Happy New Year to all my friends on this thread. I look forward to more sharing of information in 2008. May the Almighty God Bless you all with the right people to fulfill all your God given dreams. Amen

Hello,

This is one of the best threads I have ever witnessed on nairaland!!!

HAPPY NEW YEAR TO EVERY ONE!!!

Our stockmarket has been doing well and I am very glad to be taking part in it.

Now though, I have a few questions:
1. For Vetiva, is the minimum required to open an account still 1 million or has it increased? I understand this can be cash or shares - does this include units of Nigerian Mutual Funds (like ARM Discovery Fund or Aggressive Growth Fund) and foreign shares?

2. I have had a closer look at UBA Stockbrokers and nearly went for them but for the process of placing orders (buy and sell) - still not very straight foward. Like someone rightly pointed out, what if I send in an order but the Relationship Manager is sick or has gone on holiday or is temporarily unavailable - what would then happen to the order - executed with slippage? I have mailed the people NBA provided their details and I should see what they say and what their processes are. I think they should take phone orders (recorded by both parties )


3. I heard from a post in www.stockmarketnigeria.com that GTB now has a stock brokerage division but I have done some research but could not find any detail on this. I think the person is confusing with http://www.gticapitalltd.com/ or something - anyone know more about this? Also has anyone tried Eurocomm or Afriinvest? They have an offices in London and this may perhaps make it easier for UK clients I suppose?

@ Obalende

Afriinvest UK is now owned by UBA and no longer part of Afriinvest WA. I have contacted them and they forwarded my contact details to Afriinvest WA (Lagos) and they never contacted me despite the fact their former sister company sent an email to the head of securities. As for me I would go with UBA because by the time Afriinvest UK is fully integrated I expect they would offer very good services.

@ Obalende, Etin,, All

Afriinvest UK is now owned by UBA and no longer part of Afriinvest WA, the business integration should lead to high quality service in the very near fututre.

I also suggest Nairalanders pull together and device a means of requesting excellent service. I can imagine UBA has got a lot of customers by the virtue of this very thread, and getting them to provide quality service will only do them good in the long term,

Think its a good idea?

@Prince11, Etin, All

Wow! I think I am going to go with UBA Stockbrokers as well! And must act quick before they raise the minimum requirement to 5 million! lol

I have been to www.ubagroup.com but cannot find the basic things like services, charges, policies, etc - and the account opening forms. Does anyone know how to get the UBA Stock Brokerage account opening forms and how to initiate the process? The website: http://www.ubagroup.com/stockbrokers/default.asp appears scanty.

I am strongly for Prince11's suggestion - if they can get their online facility up to the level of Zenith & Vetiva - then that would be great.

Hi guys; I'm looking for perfomance data for mutual funds, particularly Discovery and Aggressive Growth fund. Anyone able to help, please let me know.

GTBank online transfer is back on stream with some modification.

Etin: do you know who your mail was forwarded to in Afrinvest Lagos?

NBA: the question's been asked before, do you know if a reference is necessary for opening a stockbroking account with Vetiva? Does Vetiva bank with GTBank?

Cheers, and thanks.

mutu, you wrote this about Afrinvest:

@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.

1.5%?? Do you have some special arrangement per volume of trades?
.

@ bivins1

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 don't 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

Through CITIBANK NEW YORK:

Correspondent Bank: CITIBANK, NEW YORK
SWIFT CODE: CITIUS33
ABA NO: 021000089

For Credit of: GUARANTY TRUST BANK PLC, LAGOS NIGERIA
SWIFT CODE: GTBINGLA
Account Number: 36129295

For Final Credit of: xxxxxxxxx (Beneficiary Name)
Beneficiary's account number (with GTB): xxxxxxxx
Any other detail:,

And, you could in addition seek confirmation with your GTBank account officer. There may be other US and/or Canadian banks serving as correspondent banks for GTBank.

Cheers.

@All

In a document UBA sent last April 07, they mentioned giving orders directly to the stockbroking unit. The document is too large to attach here, I suggest you check with your relationship officer.

Customer sends in orders to purchase or sell shares to his/her NRN
Relationship Officer/Manager, who in turn verifies the customer's
signature, confirms the instruction, immediately forwards it to UBA
Stockbroking and keeps a filecopy. Alternatively, the customer may
forward the instruction to UBAStockbroking directly, but they MUST
notify NRNto confirm the order. Averbal confirmation MUSTbe
obtained when the shares are to be purchased in favour of a
beneficiary other than the account holder.

About the NRN Mortgage, I heard the rates were quite good (compared to local Naija mortgage rates). I recall a friend telling me his sister got around 10% a while ago.

I have been to www.ubagroup.com but cannot find the basic things like services, charges, policies, etc - and the account opening forms. Does anyone know how to get the UBA Stock Brokerage account opening forms and how to initiate the process? The website: http://www.ubagroup.com/stockbrokers/default.asp appears scanty.

I believe someone posted earlier you need an NRN current/checking account for the Stockbroking account (I wonder if this is so for resident Nigerians)
I posted the additional forms needed for the Stockbroking here: https://www.nairaland.com/nigeria?topic=79353.msg1785844#msg1785844

Nimshi:

Hi guys; I'm looking for perfomance data for mutual funds, particularly Discovery and Aggressive Growth fund. Anyone able to help, please let me know.

GTBank online transfer is back on stream with some modification.

Etin: do you know who your mail was forwarded to in Afrinvest Lagos?

NBA: the question's been asked before, do you know if a reference is necessary for opening a stockbroking account with Vetiva? Does Vetiva bank with GTBank?

Cheers, and thanks.

Hi Nimshi,
Yes Vetiva requires a reference from an existing customer or your bank(I think). Vetiva banks with Diamond Bank.

Per ARM Discovery funds, checkout their website - www.armdiscoveryfund.com
Attached is the AGF Factsheet.

I have an account with them but their service wasn't impressive.

@Nimshi
I do not think its a special rate. The 1.5% is only their commission and if you add all charges including VAT it comes up to about 2.335-2.5% depending if it's sell or buy.
Still not clear if the portfolio size matters.
I wonder what other Afrinvest customers have experienced.

About the UBA Stockbroking, am still not sold on them even though I use their NRN services. I am now trying to evaluate
Skye global and their PSL subsidiary excellent online tools, fidelity diaspora and fidelity union-again good online account access, Diamond reach and diamond securities( probably not considering people's experiences here) and finally PHB diaspora and their PHB capital.

I am hoping to find a better seamless product than UBA especially stockbroking aspect particularly good online access, online buy/sell orders, online access to CSCS account.

Will update as I find out. It appears having more than one broker is needed to be ahead in the nuances of our NSE.

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

@ Bigjay

The cut off time for sending orders to UBA is 4 pm

The essence of passing through your relationship manager is for him/her to transfer money from your NRN current account to your stockbroking account. But I guess that if you deposit money with the brokers you might be able to sideline the relationship manager. but think of the safety of that too.

Apart from Patricia, you would be given a relationship manager. You can always ask them to confirm receipt of your mandate. If nothing happens in two hours, give them a call. Patricia is quite nice.

@ NBA:

Hi Nimshi,
Yes Vetiva requires a reference from an existing customer or your bank(I think). Vetiva banks with Diamond Bank.

Per ARM Discovery funds, checkout their website - www.armdiscoveryfund.com
Attached is the AGF Factsheet.

I have an account with them but their service wasn't impressive.

Thanks. I'll see what can be done with Vetiva; you give them an excellent recommendation. But it's sort of, well, untidy that they bank with only(?) Diamond.

Per ARM Discovery Funds: I've been in email contact with them; the officer I corresponded with was helpful, but there was no progress per my request, which was: price history for the fund since inception. It wasn't that they didn't want to release the data, she said, but she was having problems finding the relevant data; sounded strange, and is in line with less-than impressive service.
.

mutu1:

@Nimshi
I do not think its a special rate. The 1.5% is only their commission and if you add all charges including VAT it comes up to about 2.335-2.5% depending if it's sell or buy. Still not clear if the portfolio size matters. I wonder what other Afrinvest customers have experienced.

Ok; that clears it all up; 1.5% was quite low; the total for Afrinvest should be 2.355% for BUYs; SELL orders land at 2.6475% total. My experience with Afrinvest has been one of excellent service. Orders given by email and/or SMS are usually carried out the same day; there have been understandable exceptions. Online, I'll score Afrinvest very very low: they're always fixing something. But as they carry out orders promptly, that's little worry.

About the UBA Stockbroking, am still not sold on them even though I use their NRN services. I am now trying to evaluate Skye global and their PSL subsidiary excellent online tools, fidelity diaspora and fidelity union-again good online account access, Diamond reach and diamond securities( probably not considering people's experiences here) and finally PHB diaspora and their PHB capital.

I am hoping to find a better seamless product than UBA especially stockbroking aspect particularly good online access, online buy/sell orders, online access to CSCS account.

Will update as I find out. It appears having more than one broker is needed to be ahead in the nuances of our NSE.

My evaluation is about the same for UBA. I maintain a domiciliary account with them, and there're usually long stories with some little extra charge one wasn't informed about. All that got solved with a GTBank domiciliary account. It appears that with a GTBank domiciliary account, you get to pay the 1% withdrawal fee if FX is withdrawn as cash; selling to the bank attracts no extra charge; that's neat, and cheap.

I'll check the others you mentioned; I'm shopping for a back-up stockbroker.
.

Obalende:


I have been to www.ubagroup.com but cannot find the basic things like services, charges, policies, etc - and the account opening forms. Does anyone know how to get the UBA Stock Brokerage account opening forms and how to initiate the process? The website: http://www.ubagroup.com/stockbrokers/default.asp appears scanty.

@Obalende
I can send you by mail all forms you would need for current account, capital market account and domicillairy account. Zipped file is 1.6M (far too big to be posted here)


@all UBAS users, I have just realised that you can send your orders directly to them (stockbrokers) at ordersuba-s at ubagroup dot com. This cuts out your relationship officer in the order placing process, though I dont know if this has any attendant implications (I dont imagine it does)

@NBA
Is there any need opening a savings account and a domiciliary account with UBA.

I have heard so many horro stories about UBA domiciliary account deductions at every turn of the transaction.

naijaking1:

@NBA
Is there any need opening a savings account and a domiciliary account with UBA.

I have heard so many horro stories about UBA domiciliary account deductions at every turn of the transaction.

I have all 3, the Savings, Domiciliary, and Checking/Current but most times use the Savings to keep the costs down. I haven't had use for the Dom to date. I send money to the Savings then transfer to third party UBA account holders for free.

@NBA

Etin: do you know who your mail was forwarded to in Afrinvest Lagos?

Jude Chiemeka refered by Jonathan Harrison in the London office.


@Man Jiro, NBA and all

Guess what I got a Christmas card from the Diamond Reach Account team. Hand writen and signed by all I have been in contact with. That for customer service scores very high with me call me cheap if you like but I really do appreciate these little gestures. I would like to know what UBA, and other companies did for their clients this christmas.

@Etin,

Happy New Year!

Nice gesture no doubt, I suspect I won't be getting a card - LOL!

If only they are as responsive to emails like UBA and Vetiva we'll have no wahala.

@NBA

Thanks and a very Happy New Year to you. I guess the time zone difference makes UBA a much better option for you as you can deal with the New York office. I have started the process with UBA savings and capital market account. I would see if it lives up to my expectations.

Afrinvest have always sent a small gift along with a card signed by at least two officers, including the relationship officer. One year it was a wall clock; then a cute pen with lovely ink,  And they're pretty efficient too even when the regular relationship officer is away. The way it is, it appears some of their officers aren't up to the mark: I just got another report of an ignored contact to another Afrinvest officer.
.

For those interested in Diamond Securities, here is what I got from the Diamond Reach rep.

Diamond Securities Limited is an affiliate of Diamond Bank and a registered member of the Nigerian Stock exchange.

Diamond Securities Limited business is simply buying and selling of shares. To buy or sell shares through Diamond Securities Limited, you will need to open a stock broking account.

The requirements are as follows;

1. Fill out account opening forms

2. Afix a recent passport photograph.

3. Photocopy of a valid I.D. (drivers licence/international passport).

4. Minimum deposit of N500, 000(all of which will be used solely for share purchase)


Statutory charges;

There are statutory charges for every transaction on the floor of the stock exchange.

For purchases the charges are 2.355% of the consideration (brokerage, NSE, CSCS, Vat, stamp duty all inclusive)

For sales the charges are 2.65% of the consideration (brokerage, NSE, CSCS, Vat, stamp duty all inclusive).


Kindly note that Public offers do not attract any charges.


For clients abroad, soft copies of the account opening documents can be sent to them to fill and then sent back, further correspondence will be carried out via emails and phone calls. An account officer will be allocated to the client to follow up on his/her transactions whilst providing advisory services as well .In addition, the client will receive daily market report as compiled by the research team.

The Bank PHB offer closed officially on 19th Dec.

Hope you find this information helpful.

@bigjay

I'm definitely interested - please do send me the account opening files at john.wiggle@hotmail.com

@NBA

I just got my UBA certificate. The question what do I do next?

naijaking1:

@NBA

I just got my UBA certificate. The question what do I do next?

@Naijaking1
Do you mean your certificate from the UBA PO? If so you need to send it to your broker to be lodged into your CSCS account.
I recall you were considering opening an account with UBA.

Etin:

@NBA

Thanks and a very Happy New Year to you. I guess the time zone difference makes UBA a much better option for you as you can deal with the New York office. I have started the process with UBA savings and capital market account. I would see if it lives up to my expectations.

@Etin,
I actually have no dealings with the New York office. The account reps I deal with are all in Lagos. My personal preference for dealing with Naija is through email, I like the convenience, paper trail, and the use of the emails for reference.

By the way, check to be sure they will do a transfer from the Savings to the Stockbroking account. It was posted somewhere here that a current account was required, I avoid using the current as much as I can. I will ask them about it too.

NBA:

@Naijaking1
Do you mean your certificate from the UBA PO? If so you need to send it to your broker to be lodged into your CSCS account.
I recall you were considering opening an account with UBA.

Yes, I mean the PO certificates. I'm still trying to open some form of account here in NYC- UBA.

I don't have a broker, a recommendation?

The UBA stock brokers any good? Is it too much risk to tie everything down to UBA?

@

Na waaaa ohh, I am being charged N5 for every N1000 leaving my UBA NRN current account, in addition to a monthly maintainenance fee of N105.

From now on, all transfers to be made from my savings account

The problem is that the saving account (openend ages ago when I was in Nja) is not part of my NRN suite of accounts and I don't know how to add it to my NRN suite.

Any suggestions?

Obalende:

@bigjay

I'm definitely interested - please do send me the account opening files at chibuikei@hotmail.com

sent

bigjay01:

@
Na waaaa ohh, I am being charged N5 for every N1000 leaving my UBA NRN current account, in addition to a monthly maintainenance fee of N105.
From now on, all transfers to be made from my savings account
The problem is that the saving account (openend ages ago when I was in Nja) is not part of my NRN suite of accounts and I don't know how to add it to my NRN suite.
Any suggestions?

Do you know what type of charges they impose on UBA NRN Savings? How about if you close the current account into the savings, and operate the thing periodically.

Bye the way does anyone know if UBA in New York is violating any US banking laws by all these mean spirited deductions?