@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.

Thanks @mutu1. I emailed twice before posting, no response.

@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.

@Etin
I hear you! Shame about the lack of response from some of these companies.

@ 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.

@Rob-roy,

a - UBA will open a CSCS account/number when you open a stockbroking account.

b - Yes you can transfer money from your US account to your UBA account using the UBA remit service. There is a fee for this but it s quite reasonable and works very well. Check out the site for details. https://www.ubaremit.com/

c - Yes you can but I personally haven't done so. I posted the details previously, I can dig it up if you want.

@UBA
Many thanks,

Hope you guys have checked out the Nigerain Securities website, if you are buying stocks on the NSE. I discover more nice features each day.

http://www.nigeriansecurities.com/index.php

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?

@Rob-roy you can transfer money back but in order to do so, you have to also open a domiciliary acct in addition to a current/checkings and capital market acct. The minimum to open the dom acct is $1000, but all you would need to do is deposit that to open, but to keep it running all you need is $10

fee is 0.5% on withdrawal amount plus 5% VAT on that commission fee plus $25 telex fee
so withdrawing $1k cost about $30 or so.

I've not done it just yet but thats how my relationship officer explained it all. So far so good for me and my people with UBA NRN.

@DisGuy, I personally think NYC office is much slower, when I opened mine sent mine directly to Temitope Afeniforo, he is one of the US reps in Marina headoffice in Lag. DHL was expensive at $120 or so, but within 3 business days it was at his desk.
NYC can't open acct they've to send it to Lagos who opens it so I figure eliminate the middle man. Takes about 2-3weeks to have your capital market acct open and ready to go.

Dis Guy:

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.

thanks Naijadr, NBA

I actually emailed them 2 days earlier but they haven't replied
according to their check-list they said to post to NY or Marina
I used the post office 1-2days priority mail- £5

wish i knew i could email the documents, just hope they don't charge me twice

i ticked the savings account,telephone,internet banking and capital market
hope i wont have to fill in another form for their stockbroking services

@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.

thanks for heads up regarding using priority mail, never thought of that option.
I did have to scan 2 forms that I forgot to mail to them plus of course all transactions are by email.

NBA:

@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?

Mr. Cee:

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

@Mr Cee,
I am in the process of opening one for madam, I am still 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

--

Teenom:

@bjluv

Used to toy with the Idea of doing Grad School in Gothenburg but decided to stay in Germany.Where are u based?

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

if it is possible to send the forms to UBA via email, then I better do that as I can not trust that a parcel will ever arrive to Nigeria in 1-2 weeks 

UBA NRN holders, is it possible to transfer funds from your UBA account to GTB account for example online?

Also does it UBAremit work from other European countries like Sweden? I could see from the site, that it is meant for people in UK, US and Canada. I might be wrong though, kindly correct me please

bjluv:

if it is possible to send the forms to UBA via email, then I better do that as I can not trust that a parcel will ever arrive to Nigeria in 1-2 weeks 

UBA NRN holders, is it possible to transfer funds from your UBA account to GTB account for example online?

Also does it UBAremit work from other European countries like Sweden? I could see from the site, that it is meant for people in UK, US and Canada. I might be wrong though, kindly correct me please

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

@bigjay01

I am thinking of asking my brother to print the UBA form for me in Lagos and fill it out. I will just do the signature page, scan and send it and then he can take everything to them at Marina to open both the Banking/Stock brokerage account, from your experience, will that be OK?,

I am asking the same question about contacting stockbroker, I currently use a small brokerage firm in Lagos, small but effective with buy and sell order and I can contact my relationship officer easily, According to her, stockbrokers take "orders" from several agent and are not very easy to contact direcly by client!!

NBA and others, feel free to contribute,

Thanks.

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)

Prince11:

@bigjay01

I am thinking of asking my brother to print the UBA form for me in Lagos and fill it out. I will just do the signature page, scan and send it and then he can take everything to them at Marina to open both the Banking/Stock brokerage account, from your experience, will that be OK?,

I am asking the same question about contacting stockbroker, I currently use a small brokerage firm in Lagos, small but effective with buy and sell order and I can contact my relationship officer easily, According to her, stockbrokers take "orders" from several agent and are not very easy to contact direcly by client!!

NBA and others, feel free to contribute,

Thanks.

I dont think it shld be a problem, I remember asking Patricia if I can email the forms to her and she said yes but the problem was that I had to send a hard copy of the passport (which must be duly countersigned at the back).

Assuming ur brother have your passport photos (2 of them) he can get them signed by a notary public (solicitor). You can email the signed forms to (patricia dot nwadike at uba group dot com) then your brother can then send the hard copy of ur passport to her. it shouldnt be a problem. UBA will open a current account , (domicilliary acct if you want), capital mkt account with a CSCS account. The current account has to be funded with 100K and the capital mkt acct with 250K

@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!

I found this posted on Stockmarketnigeria.com:

UBA stockbrokers Contact

--------------------------------------------------------------------------------

UBA STOCKBROKERS LTD, 10TH FLOOR , UBA HOUSE, 57, MARINA, LAGOS. TEL: +234-1-2644651-700
For Enquiries, contact:
moradeke.ajayi@ubagroup.com
or
charles.egbunonwo@ubagroup.com

or e-mail UBA Customer Services (they helped me out a-lot):
CIC@Ubagroup.com

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

Hello All,

very interesting and informative topic you've got here - much kudos!

Can anyone enlighten me regarding using multiple stockbrokers in Nigeria - I have a number of CSCS numbers.  Is it possible to merge all these into one? i.e. paying the annual subscription fee of N2,500 on one account rather than N2,500 * the no of CSCS accounts I have.

Thank you and may Year 2008 and beyond bring fulfilment, progress and peace to us all, Ashe Edumare.

Wishing everyone a healthy and prosperous 2008!!!

Wishing everyone Happy New Year.
Lets keep the good exchange going.