arsenal4va:

why isnt this site opening www.nigerianstockexchange.com ??

site must be down, can't get to it myself.

SegunTX:

@ NBA

Please I have a question for you. What is your take on IBTC as a company, and AIMS Asset MGT? Do you have any information on any of these two companies?

@SegunTx,

I haven't used either company but I trust someone here will respond. I do know IBTC requires N10 mil to open a Stockbroking account and has a solid research department.

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.

@SegunTx

You are lucky you found this thread. I would suggest start from the first post (I did), you will learn so much and find links to other resources. Then you need to pick a stockbroker. Another link that may help since you are in the states is this. https://www.nairaland.com/nigeria/topic-79353.0.html

Good luck!

The names have not been used consistently accross the board hence so much confusion. I believe the correct number to use for IPO/PO's is the all Numeric CSCS number.

Quote from: tonyjon on November 22, 2007, 07:05 PM
Hi Guys,

I believe the misery surrounding the the difference between CSCS# and CLEARING HOUSE NUMBER (CHN) has now been solved.

I got in touch with CSCS office and I was told that for IPO/PO, the number to use is the numeric one which is known as CSCS# and that the alphanumeric is the Clearing house number.

I was also told that if you use the alphanumeric on IPO/PO application form, your shares will NOT be credited to your account;YOU WILL RECEIVE SHARE CERTIFICATE.


Peace.

https://www.nairaland.com/nigeria/topic-93368.0.html


For trade alert, the recommended setup it seems, is to have one CHN number and several CSCS numbers under that CHN number since they monitor CHN numbers.

http://www.nse-cscstradealert.com/FAQ.htm

I have several CSCS account numbers and one Clearing House number, how many times do I subscribe?

Provided you have one Clearing House number, despite your CSC account numbers, you only subscribe once.

I have several CSCS account numbers and several Clearing House numbers, how many times do I subscribe?

Though it is recognized that some clients have two or more Clearing House numbers for reasons best known to them, It is advisable to consolidate accounts into one Clearing House Number because the number of Clearing House Numbers you have would mean the number of times you need to subscribe.

Thanks EMMAACHILE. For those requesting stocks for next year, the report lists the following as Stocks to Watch.

Dangote Sugar
West African Portland Cement
Nigerian-German Chemicals
Lassaco Insurance
Custodian and Allie insurance
Soverign Trust insurance
Zenith Bank Public Offer

http://www.proshareng.com/myproshare/portal_news.php?id=3373

SEC moves to control banks IPOs
Posted Tuesday, December 18, 2007

Henceforth, banks willing to raise money from the capital market will undergo more rigorous screening by the Securities and Exchange Commission (SEC).

Speaking exclusively with The Guardian at the weekend, the Director-General of the Securities and Exchange Commission (SEC), Mr. Musa Al-faki, said the new regime of rigorous screening is being introduced to ensure banks' public offerings or rights issues are done in conformity with international standards.

According to him, the Commission will henceforth, ensure that companies coming for fresh funds give the apex regulator full disclosure, and a task force committee has been set up to investigate issues relating to full disclosure.

Under the new regime, Al-faki said processing of banks' application for public offerings and rights issues might be a bit longer to ensure conformity with the required standards, and the Commission would ensure that all outstanding share certificates relating to previous offerings are cleared before another offerings are approved.

He said the government is concerned about what is happening in banks now and the National Assembly is working closely with SEC to protect investors.

Al-faki said: "Henceforth, any company coming to raise funds must give us full disclosure and we will ensure they are in line with international standard. We don't have problems with their coming.

"We have a task force committee to investigate such issues, so we have no cause to reject any bank issue. We have only said issues must be concluded in due course and certificates issued as at when due."

He continued: "We want to control the issuances of IPOs to control the issuances of IPOs by banks to protect investors. In other words, we look at the applications and scrutinise. All outstanding certificates must be cleared and issued and listed before they come again. Any bank that does not do that will have its shares suspended from trading with immediate effect. They will be sanctioned.

"Government is concerned with what is happening in banks. The National Assembly is working closely to ensure investors are protected."  - Guardian

Wednesday and Thursday.

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

bigjay01:

@all in the house

Does anyone have the email / direct line to UBA Stockbrokers?

@bigjay01

Details of my relationship officer below. One word describes her, EXCELLENT! I have never had to call, always responds to emails.

Maureen O. Njoku

Relationship Officer

NRN Banking Centre

United Bank for Africa (UBA) Plc|UBA House (15th Floor)

57 Marina, Lagos, Nigeria

Office : +234 1 264 4652-700, Ext. 15246|DL : +234 1 280 0088|Fax : +234 1 264 4769

Mobile : +234 803 318 0639

eMail: maureen.njoku (at) ubagroup.com

donne4real:

Please what is the minimum required to open an account with UBA Stockbrokers?

N250K

@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.

I found this reverse interpretation funny:


Akara Eleyin - Scotch Egg

@Aktopgun

Congratulations Bro! Lovely names!!

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

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

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%

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.

@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.

@oore
I emailed it to you.

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?

Glad to be back! We continued the conversation on this thread on StockMarketNigeria.com. If you want to catch up, click on this link.

http://www.stockmarketnigeria.com/forums/nigerian-stock-exchange/770-nigerian-stock-market-tips.html

I hope that thread stays alive, we need healthy competition to keep our hosts on their toes. We now have a contingency plan if something happens again.

@ckenneths, nice to see you here.

@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.

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!

@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.

tonyjon:

Hi Guys,

I believe the misery surrounding the the difference between CSCS# and CLEARING HOUSE NUMBER (CHN) has now been solved.

I got in touch with CSCS office and I was told that for IPO/PO, the number to use is the numeric one which is known as CSCS# and that the alphanumeric is the Clearing house number.

I was also told that if you use the alphanumeric on IPO/PO application form, your shares will NOT be credited to your account;YOU WILL RECEIVE SHARE CERTIFICATE.


Peace.

This is confirmation from CSCS, what else do people need?

Cool

VIPICO:

The matter is very simple. IykeD and madeonline have answered the question already. The alphanumeric or CHN is the correct number to use on PO forms. Period.
I have done it severally and I haven't had any problem yet.

Why confuse the issue again? The correct number to use is the NUMERIC CSCS #.

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.

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?

@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.

@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.