a NOTARY PUBLIC, Nigerian Embassy Official, Account Holder (Any Bank) or Oceanic Bank Staff. Referees would include Name, Address, Contact Phone Number and Email Address.

7. Completed Indemnity Form. (Click here to Download).


OTHER REQUISITE PROCESSES

I. Prospect may send (preferably by courier) this completed form along with all requisite documents to:

Retail Banking Group/NID Centre
Oceanic Bank International Plc.
24 Ozumba Mbadiwe Avenue,
Victoria Island, Lagos.

Tel: 234 1 7755326

OR

May scan and send filled forms and other requisite documents to nid@oceanicbanknigeria.com

Also send a file of your passport photo as an attachment to the email. This option will await the arrival of the hard copies before transactional access is granted to the customer. OR through designated Oceanic Agencies who will send to the above address.

II. Payments into the Accounts will be either through Cash at any Oceanic Bank branch or through money transfers by International and Local Money Transfer agencies that the Bank has a relationship with.

III. Account to be opened in Retail Banking Group, Oceanic Bank, Corporate Branch, Victoria Island Lagos; except where otherwise stated. It may however be operated from any of our branches nationwide.

IV. Customer Service Officer at the Corporate Branch shall check with all above stated checklist and open the account with the requisite account details.

V. Specifically Trained Retail Banking staff is allocated as Relationship Manager.

VI. The Account number will be communicated to the specified email address of the account holder that would used to complete the Internet Banking set up.

VII. Account Holder will sign the mandate on the concluding page of the Internet Banking set-up, sign, scan and send to productdev_mgt@oceanicbanknigeria.com for activation.

VIII. The activation shall be the next working day after the Account Holder sends the scanned copy of the form.

IX. Account holder then logs in and begins the operation of the account.

@ALL

To lower the brokers commision with Vetiva

We would also like to inform you that with your recent request into our brokerage commission, please note that we only offer a commission rate of 1% to clients under our Vetiva Investment Management Limited where the minimum investment requirement is N15,000,000.00 (Fifteen Million Naira Only). Please find attached our secondary market charges for your kind information.

@ NBA, Etin,

Just got a DHL message about a package. Very sure it is the Diamond Bank Package. I can't really help being disappointed with the first transaction. When i paid the initial amount into the account £1 = N 256. Now the rate is like £1 = N 241.

@ NBA

I recently opened an account with Oceanic Bank. The opening process if faster than Diamond Bank but slower than UBA. They have an account with Deutsche Bank for transfer purposes. Hope their rate is better than UBA.

Their online banking is presently view only due a rectification being carried out. They hope to resolve it soon though.

@ManJiro

I really havent paid attention to the exchange rate because it show in my pound account in pounds. I plan to move it to naira account when the exchange rate is good which means not any time soon. I noticed when loged into my account the exchange rate that day was 249 but on the home page it 246, so I will need to confirm how it works but I havent done that yet.

NBA:

@ALL

To lower the brokers commission with Vetiva

We would also like to inform you that with your recent request into our brokerage commission, please note that we only offer a commission rate of 1% to clients under our Vetiva Investment Management Limited where the minimum investment requirement is N15,000,000.00 (Fifteen Million Naira Only). Please find attached our secondary market charges for your kind information.

@ NBA

What will be the next move lets hope we can build our potfolio to that amount before we can enjoy the discount or are you planning to make any move even if they don't reduce it to 1% anything less than 1.5% will be OK what do you think?

@All

Another Account for your attention from Bank PHB. Please has anyone used them? Sounds good.

http://nida.bankphb.com/products.asp?page=2&link=2

Nigerians in Diaspora Accounts (NIDA)
For the first time in Nigeria, Nigerians living abroad can open and operate a bank account at home without residing at or coming home. In line with our brand promise to excel in innovation, we offer our bouquet of the Nigerians in the Diaspora Account (NIDA).

We realize that our country is dear to all Nigerians, home and abroad. Nigerians cherish our roots and we hold our traditions dear. We also realize the

difficulties Nigerian face in repatriating money home and making due payments.

What our NIDA offer Nigerians in the Diaspora

* Easy repatriation of your hard earned income to Nigeria
* A safe haven for your savings
* Internet based banking
* Ability to send your instructions via the Internet
* Mobility of funds: you can transfer your money from anywhere to any account anywhere in the world
* Ability to invest in the stock market and government bonds
* Opportunity to buy a house in Nigeria

Man Jiro:

@ NBA, Etin,

Just got a DHL message about a package. Very sure it is the Diamond Bank Package. I can't really help being disappointed with the first transaction. When i paid the initial amount into the account £1 = N 256. Now the rate is like £1 = N 241.

@ NBA

I recently opened an account with Oceanic Bank. The opening process if faster than Diamond Bank but slower than UBA. They have an account with Deutsche Bank for transfer purposes. Hope their rate is better than UBA.

Their online banking is presently view only due a rectification being carried out. They hope to resolve it soon though.

@Man Jiro,

Thanks for heads-up on Oceanic. They also require a smaller amount ($250) to open the account.

@Etin,

Have you been able to log on to Diamond Bank?

Mr. Cee:

@ NBA

What will be the next move lets hope we can build our potfolio to that amount before we can enjoy the discount or are you planning to make any move even if they don't reduce it to 1% anything less than 1.5% will be OK what do you think?

@Mr Cee
I will stay with Vetiva as I like their service. Also don't know if other brokers are charging less commission without a high minimum balance requirement.

@NBA

Yes I have been able to logon to the Diamond Reach A/C. First the acoount had to activated.

Cool

Etin:

@NBA

Yes I have been able to logon to the Diamond Reach A/C. First the acoount had to activated.

@ Etin,

How did you go about activating your account? I have received the DHL package.

@ManJiro

Congratulations it seems Diamond Reach account processing is getting faster. To get my account activated I called customer service number on the welcome to Diamond Bank email, and later got an email telling me it had beeen done.

@ Etin

Cheers. Would call 2moro.

I am also thinking of requesting a naira check book.

@ManJiro

Did you get your debit card in the pack? I was told it would be sent seperately.

Etin:

@ManJiro

Did you get your debit card in the pack? I was told it would be sent seperately.

Did not get the debit card: I wonder which currency it would be.

I asked them for a naira check book. The Reach Diamond Account is a two in one (GBP and Naira) account according to them. So I think one should get a check for naira too. Obviously, it is the naira one i would likely use when in Nigeria or for buying IPO and PO (for those that require checks).

Looking forward to hearing from them sha.

@ all

What phone number do you give in the relevant column on the PO/IPO forms?

I've been using the Nigerian mobile number of a friend, but wonder if anyone has been using their U.K or U.S etc phone numbers.

@ALL

I finally got the Diamond Bank DHL! It's only been a 3 month wait.

It has a $ check book, internet ID, and another slip (I don't recall what was on that). Will sort out activation, etc, tonight.

@NBA
A Big Congratulations! What a wait? I guess the process is improving and anyone who opens an account now would get a quicker response.

Etin:

@NBA
A Big Congratulations! What a wait? I guess the process is improving and anyone who opens an account now would get a quicker response.

@Etin
Thanks. I have sent the email for the account to be activated. I hope you are right about the process improving but so far I am not impressed. Emails are ignored and that's not a good sign to me. I don't need the Dollar check book, a Naira check book makes sense because that's what is used and accepted in Nigeria.

Anyway, I'll give it more time but so far, compared to UBA NRN, Diamond Reach sucks!

@NBA

Yes I must agree the feedback on the UBA account is very good. I have got the forms and should be sending them off in a few days. UBA seems a complete package especially with the stockbroking service. Its an obvious one stop solution for me would be going for the full package. Diamond would just be used a backup account.

@ NBA,

Do you know if vetiva do give loan to buy shares? If yes what are there terms?

@Etin,
UBA was ready when they advertised the NRN product, I don't think Diamond Reach was but let's hope they catch up. By the way, I noticed Diamond has reduced the account opening requirement to $300 from $800. Good thing as it is less money tied down (for 3 months in my case).

@Mr Cee,

Here is a response from Vetiva about the margin facility.

As a client of Vetiva Capital Management Limited, you have access to a margin facility of 100% of the value of your portfolio for the purpose of purchasing shares from the Nigerian Stock Market. The applicable rates/charges are as follows:

Interest Rate
24.50% p.a

Facility Fees
0.25%

Commitment Fee
1.00%

Management Fee
0.75%

Legal Fee (N)
20,000.00

Please note that disbursement of approved margins may be subject to maintaining our global credit portfolio allocation benchmark and the dictates of prevailing conditions in the money and/or capital markets.

@ NBA, Etin

Congrats NBA.

I was able to log on into the Diamond account. I was really impressed. Menu allows you order for check book GBP (in my case) and Naira. Was able to transfer money online from the DOM into the naira account (£1 = NGN 245.77). With UBA you can't do that: you would need to write a letter of instruction to transfer from DOM into naira account. UBA exchange for today was £1 = NGN 240.8.

I would say, though that the customer service from UBA is superb: it beats even UK standard. The response from Diamond Bank is epileptic.

I am looking at the option of sending pounds through Diamond Bank DOM account. Transfering to my DB naira account (via CitiBank) and doing inter-bank transfer to UBA. The time it would take and the charges would determine if this is a viable option. Lost NGN 5000 today with UBA compared to Diamond Bank.

Folks,
It's good to be back!

@Manjiro
Thanks. I was posting on Friday when the site went on technical Suspension.

I have logged on to the Diamond Reach account. Noticed there was a $50 charge which I queried. Here is the response.

The $50 Service charge is for Administration Fee and ID verification charge.
You also get charged 1% of any withdrawal or transfered amount you make.

Did you guy get charged same?

@ NBA,

Yes I was charged for that: I figured out that this will be for the DHL stuff sent to us.

I just checked my account now but did not see any 1% charge: but it is still possible that it is calculated at a later time. I would think that the charges applies once you transfer above a certain limit (like for UBA it is NGN 50,000.00). If this is the case, one would just make multiple transfers within your accounts but the problem would be when making payments to a third party. The difference in Exchange rate between Diamond and UBA would compensate for this 1% charge though.

Have asked for the terms and conditions for operating the account. Am still yet to get a feedback

Its good nairaland is back

Hello NBA et al

Could you explain to me how u place orders via the online service at vetiva?

I have been trying to place buy orders, but when I click the BUY button (after entering stock details, target price , volumes and dates, I dont get any confirmation that the buy order has been placed. I just see an empty screen.

Do u experience the same or am I getting something wrong?

@X-2-X
The screen  does not provide feedback or a view of pending orders but they do get and execute the orders. I mentioned it to Vetiva but it is a limitation of their software. However, if you use a price limit, it does show you the cost of your purchase. Occasionally, I send them an email requesting a list of pending orders as I sometimes forget. Email them about it as I suspect you may have inadvertently placed your orders multiple times.

Crownvilla:

@ all

What phone number do you give in the relevant column on the PO/IPO forms?

I've been using the Nigerian mobile number of a friend, but wonder if anyone has been using their UK or US etc phone numbers.

@Crownvilla,

Good point, I have been using my sisters Nigerian cell phone number.

@NBA

Cheers.

NBA:

@Crownvilla,

Good point, I have been using my sisters Nigerian cell phone number.

I believe if you are not residing in Nigeria you might leave the coloumn for phone numbers empty not too sure though, I never used any phone number with First Bank, Access Bank and Nacho POs. The most important thing is having a correct mailing address. My thinking.

AFRINVEST

Anyone here use Afrinvest? I am trying to figure out their fee structure below posted on their website. Is this scale applied to your account balance or to each individual sale/purchase?

Brokage Commission Fee
On the first N 250, 000 of consideration (On sales and purchase) 2.75%
On the next N 250,000 of consideration (On sales and purchase) 2.5%
On the next N 500,000 of consideration (On sales and purchase) 2.25%
On the next N 2,000,000 of consideration (On sales and purchase) 1.5%
Any amount above N 5,000,000 of consideration (On sales and purchase) 1%