₦airaland Forum

yok:
WHAT CHAKA HAS DINE CAN NEVER HAPPEN IN A GLOBAL FIRM OR EVEN IN WELL ESTABLISHED NIGERIA BROKERAGES
It still beats my imagination that a stockbroker can lock out clients from having access to their accounts for over 2 weeks or more!!!

This is one if the reasons when we laugh at people that says they are using the FinTech APPs for Nigeria stocks, it is just not necessary. There is no way these other APP will match the quality of service from the like of MORGAN CAPITAL OR UNITED CAPITA it is impossible!!

Meanwhile we continue fir Chaka to sort ozt their mess.Again I will say probability this matter is not getting escalated as they are just Stockbroker's (but a sub stockbroker, so they had a supervising stockbroker formerly Driveweallth).

So I want to emphasis again, we did not invest in their firm, our investment is in varios stocks and the final regulator or Custodian of our stock is SEC (Securities and Exchange Commission either US, or Nigeria Version CSCS/SEC).

We can see that some firms very unreliable Client service

Just out of curiosity; why are you guys not taking Bamboo seriously here. I have only been seeing chaka.

What's the reason for it?

A305:
Just out of curiosity; why are you guys not taking Bamboo seriously here. I have only been seeing chaka.

What's the reason for it?

Simple reply is that NIGERIA APPs for trading global stocks are small firms with poor Customer service. It would have been better for all of them to come together as one entity.

Chaka used to be top of the pack before, due to the pedigree of the main founder; but now a shadow of itself. Also, the fact that others charge commission that has a minimum ranging from a minimum of $1 per trade or rate of 1.5% per trades makes them not attractive at all. Chaka had no minimum commission, but a flat rate commission of 1% (mainly, if you meet the simple conditions of transacting up to a minimum level, which is very low and reasonable).

Problem is that Chaka's platform went off for like 2 weeks and they are just about to resolve it, And if they abide by their words, we should start having access to our accounts and start trading tommorrow.

For now let us just leave the story like this. The matter did not escalate much, as for those who have bought share via the platform (our shares finally resides in the system of either CSCS or equivalent organisation for US stocks), so our shares purchased are safe.

Also behind the scene the main Stockbrokers Driveweallth (also main Stockbroker for the likes of Trove, Bamboo etc), may have intervened (they were in the picture and probably advice Chaka to do things correctly), this may the the reason the Platform was kept in some maybe 20% working condition for this week, but still not able to execute trades.

I hope this clarify what you want. All the local APPs have zero Customer service and charges high Commission (high Commission is understandable, due to cost of doing business in Nigeria and low Customer base). If quality of service is bad , you will have few Customers, and this advert that people can start trading US stocks with NGN16,000 is not okay, this will only attract Client who will not complain of bad quality service and will even stop trading after losing reasonable part of that NGN16k within one month.

yok:
Simple reply is that NIGERIA APPs for trading global stocks are small firms with poor Customer service. It would have been better for all of them to come together as one entity.

Chaka used to be top of the pack before, due to the pedigree of the main founder; but now a shadow of itself. Also, the fact that others charge commission that has a minimum ranging from a minimum of $1 per trade or rate of 1.5% per trades makes them not attractive at all. Chaka had no minimum commission, but a flat rate commission of 1% (mainly, if you meet the simple conditions of transacting up to a minimum level, which is very low and reasonable).

Problem is that Chaka's platform went off for like 2 weeks and they are just about to resolve it, And if they abide by their words, we should start having access to our accounts and start trading tommorrow.

For now let us just leave the story like this. The matter did not escalate much, as for those who have bought share via the platform (our shares finally resides in the system of either CSCS or equivalent organisation for US stocks), so our shares purchased are safe.

Also behind the scene the main Stockbrokers Driveweallth (also main Stockbroker for the likes of Trove, Bamboo etc), may have intervened (they were in the picture and probably advice Chaka to do things correctly), this may the the reason the Platform was kept in some maybe 20% working condition for this week, but still not able to execute trades.

I hope this clarify what you want. All the local APPs have zero Customer service and charges high Commission (high Commission is understandable, due to cost of doing business in Nigeria and low Customer base). If quality of service is bad , you will have few Customers, and this advert that people can start trading US stocks with NGN16,000 is not okay, this will only attract Client who will not complain of bad quality service and will even stop trading after losing reasonable part of that NGN16k within one month.

Thanks for your well detailed explanation sir.

Now I have an idea of the situation.

I was worried because I mainly use bamboo to purchase s&p ETFs.

Thanks again.

ARE WE HEARING FROM CHAKA
From my side the platform is still down. But the people seems to be jokers. They are ready to give people money if you open account with them!!! But, currently the platform is still not working.

Which comes first, putting out the mess in your house first or inviting guest to come and see how messy your house is?

Let us continue to monitor the Chaka Platform,

If it start working let me know. On my side, I am giving them a close marking.

Wish everybody more profit in our accounts.

Which app can Nigerians start with with reasonable commission, Vest kept declining my ID card (NIN, Voters card).

Thanks

Entrepreneurrr:
Which app can Nigerians start with with reasonable commission, Vest kept declining my ID card (NIN, Voters card).

Thanks

Get the plastic card type NIN.

The other issue on VEST id tax id, for this use your tax id (if you are employed and PAYE is being deducted from your salary). If you are not an employee, just go to any Lagis State Tax Office and register it is free (registration does not mean you have to pay tax, you can tell them you have a shop on a Market if they ask for type; of business).

Chaka platform is not working and so not good at the moment.

Following.
let me park here and learn from the best on this platform

UPDATE ON CHAKA PLATFORM
Below is confirmation from Alpaca that they are involved in the on going migration at Chaka.

So let us be assured as long as "you have only bought shares from the app or limit your transaction with chaka to buying and selling of quotes stocks" your investment/account is safe.

Only that we can still see that Current set of Managers at Chaka looks like set of Clueless and dumb people. I wonder what type of training/certifications they have. How can you deny people access to their trading accounts for over 2 weeks, and you know that these assets are volatile and can lose or gain in value. I am sure that many penny stocks in our portfolio may be in some heavy loss by now.

Let us see when the Clueless people will enable us manage our trading positions again. The assurance that Alpaca is involved at least can put our minds at rest.

Transferring accounts from one platform to another was done by Passfolio without any issue whatsoever.

Wishing all the best.

yok:
Get the plastic card type NIN.

The other issue on VEST id tax id, for this use your tax id (if you are employed and PAYE is being deducted from your salary). If you are not an employee, just go to any Lagis State Tax Office and register it is free (registration does not mean you have to pay tax, you can tell them you have a shop on a Market if they ask for type; of business).

Chaka platform is not working and so not good at the moment.

Ok. Thanks

1ST SEPTEMBER IS LABOUR DAY IN US
Today is a trading holiday in the US markets are closed and will open tomorrow.u

UPDATE ON CHAKA PLATFORM
Are we trying the platform to see if it is now working.

Last time I tried, still not okay.

But if you have money in your wallet, you can withdraw. If you have dividends that has accumulated up to $10 you can withdraw. If you're ur account is not yet linked to the wallet, just send Chaka a mail and you should be able to withdraw.

It seems all the improvement they claim will be done is just pure empty promise. They are still struggling to return the platform to the state were it was vefore the problem started.

We are following up. But I still have my doubts on the current Managers, they are looking like a team "B".

But again emphasis is that if you have only bought stock from the platform you are very safe. Your shares are monitored or on control of SEC, only ensure that you keep records of your correct holdings so that you can raise alarm if your holding are understated.

So oet us continue to monitor the platform. The people have really messed up. But Alpaca is saying, the alliance is still on!!!

UPDATE ON CHAKA AND CURRENT OPINION ON OPERATORS OF THE PLATFORM L AS AT TODAY 4 SEPTEMBER 2025
Please if you are using chaka you need to give them some pressure.

Currently the operators of the platform seems to be some confused set of people.

But we neet to give them close marking.

And we also need to be planning a more serious course of action on this matter.

Assuming one is using only Chaka platform, does it I will not trade for about one month?

Wishing everyone the best.

UPDATE ON THE MARKET AND CHAKA PLATFORM
Today will likely be a very bullish day, the labour report tat will usher in the rate cut will be out and this is a report that everyone already know what is there no suprise is expected.

Gold and stocks will likely go up.

On Chaka. I believe our patience should be getting exhausted now, a management that cannot run their business should get out of the industry. If the platform fails to come up in the next 3 trading days, then Chaka is likely not interested in running a trading platform.

How can you lock people out of access to their accounts for one month approximately!!!

Again we should stay cool, out investments are safe we did not invest our money in thier business, we bought in the US stock exchanges), the major brokers are on alert as to what is going on. If Chaka is not back in next 3 trading days, they have moved beyond the allowed boundary and must face the appropriate consequence of their neglect of Customers and incompetence.

Wishing all a good trading day. We are in the market today, Caucus members have got the early morning briefing.

Market Update- Target Technical Analysis
Trading with a broker where commission is zero is sweet

Just bought TSLW, if you like you can buy TSLA

Wishing all the best.

UPDATE ON CHAKA TRADING PLATFORM AND OPERATIONS
Chaka's platform is still not working, we cannot trade.

From my interaction with the Platform Managers, I can say that the Management are not experienced enough to manage a trading platform or they are trying to play some games.

On rebranding to Alpaca, I doubt if Alpaca will go ahead with the partnership, this is like 60% certain. It will be a miracle of the century of tge deal goes through

So if you have account with Chaka Screenshot your portfolio and it may be a good time to start withdrawing the cash in your wallet (you need to check the fugures in your wallet. to ensure it is correct).

We should put as much pressure on the firm as much as possible. If they cannot run a trading platform let them transfer the accounts with then to another broker/sub broker instead of wasting Customers valuable time and continue to expose Customers to undue risk by preventing them from trading on their accounts.

With the details of Chaka' ways of operations now exposed to Alpaca, except only Chaka will be their only Customer (Chaka invests in US stocks too and I know they will not be using their own trading platform at tge moment (then why exposing the people on your trading platform to the current mess), imagine not having access to manage their positions?

However, we should look forward to when Alpaca come to Nigeria. They have a good trading platform.

So conclusion, we should put pressure on Chaka to transfer our account to another Broker, take note of your investments on the platform (screen shot your holdings and keep in a safe place), start withdrawing what you have in the wallet, at least if we cannot trade on Chaka we can take our money elsewhere or at least spend our money the way we want).

Let us have a good weekend. Again there is no need to panic if all you have done is buy shares on the platform. It is possible that from next week the media may start to carrying news about Chaka and their Managers, they are the one that want to destroy their business with their own hands.

Let us have a nice weekend.

CHAKA MATTER AND CONFIRMATION THAT OUR SHARES ARE ON THE EXCHANGES/UNDER SEC

Got the notice below on one of our stocks. Maybe chaka blocked this before, but as Alpaca deal is nearly a failed deal, they are likely to have restored communication with Driveweallth

That is confirmation tat if we have only bought stocks on the platform our investments are safe

Nevertheless, we should continue to pressurise Chaka, till we are able to have access to manage our positions on the platform whether as Chaka or whatever name they call it. But if they fail to correct things fully by close of market on Monday, whatever bad publicity that starts hitting the media about Chaka is their own making.

I wish Chaka well, if they are able to recover after this mess they have created for themselves.

"LONGEVITY IS GOOD"
For those of us in the market thing are looking good with rays of optimism.

My next post, I will give update on Chaka and there platform.

If the platform fails to work today, then our patience jas worn out. Chaka should expect to start seeing their name appearing in the media. Whether it will be positive or negative, I cannot say. And after this, I believe for those of us who "have bought shares" through the platform they will have no option, but to transfer our Accounts to other Stockbroker/sub brokers at their own expence.

And if they are telling lie about rebranding as "Alpaca" the truth will come out any moment from now. They gave 1st September as final deadline to move to Alpaca, but today vis 7th September and no new on Alpaca? Initially platform was to start working by 25th August 2025. Today is 8 September 2025, platform is not working, it seems to be getting worst.

We have endured enough, and I am sure people will move forward and take the next step to protect their investments and also find access to their portfolios.

Let us do the needful, a platform cannot take people for granted where there are rule and regulations for conducting affairs of specific type of businesses.

What Chaka is doing just shows the poor depth of the experience of their current set of Managers.

Again I wish them well, but we will take the right action to show that we are not financial illiterates. Enough is enough.

"LIKELY UPDATE ON CHAKA TRANSFORMING TO ALPACA"
Looking at the current poor handling of the trading platform issue, there may be no ALPAC deal for Chaka.

Alpaca has a standard and know they have top operate in lone with the regulatory guidelines. The red flag that Chaka is displaying will disqualify any Alpaca type of firm to associate with the platform. I wonder how difficult is it to make a platform to work, this is a platform that has been working before the new Management took over, at leat the platform must have been working for like 5 years. Now some people took over in pike 6 months, the platform now become Rockect science to meke it functional. Okay.

We will move forward. Again we are happy that our shares that we have bought are safe. And whatever money is in our wallet will be recovered when the regulatory "sword" swings into action. The money was in our wallet for the only purpose of buying stocks

Let us have a good day.

Good afternoon, when is payment (deposit)is going to reflect on Vest platform.

ZikkyChops:
Good afternoon, when is payment (deposit)is going to reflect on Vest platform.

Wehn you are making the deposit, the platform should tell you.it should be 3 days. I believe the afternoon of the 3rd day

LONGEVITY IN THE MARKET CAN PAY OFF
This US stock market is sweet!!

Chaka want to us their immature/inexperienced spoil our game, but God is grater than the spoilers. If Chaka fails to tow the line of honour, they will have the authorities to contend with.

On my side. I will be asking for zhem to sell my stock and return back my money, at least I can take my cash to another working platform that is really to do good business.

So, please if you have account with Chaka, let ius bombard them with withdrawal request if they fail to make the platform to work.

Let us have a nice sleep tonight. AS LONG AS YOU HAVE BOUGHT STOCKS ON CHAKA PLATFORM, YOUR STOCKS ARE SAFE UNDER "SEC" SUPERVISION . THE WORST THAT CAN HAPPEN IF CHAKA CONTINUE TO BE STUBBON IS THAT YOU INFORM SEC. AND SEC WILL QUERY THEM AS TO WHY THEY DID NOT GIVE CUSTOMERS ACCESS TO THEIR STOCKS FOR OVER 30 DAYS" AND AFTER SEC QUERY, I AM SURE CHAKA WILL NOT BE SMILING. THEIR FACE WILL LOOK LIKE THIS

yok:
Wehn you are making the deposit, the platform should tell you.it should be 3 days. I believe the afternoon of the 3rd day

Thank you. Have seen the payment in my trading account.

ZikkyChops:
Thank you. Have seen the payment in my trading account.

Good. You will see quality Customer Service from Vest Investment, as compared with many of the useless local APPS run by some me kindergarten like Guys (I did did not mention any name, the semi illiterates calling themselves investment or trading platforms know themselves, and we should as much as possible avoid them, no matter how much they advertise themselves). Know that any advert from any unreliable platform is a trap and we must avoid those traps.

LONGEVITY IS GOOD: MARKET SHOWING SOME CRAZY GAINS FOR SPME QUALITY STOCKS
Attached is tue pre-market, but let us wait till after market open before we take any trade.

Wishing all a happy day.

My next post will tell us that if you have 1 kobo (yes one kobo, not even One Naira in Nigeria Stock, you can report any platform that is indirectly trying to be a bully, is this another "cyber bully" you lock out people from managing their trading positions for over 30 days, shame on you.

YOU CAN REPORT ANY PLATFORM FOR TRADING NIGERIA STOCKS THAT IS MESSING UP AS LONG AS YOU HAVE STOCK VALUE UP TO ONE KOBO (NGN0.01,)
For any platform that will not allow you assess to your stock you can report to sect Nigeria, just via email. Google "complain to Securities Exchange Commission Nigeria for the email address".

The principle here is that trading platforms or Stockbroker mist follow some rules specified by SEC, so if they are not following rule, SEC assumption is that the stock buyer's money is at risk, not just for you who as reported, but for the general public at large

If someone has petitioned SEC or EFCC in time CBEX wouldn't have made too many people to poose their money.

Let us take note, your NGN1,000 is not small, we must not allow anybody to do 'gbajue for US". SEC is there for is us an Investor in amy Capital Market Related Product_
. You as an investor is important to SEC and to Nigeria. Government is always looking for Investors, you are an investor if you have bought stock worth one kobo (yes one kobo only) and SEC will give you maximum protection as humanly possible if you act before the big damage is done.

You know in zhe US too. I mean US Citizens living in America. if you can invest $200 (two hundred dollars only), most stock brokers will value your patronage, so don't let anybody commonise you because you have invested a small amount. One kobo is enough for SEC tp close down or blacklist any player in the Nigeria Capital Market.

If people/organisations cannot run a business or platform, they better pack up and let people who are serious about the business remain.

In conclusion, I will say one of the benefits of investing in Nigeria platform is SEC Nigeria effectiveness and the fact that xou can see the physical office of the Stockbroker in case matters starts getting out of hand. So we should continue to monitor the Local APPs some may still be good, but ot they start misbehaving. , run to SEC fast before a big damage happen.

UPDATE ON CHAKA TRADING PLATFORM
The platform seems to be coming up. I was able to put some sales order through.

But I don't think the platform is totally okay.

Or if the Management of the platform is sure they should send us email.

However, there the statement section this shows ledger of your dividends received and how you utilise the money. They were not able to get this right just three days ago. I hope they get it right soon.

Please let us buzz these people, they have to do things right, we are Customers we cannot be bullied (actually social media is a bae, I learnt there is a bully Close to us somewhere!!! but as long as we are Customers the bully cannot bully us).

Going further on the SEC matter, do yo know you can also reported a person who is acting like a Stockbroker and you feel he does not have necessary qualifications to act as one, okay I will not give full disclosure here, but I will just say where you can report this in some instances, also like SEC, so you can report both the organisation and some key individuals in an erring organisation if you doubt their capacity to handle anything connected with your money or investment, all for free, you only need to send the email or in some cases complete an online form.

Let us stay safe.

Zagee:
Watch Oracle.
Steadily heading downwards, 215 key levels. Plan entry points. A good buy for the long haul.

August 21

I hope you found entry.

UPDATE ON CHAKA PLATFORM
Platform issue now about 80% resolved. We should be able to buy, sell, deposit and withdrawal funds.

All the people and institutions involved on whipping the operators to fall on the right track are all appreciated:
- SEC and all connected regulatory agencies
- ALPACA Market - Our reputable main Stockbroker
- Tosin Osibodu (the Man who Managed the Old Chaka Platform for over 5 years without any incident). And who will continue to have your Trust
- Margaret Afolabi Of Chaka (this is person that was put in the fore front and tried to give her best). You are well appreciated
-others I cannot mention their names, plus our back Office No Nonsense Legal Consultant, who guided most of our communications (really if we have followed the No Nonsense Legal Consultant, this issue would have been resolved earlier, but we tried to exercise some constraints on this matter and we really did)
-members of this forum, whom I am sure must have equally played their roll to protect their personal investments and also alert others on what to do. May we not fall into the "hands of Corporate Scammers"

God bless you all

THE FOREIGN PLATFORMS ARE REALLY CONTENDING FOR THE NIGERIA INVESTORS!!!
Vest Investment has improved any deposit you made hits your account the same day and we are talking making deposit in Naira, just the way we make local payments. This is game changing. Then soon I will report on the withdrawal side too or anyone that withdraws first can tell us whether it is still 3 days or is faster now.

I think we are in for a good time. Good Customer service, Zero Commission, Ease of deposit in Naira, deposit hitting your account in about 7 hours after you made the deposit and available for trading same day (used to be 3 days about 4 months ago) etc. This is good and I believe other improvements will still come from the platform.

Also there is the advantage of buying fraction of a share. So if I like I can buy only $1 or NGN1,600 shares of TESLA. This is a sweet development.

And I am happy to be trading at a time like this.

Wishing everyone the best.

Good day, everyone...

Who knows about managed portfolio in bamboo? Who has invested in it?

Does it really worth it?

TARGET TECHNICAL MARKET COMMENTS
We are trading a tough market. Sorry for those that are looking for free stick picks all the time. No problem, you will get suggestions once a while.

Our trades are focused on Wednesday and the game play is "rate cut". Today, we added more to our position in open. It is strictly a swing trade and based on our discussion in the Caucus this morning, we know swing trade is basically technical analysis at work, we are not interested in buy and hold.