₦airaland Forum

Very well said kriskobo. You captured what a lot of us are feeling.

I know the list is not exhaustive but I would like to mention wanaj0 as well. His style and steady hand brings a balance I enjoy.

Dis Guy:
hi NBA can you use money gram to send money straight into an account?

has anyone used the GTB intr bank transfer, think they started this some months ago,

Hi Dis Guy,
No.

You can with UBA remit to a UBA account holder. UBA remit will pull the funds from your checking/current account abroad and pay it into the UBA account holder in Nigeria.  They could also pull the funds from your credit card at a higher fee.
https://www.ubaremit.com/

The alternative will be to do a wire transfer to send the money to an account.

Excellent analysis folks! I am glued!!!

@wanajo,

I also noted Dangote Sugar is at N31, absolutely attractive. I think I will go nuts on this one.

I have also found Moneygram fees and rates to be much better than Western Union. There is a $2999 limit to how much you can send with Westeren Union while Moneygram has none or a much higher limit. The maximum I have sent via Moneygram was $8000 and it cost $160 for a 10 minute service.  Same amount was received in USD in a bank in Nigeria and safely deposited into the receivers account.

Comparison below shows it will cost me $145 to send $2999 to Nigeria via Western Union versus $59.98 for the same amount using Moneygram.

Western Union
The maximum send amount for money transfers is $999.99 to $2999.99 per 30 days, depending on your profile and the country to which you are sending money.
  Selected Service
Money In Minutes
  Sending to
Nigeria
  Sending from
United States
Amount to send   $ 2999.00
Money transfer fee*   $ 145.00
Total estimated amount   $ 3144.00

Send Now
Estimated exchange rate 1 US Dollar = 122.5370996 Nairas
Estimated local currency pay out = 367488.76 Nairas

Moneygram
  Pricing Result     
Country Sending From :    UNITED STATES
Country Sending To :    NIGERIA
Service :    10 Minute Service
Send Amount :    2,999.00    US DOLLAR
Fee Amount :    59.98    US DOLLAR
Total Amount :    3,058.98    US DOLLAR
Receive Amount :    2,999.00    US DOLLAR

Request was priced by country. Please check country restrictions. All fees and foreign exchange rates are subject to change and are not set until the transaction is sent.

MoneyGram versus Western Union

What has been your experience?

I have used MoneyGram since last year and their rate has been quite good. For the 10 minute Dollar Service to Nigeria, $500 or less costs $9.99. The other party gets the money in US dollars with proper identification and a secret question and answer verification.

This is my first post here but have been reading them regularly. I have the UBA NRN since this year and I use Afrinvest, ARM discovery funds, IBTC funds. So far, UBA is okay but their COT, and other charges na wa!but they seem at  the time to be the only place to let me send money to someone without a UBA account online. I have because of their charges not funded the dorm account and savings which they keep bothering me to do. Personally, I wished GTB has a diaspora offering as they seem to be the best customer service bank from experiences my spouse has had banking with them from here (usa). I have transferred funds to all the above without incident. Afrinvest so far alright, always could do with more prompt executions.
The situation might improve with the broker recapitalizations as the bank affiliated ones will hopefully offer a one stop seamless shop for everything. Hope to hear more of other peoples experiences like diamond, oceanic, fidelity, phb all have diaspora products.

@mutu1

I just completed the application process for the Diamond Reach account. It went smooth and was timely and I got an email saying my account details have been sent to me via courier. I will share my experience with them as I start to use it.

I am with you on GTB providing a diaspora offering, I inquired a while ago and they said they would at some point but nothing now. If I visit Naija anytime soon it will be on my To Do list to open an account with them.

Question, how do you send money to someone without a UBA account from your UBA NRN?

chokit:
NBA,
if you don't mind i will like you to give a link to the source of your findings i will like to mail him with my queries.Do you know that the staff in the branches are so difficult to deal with,because they don't pick call and even reply mails send to them.

Sure, I will send an email to my account officer introducing you. I will Cc you.

chokit:
NBA,
What rationle is behind the charges of 5 on every 1000 when 50000 deposited into a savings account ? It is a savings account that is what its meant for and i feel one should be able to deposite any amount one likes.This is stange,even upon withdrwal from the said account it will still attract charges na wah o.I don't understand this aggresive way of doing business.
I have visited the sites of Daimond and some other new banks there is no cot charge when paymnet is made into your account.

Everything is wrong with it when one still need to pay when withdrawing from another branch of the same bank.May be the uba staff in the house should be able to enlighting me.For me i have decided to move my account.One minus ten,uba should know it equals to nine.

@chokit

I was just as shocked with the 5 on every 1000 for balances above 50,000 and I questioned it but have not gotten a response yet. Worse for me is I just paid in a lot of money there for the Union Diagnostics private placement so I am waiting to see what the charges will come to. It doesn't make sense to me and I hope it is an error.

UBA ACCOUNT CHARGES

Here is what I got from UBA.

Current account: COT (commission on turn over) charge of N5 per mille i.e. per N1000 plus VAT, monthly maintenance fee of N105 and debit interest charge, only applies when account is in debit.

Savings account: Usually does not attract charges, however, deposits of N50 000.00 and above attracts a charge of N5 per N1000.

Domiciliary account: Upon withdrawal from the account, a charge of 0.5% of amount plus VAT

donne4real:
NBA,

Please do you know how to get the Vetiva account opening forms?

Thanks

@donne4real

They email it to you. Here's the link.

https://vetiva.merchantsecure.com/howtoreachus.asp

I finally got a response from Cashcraft's customer service today on how to get money to them from the US for the Union Diagnostics private placement. A little late now that the private placement is closed but just incase anyone needs it in future, see below. It is missing the ABA number for Deutsche Bank though.

Ecobank Nigeria PLC Remittance Instruction

FOR USD INFLOWS

(By Order Party)
Mr. XYZ

(Intermediary Bank)
BKTRUS33
Deutsche Bank Trust Company America
60 Wall Street
New York, NY 10005

(Beneficiary's Bank)
ACCOUNT NUMBER : 04087350
ACCOUNT NAME :Ecobank Nigeria PLC

(Beneficiary / Customer)
59:/AC No.  ---------------------------
Name of Ecobank Customer -:Cashcraft Asset Management Ltd
Account Number: -1110216626

(Beneficiary Information)
70:/Being payment for --------------------------------------------

Temmie10:
@NBA

I must commend you. This is a brilliant thread.
I am actually thinking of opening an account with vetiva.
Can you please advise me on their execution time for orders?
Do they execute orders on the same day?
What are their charges like?

Thanks @Temmie10. I am a fan of your posts. 

Vetiva has been refreshingly professional and I am usually cautious about recommending a company. The execution has been on time, same day, all but one time that was missed and they made amends immediately. A contract note is issued immediately a transaction is completed and can be viewed online. I believe their fees are standard but will attach here for comparison.

I am still wondering about the quality of their analysis as I haven’t been with them long enough to see the results of their daily recommendations but they appear to be conservative. Attached is the last recommendation for your review.

chokit:
Well,UBA may be good and smooth but i want you to be carefull of their rough edges.I have accounts with them as well they are even my brokers.Hence their exorbitant and unnecessary charges is what i don't like.For instance giving an instruction to them to transfer cash from one uba account to the other which i believe shouldnt attract charges they do charge.Or paying into your account from another city or withdrawing from another city in Nigeria. To me this is outrageous,where i live here it is not the case i hope people will say i shouldnt compare but i want you to know that there is nothing ABN AMRO is doing that uba cannot do.

@Chokit, you are correct about the charges, they are quite aggravating and they cannot produce a list of charges so one is informed beforehand. So far though, the convenience has outweighed the nuisance. I will check about the charges for transferring from one UBA account to another and even third party UBA accounts, I don't think they have been charging me. I do this myself online and it has been very convenient. Hopefully as more players enter this space the charges will disappear, Skye is waving charges if you maintain a minimum balance.

moneytalk:
@ All

What are the minimum you can have to open a stock broking account in Naija, is there any stock brokers that takes #100,000:00 for account opening?

There are several that do but do ask for recommendations as some have been notorious for poor service. I am aware of Cashcraft and Crossword for N100,000
http://cashcraft.com/
http://www.crossworldsec.biz/

akininNC:
Finally an intelligent thread. have you been able to come up with a way to fund your acct with your brokers without having to send the money to a" trusted "relative and hoping they will deposit it with the broker?

Thanks akininNC.

Yes, some brokers have domiciliary accounts in Nigeria to which you can wire the funds to.
Vetiva has a domiciliary account with Diamond Bank in Nigeria but the best part is you wire the money to Citi Bank in the US which then transfers the money to Diamond Bank in Nigeria, so you pay the domestic wire fee, not the foreign wire fee. For me this is paying $20 instead of $40 per wire. The exchange rate Vetiva uses has been the official rate and it has been good so far, no other charges. I have been doing this without issue.

BGL has something similar with Access Bank routing through Citi bank. I recommend you check with your broker.

For Cashcraft that does not utilize this facility because of “exorbitant charges”, in their words, I have had to use my UBA Account to do an online transfer to Cashcraft’s UBA account, then email the cyber receipt to Cashcraft as proof of the deposit. I just did this for the Union Diagnostics Private Placement.

Folake81:
Hi everyone!, I want to invest in my motherland(say 5000 dollars). I have been reading alot on investing at home but I've lost my Nigerian Nationality and I don't reside in Nigeria. Is it possible to still open a domicilliary account with internet access and deal with nigerian shares. I do go homeonce a year though. Do the Gurus on this Forum have any Tips on stockbrokers or banks which offer the best services. Sorry that the Question is a bit off topic. Thanks in advance.

@Folake81

Check out the thread Nigerian Banks, Stockbrokers, And Services For Nigerians Abroad

https://www.nairaland.com/nigeria/topic-79353.0.html

Nigerian Banks, Stockbrokers, and Services for Nigerians Abroad

I think a thread that addresses issues peculiar to Nigerians abroad is due. We could exchange information and share ideas and experiences here. I have been out of Nigeria for a while but have been tuned in recently because of the Stockmarket.

For Bank accounts, go with UBA NRN, accounts designed for Non Resident Nigerians. I opened the accounts early this year (savings, current, and domiciliary accounts) and all my correspondence has been by email. I complete documents, scan, and email them as attachments. My relationship officer has been very responsive and professional.
http://www.ubaplc.com/newubaplc/defaultNRN.asp

I recently applied for Diamond Bank's account for Non Resident Nigerians called Diamond Reach. I funded the account on Thursday so I cannot comment on their service but so far they have been responsive and professional. My expectation is if UBA, an old generation bank can be as good as I have experienced, Diamond Bank, a new generation bank would match or do better.
http://www.diamondbank.com/metadot/index.pl?iid=5347

Skye bank also has a product for non resident Nigerians but I haven't used it. It is called Skye Global Account.
http://www.skyebankng.com/skye_products.php?id=global

As for a Stockbroker, I am with Vetiva and so far they have been exceptional compared to the complaints I have seen posted on Nairaland and StockmarketNigeria. They are professional and responsive but require N1 million or $8000 to open an account. I was hesitant at first but my experience with other brokers made me pay up for better service.

I will post more later but hope this helps.

drdaniel:
Re: Contacting cashcraft. I earlier placed the e maiil of one of the staff at Abuja Office.
eliakim.uzamere at cashcraft.com. He said to ease funds transfer to buy uniondiagnostics u will need to use a relative or friend u trust in Nig. who will help wit the transaction. Any way still contact him.

@ advertisers of get rich quick schemes. I think this is not d right place to advertise your wares.

Thanks to d whole house for making it real on nairaland

@drdaniel

Thanks for the info. I would have done the relative thing but this time it is not convenient. It will surprise me if a brokerage firm the size of Cashcraft does not have a facility to receive funds from the west with all the money pouring in from abroad. Other brokers do. Na wa.

Folks,

If anyone has wire instructions to CASHCRAFT from the USA please post here. It is difficult to get through to speak to someone, no response to emails.

Much Appreciated!

Geees:
Yes London cool
I send most of my correspondence that way
cheers

Interesting. My broker will not accept scanned copies for IPO's/PO's. I have to mail signed copies.

diva4eva:
Hello All

PLS IF IM FILLING A FORM FOR PUBLIC OFFER AND IM REQUESTED TO WRITE MY CSCS ALC NUMBER, which number do i write. Is it the alpha numberic number or the one with just numerals. urgent reply needed. thanks

The one with just numbers.

Do i pay any commission for buying an IPO through my stockbroker?
Thanks for your replies

No.

G

Gtansi:
i hv been enjoying this site, but i want to ask. please how can i buy stock when i reside in Sokoto

You can do everything by mail or by email. Since you are already online you can download and complete the application forms from the stockbroker of your choice, then scan and attach by email or mail it back to them. You can also trade and monitor your account online for brokers with online facility, a requirement for me, among other things.

@Atam-Man
Absolutely correct it's a free world which is also why exploitation is rife. I have details of someone that has been burnt by nairastocks and claims of value added services and exceptional returns from May to July are simply not true. Some people have lost money as their portfolios crashed.

My point is you are not getting anything new for N5000 a month. I actually think N5000 a month is a fair price if nairastocks is able to deliver the services or fantastic successes or returns it claims.

I have to say his qualifications as a medical doctor (congratulations!) are commendable as well as the qualifications of a lot of the posters on Nairaland and StockmarketNigeria.com. It shows in the quality of the posts. There are several doctors, engineers, professors, lawyers, chattered accountants, and other professionals, posting and sharing information on these forums. A lot more are quiet about their qualifications. I certainly think enolase is a brilliant individual based on his posts and very clever advertising. I have an issue with the false and misleading claims of fantastic returns and added services. I am only trying to give back to Nairaland, a community I have learnt so much from.

@dguy4u77
Goodluck with your plan to subscribe, I hope it works out and I have one request, only if you do not mind. Please post an honest review of nairstocks after 3 months. This should actually guaranty you get good service from nairastocks ;-).

Niarastocks strategy is short term trading to buy high volumes, which requires a lot of money, and to sell after a little appreciation. This works in a bullish market where EVERYONE is an expert. You get the same information on the threads I listed.

enolasae

It is time to stop exploiting Nairaland users.

Folks,

If you are interested in investing in the Stock market in Nigeria please follow the threads below:

https://www.nairaland.com/nigeria/topic-31554.0.html

https://www.nairaland.com/nigeria/topic-52566.736.html

http://www.stockmarketnigeria.com/forums/

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



The quality and free flow of good information and ideas on these threads is incredible, I am still in awe and we should pray God continues to reward abundantly each of the contributors that have taken their personal time to educate, guide, and respond to their fellow Nairalanders.

Do not get conned into paying enolase money for information you get here for free. There is no magic. The secret is to educate yourself and understand how these things work. If you do not have the time but have a lot of cash to invest, research and contact any of the top tier brokers in Nigeria to manage your money, there are some very good brokers out there. If you have little cash to invest start investing regularly with a good mutual fund - IBTC, ARM Discovery, FSDH, etc - all have good funds. You could put the money you would be donating to enolase into these funds and not worry about how these things work.

Nicklee:
Y'all
Something doesn't add up here.

NBA's attachment purportedly to be from ARM is actually a subsection from the CSL report uploaded by Omoba3.

So, Is ARM and CSL ( or whoever authored the analysis) in some connivance in this issue?

easimoni:
NBA, the quote you have is an excerpt from the report that Omoba has posted.

Nicklee, Easimoni (thanks!) is correct, it is an excerpt from the CSL report. ARM never claimed ownership, the ARM reference at the end of the message is just a standard email disclaimer.

@Omoba3

Thanks for the response. Na wa for Naija! I am concerned about this and interesting CSL is going to issue it's report towards the end of the PO, when loads of people are already committed??

Omoba3:
Easi: Just sent you an email. Its about a rogue access report, which CSL are now denouncing and have dismissed the so called rogue analyst.

@Omoba3

Is this the report you are refering to? This is posted on another thread on Nairaland but seems to have come from ARM. I am getting concerned and may still be able to stop my Access PO purchase. Please share your report if it is different so we are all informed. Thanks!

https://www.nairaland.com/nigeria/topic-57763.64.html

Jairzinho (m)
FRN
Posts: 29

Offline

 Re: Access Bank Offer @n14.90k - Would You Invest?
« #94 on: Today at 05:18:14 PM »  

--------------------------------------------------------------------------------
Got this on e-mail,

ACCESS BANK

INVESTMENT RISKS (To the Price Target/Recommendati on)

Financial Shenanigans: The bank is alleged to be “cooking the books” in its desperate
quest to tell a particular story and to attract investors to its offer and raise its status within
the banking industry in Nigeria and its subsequent appeal to foreign and domestic
investors. The bank received a “qualified” annual report due to the way it handled the
goodwill on its books. We adjusted their post-tax profit downward to reflect this
contravention of accounting standards. We are also highly concerned as to how the bank
was able to almost double its post-tax profit (88.33%) from its nine-month cumulative
result to the full-year result (N3.23 billion to N6.083 billion.) The bank has not yet been
able to explain this till date and we feel that yet to be fully ascertained maneuvers were
utilized to generate this sudden turnaround.

The Audit Committee of Access Bank is not a standing committee and has the Managing
Director and the Deputy Managing Director as members! This is totally out of line and
proves further that the “maneuvering” starts at the top.

We have reviewed quite a couple of company forecasts and we are amazed and alarmed
at the extent of the unwarranted optimism expressed by the company given its forecasts.
In addition, the reporting accountants emphasize that “the forecast information is not
intended to, and does not, provide all the information and disclosures necessary to give a
fair presentation of the results of the operations of the Bank in accordance with Nigerian
Statements of Accounting Standards” – PwC.

Market price manipulation: Access Bank’s price suddenly took an aggressive spike
two months to its date of suspension moving from N11.69 to N19.32 (a rise of 65.26%), a
move unprecedented given the time frame, ignoring the artificial increase of 100% due to
the share reconstruction. We believe the sudden steep price movement soon before the
technical suspension was placed is not due to “random” market forces but the bank and
its cronies buying up their shares in excess of the daily supply.

Reckless business decisions: The management of the bank has in the recent past
taken some reckless decisions in their quest to grow inorganically. These acts brought
losses to the bank and its shareholders; the bank last year tried unsuccessfully to acquire
Afribank through a hostile takeover. The bank was forced by the regulatory authorities to
sell the acquired shares at a loss. The bank also tried unsuccessfully to buy up Union
Bank. Access Bank management is definitely not comfortable with their current position
in the Nigerian banking industry; this is a good thing. The approaches they are willing to
take to become BIG overnight is what should give potential investors sleepless nights.




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

This message contains confidential information and is intended only for the individual named. If you are not the named addressee you should not disseminate, distribute or copy this e-mail. Please notify the sender immediately by e-mail if you have received this e-mail by mistake and delete this e-mail from your system. E-mail transmission cannot be guaranteed to be secure or error-free as information could be intercepted, corrupted, lost, destroyed, arrive late or incomplete, or contain viruses. The sender therefore does not accept liability for any errors or omissions in the contents of this message, which arise as a result of e-mail transmission. If verification is required please request a hard-copy version.
The information herein represents the views of ARM Investment Managers and its subsidiary company, ARM Trustees Limited, on asset management, financial advisory and trusteeship services. ARM and its subsidiary are regulated by the Nigerian Securities & Exchange Commission.The registered office of ARM is at 1 Mekunwen Street , Off Oyinkan Abayomi, P.O. Box 55765 , Ikoyi, Lagos . Telephone: 234 -1-2692097, 2692976. www.arm.com. ng

Iwerebor:
You have to analyze everything like they are a lab specimen?
come on buddy, just buy and don't miss an up portunity when you see a hair growing in the wrong place.

@Iwerebor

Another broker at N100K is Crossworld Securities http://www.crossworldsec.biz/

psytarry:
guess who z backladies n gentlemen am back on board-am hear 2disagree so wi can agree, mi 1 get so many tins to yarn about e yearrrr, what was it were u guys talkin bout fair price?what exactly n by d way y r u guys confused bout Access bank? let mi start by sayin DO NOT USED P/E ratio 4any calculation, EPS is d rit choice, i want u all 2take a luk at what i attached,
AccessBank is a good buy!!if u wnt to buy,buy on d floor
watchout 4my analysis on saturday i guess that will b d end of Discussion

Welcome back! We look forward to your analysis, hopefully in English for us common folk.

Good concept. Nice layout and easy to navigate. A very good start.

I hope it continues to grow and get better.