₦airaland Forum

guys, this thread is moving too fast - una eyes de red for money oh<kidding> (excuse my pidgeon english).

Anyways, the thread has gone too long, I will resort to information retrieval and data mining to dig up valuables from here. Time is coming on NSE when men shall be doing optical character recognition on dailies and writing perl scripts to automate getting info.

Anyways, I have one million naira and I am looking for 60% returns in two months; i will be concentrating the funds into just one insurance company - I have reduced the list down  to two - NIGER and CORNERSTONE. what are the pros and cons of each of these

hi good people of nairaland - please what is the procedure for closing already existing CSCS number if e.g. i switched broker.

Thank you.

@all

I have a question I would like to ask - I am indeed not impressed with a broker (contact me for name if you want) and I am happy I saw the red flags right from the start.

I submitted all scanned documents and I was told I missigned one of the forms, I scanned again and sent; and they said I should send it AGAIN - meaning that they did not even look at the second one I sent.

After submitting the documents, nearly two weeks elapsed and I did not even hear anything - not even an automated response. I contacted them recently (but why should I have to be the person to contact them again) and the person said "he thought he had sent my new account details to me". This is very unprofessional.

I am of the opinion that when new stock broking account is opened by a Company, they should send a physical and official letter confirming the account has been opened(where this is not possible, a scan of the same). But I just got an email quoting an account number and a CSCS for the 'new account'. May be I am expecting western standard here but this is generally the norm. Upon citing a clause of their agreement for electronic documents and the need to have such should dispute arise- he just said they just send a bare email - with the customers new account number and cscs number.

Now if for instance i wire 10 million naira(for example) into the so called 'new account' - and litigations should arise - I have no proof of the Company officially opening an account for me. Even worse is if the person has been trading for 2 years and then comes bak to naija to discover no account exists.

So people, do Nigerian companies just send a bare email (with no signature, Company stamp, etc) stating an account number and a CSCS number when an account is opened?

I am on the verge of just telling them to just close the account just the way they opened it and close cscs no etc.

The bigger firms are just the best.

Thanks.

This facility was suspended by GTB a while ago but then put back - so i cant remit money online to 3rd parties whether gtb account holders or other banks.

whats the procedure for restoring it (especially if one is not in naija)?

@ NBA
Email sent.

Hi,

how does one find out the dates of release of quarterly results of companies please (not just year ends)?

Thanks.

@genelogan, all

Do you know the name of the scholarships and application process?

Hi good people of nairaland,

I heard there is a scholarship by the Nigerian Federal Government for foreign nigerian graduates to do Masters abroad on the condition that they will return to Nigeria after studying.

Is this true? are there any such scholarship schemes by Nigerian government or similar?

@ NBA

i dont know if this is asking for too much but would you be kind enough to introduce me to Vetiva - as per their introduction requirement?

@Etin
does citi invest accept digital passport photos?

Hi guys, I need your opinion.

Is it better to buy from primary market or secondary market? The answer is obvious - in most cases primary market may be better but the recent cases of over subscription is putting me off.

Q1: What is the likelihood of Niger Insurance Public offer being oversubscribed? I think they are raising 6 billion or so - so whats the likelihood of my money returned to me if i buy between 1million and 1.5 million naira worth?

Q2: How soon after public offers are application monies credited to investors CSCS account?

Q3: How good is CitiInvestCap with execution of orders (same day, 1 day delay, 2 days etc)?

Just answer the one you have the answer to - not necessarily all.

Regards.

Does it take many many months-years after a public offer to credit an investors CSCS account or is it credited immediately the public offer closes.

@Etin

CitiInvestCap looks good - I am optimistic their execution times should be sharp; after sending the scanned account opening docs, did they write you your account approval letter by email or hard copy?

Also for public offers, IPOs etc - how do you get the application money across to them (do they take it from your money in their stock broking account or you have to write a cheque?).

I will open a 100k account with them and try them on some small trades.

@NBA

I have looked round oh. I decided not to use UBA again because over the long term, the charges will be significant; I considered CitiInvestCap (and I am still considering), but not sure they will meet up with SEC requirements. For Cashcraft, I dont like their Customer Agreement (its too lose - eg. there is no statement on electronic submission of documents) - for Zenith - their requirement is too high!!!

This leaves me with VETIVA!!!

Just to ask, if I fund the account with 1.5 million; and after 3 weeks, I use the entire amount to buy say Crusader - will they complain? or open with 1.5 and use 1m for a public offer and leave the rest NGN500,000?

i.e. if you have an account with them and you have deposit with them?

How about if you have money in cscs and money in their own account.

if stock broker dont meet up with recapitalization - will you lose your money?

What is the recapitalization amount and how does one know which stock brokers have met?

thanks a lot.

to all the insurance savvy people out there - do you think Niger Insurance is a good Company - I am interested in taking a few policies with them and also buying their shares - do they have a future with the likes of cornerstone and others viciously eyeing the market. I think they have good management - what do you think?

@atilla

1. So which is the registered business address? (the latest one).

2. As part of the services you offer, are there any daily, weekly, monthly reports or similar.

3. Do you offer original share certificate retrieval services (i have bonus certs but lost the originals), and dividend recovery services and at what price?

4. Do you have an online presence for online execution of orders (or for account monitoring only?)

5. If I open an account from europe, how can I fund the account.

6. I already have a cscs number with another broker (but the account is unfunded and has never bn used since i was undecided) - can I transfer this to Citi?

Regards.

Thanks very much.

@atilla

1. why does the application form say address is osbourne road ikoyi while address given on website is 47a and b Glover Road. What is the registered business address anyone?

2. What are their brokerage charges?

They sound professional so far in phone conversations.

hi

has anyone had any experiences - positive and negative with CitiinvestCap - I would like to open an account with them.

how do u know which stock broking companies that have met the new SEC requirements and has citiinvestcap met it?

thanks.

Does anyone have any news on FTN Cocoa processors IPO and their website?

Also is UBN a good buy - they are coming to the market this year again.

hi all,

if I open an account with a stock broker and I had bought shares but did not receive the certificate - hwever, I had received dividend warrants for the said shares and hence know my account number with the registrar of the company.

Can those shares be added by my stock broker to my portfolio without the certificate and from abroad?

Union Bank is a good long term buy. Its an asset over the long term.

hi guys,

I need advise.

I have been exposed to futures, stock trading, forex, landed property, CFD and spread betting. we all know they are all good ways to make money - but the truth is that no man can do all and keep up with the associated news. sometimes, it seems my head wants to explode.

I have a flair for stock trading but i am not interested in any exchange outside NSE. but the disadvantage is that sometimes, stocks can be illiquid.

so wat do you trade and why?

I have settled for naija stock trading with a long term, medium term and opportunistic short term situations while swing trading forex (holding positions for 1-2 weeks). But thats still a lot of information to keep abreast with. I only trade one currency pair to cope.

wat do u trade and why

CBN exchange rate for GBP is currently about £1 = NGN226

If I want to sell in black market, around how much can it be sold for given CBN rate above.

When does it normally rise in the year?

Just to tell you all precisely how I found out.

I was in naija in late 07. Went with my sister to a GTB branch in Lagos mainland - I didnt have current account in naija then (only savings with UBA).

So my sister was trying to pay my dividend warrant into her GTB account but they refused (i was with her there). she then explained that I had been abroad and that if she doesnt pay it in, I will lose it.

They still refused insisting that I could have downloaded the forms from abroad and open from abroad.

So that is the basis of my statement that GTB CAN open account for Nigerians abroad.

@Etin, All

Hi ladies and gentlemen, im back!

If anyone is interested in opening current account with GTB, please know u can do it from abroad - ring corporate headquarters and indicate interest and they will giv u instructions. I opened mine when i went to nigeria but didnt have time to pick up the chequebook + ATM but my relationship manager said I can write a letter instructing the bank to release cheque books a designated person (relative). it may not be given a formal name but its possible.

Etin, I am very interested in knowing more about an Investment Account with Citi Invest. I would be glad if you could help me out with the following queries:

1. Are BUY/SELL instructions executed the same day?
2. Any fully functional online facility or will investor rely on online CSCS monitoring?
3. How did you manage the account opening process from overseas?
4. Would you recommend them?
5. Have they met the SEC recapitalization requirements?

i know many people here will advise u to split this money into 5-8 or so stocks but i beg to differ. i believe u should just out it into 1 company or fund. it will grow quicker.

1. consider using it all on Union Bank PO this year.
2. consider putting it all in AGF(aggressive growth fund)
3. Consider buying NIGER insurance public offer in Q1 this year.

I do it for future but also open to short term opportunistic situations.

@bigjay

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

@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.

I have found a similar thread:

https://www.nairaland.com/nigeria/topic-67539.0.html