lastclaire4:
I deposited money using Bamboo at 3pm since on Thursday and up till now, the amount has not reflected on the wallet.
I am tired of chatting with their customer service. It is already more than 48 business hours but I am still told to hold on.
This is how it starts. People beware.

Tabuse20:


Wow, this is quite sad. Follow up with them o

sonnie10:
I don’t want to miss Motors thread. So I will pitch my tent here.

lastclaire4:
I deposited money using Bamboo at 3pm since on Thursday and up till now, the amount has not reflected on the wallet.
I am tired of chatting with their customer service. It is already more than 48 business hours but I am still told to hold on.
This is how it starts. People beware.

seyisanya:
Hello all,

I just logged in to my account on Trove and was surprised to see a negative value as wallet balance.
What does it mean, please?

lastclaire4:
I deposited money using Bamboo at 3pm since on Thursday and up till now, the amount has not reflected on the wallet.
I am tired of chatting with their customer service. It is already more than 48 business hours but I am still told to hold on.
This is how it starts. People beware.

mission08:
Hi guys! I have been a silent follower of this thread and I want to say kudos to you all for the good work you are doing.

I started investing earlier this month using the Chaka app. I have some fund again that I’m willing to invest but my concern now is the exchange rate. The last time I checked on chaka earlier today was #450 to $1 and generally the black market rate goes for same range. The question now is should one wait this out and invest later when the naira regains higher value?

Remember dollar once exchanged for 500 in 2016/2017 before it eventually settled at #360. Is it advisable to convert to dollar now? What is your projection based on the current economic situations both in Nigeria and US? I can't afford to buy now for the value to be better tomorrow? Another school of thought believes the devaluation will continue until the oil crises is over.

Your thoughts on this would be highly appreciated

mission08:
Hi guys! I have been a silent follower of this thread and I want to say kudos to you all for the good work you are doing.

I started investing earlier this month using the Chaka app. I have some fund again that I’m willing to invest but my concern now is the exchange rate. The last time I checked on chaka earlier today was #450 to $1 and generally the black market rate goes for same range. The question now is should one wait this out and invest later when the naira regains higher value?

Remember dollar once exchanged for 500 in 2016/2017 before it eventually settled at #360. Is it advisable to convert to dollar now? What is your projection based on the current economic situations both in Nigeria and US? I can't afford to buy now for the value to be better tomorrow? Another school of thought believes the devaluation will continue until the oil crises is over.

Your thoughts on this would be highly appreciated

thesilentone:


I will be careful with General Motors. They had a terrible management in recent past where they were borrowing money to pay dividends for several years giving their shareholders (mostly retired pensioners) false belief that everything was fine with the company till the day they filed for bankruptcy. A quick look at their financial statements back then would have alarmed any observant shareholder. Maybe the new management have got it under control, I haven't had the time to look through their financials but once you've taken a hit in the past (either directly or indirectly), you will be wary of them.
This is not a BUY or NOT BUY post, just giving a bit of background about a well known brand.

seyisanya:
Hello all,

I just logged in to my account on Trove and was surprised to see a negative value as wallet balance.
What does it mean, please?

OakPearl:


It could be a system glitch.
I suggest you contact their customer care.

seyisanya:
Many thanks, OakPearl. It's now been resolved.

abuabdullah:


The naira regaining its value is dependent on price of crude oil and our foreign reserve. My opinion, I do not see it regaining its value this year. The black market exchange rate is the true value of the naira.
If you are highly cautious, I will advise you find out the selling price of dollar before conversion.

Please seek Gurus opinion before buying any stock. The market is still highly volatile.

Bengurion1:


My opinion:

Assuming you purchase usd @#450 & it crashes to #380 (worst case scenario and unlikely) that is circa 15% decline.

A decline will happen if cbn resumes and sustains allocations to bdc ops, prices of crude increases or dss arrests bdc ops for speculation. What are the odds of these happening in the near term?

If you deploy your capital on the American exchanges, what kind of returns are you looking at? Will it cover your cost and risk?
What is the performance of your previous usd investments like?

Does this paint a clearer picture of the situation at hand?

You remain the manager of your portfolio.

mission08:



This is quite helpful.....true, it is quite unlike that there will be a decline in the short-run, at least looking at the current situation.

With regards to performance of previous stocks, they are making moderate gains (average of 16% gain from point of entry) . I do more of value and growth stocks considering my limited knowledge of the market - I am not a trader but more of a long-term hodler. Although I wont mind jumping on moving trains so long I am sure it is not about to do a U-turn.....

mission08:
Hi guys! I have been a silent follower of this thread and I want to say kudos to you all for the good work you are doing.

I started investing earlier this month using the Chaka app. I have some fund again that I’m willing to invest but my concern now is the exchange rate. The last time I checked on chaka earlier today was #450 to $1 and generally the black market rate goes for same range. The question now is should one wait this out and invest later when the naira regains higher value?

Remember dollar once exchanged for 500 in 2016/2017 before it eventually settled at #360. Is it advisable to convert to dollar now? What is your projection based on the current economic situations both in Nigeria and US? I can't afford to buy now for the value to be better tomorrow? Another school of thought believes the devaluation will continue until the oil crises is over.

Your thoughts on this would be highly appreciated

1kinggy:


I am in your shoes and I have decided to wait it out.

However, if you a sure stocks that is likely going to rally and give you a good returns you can date it.

For now, I'm not putting any fresh Naira into those apps.

YerYer:
I just bought back some more shares of Inovio pharmaceuticals (INO). This is one of OakPearl's favourite stock. Made some money on the option but il now buying the shares, I believe it has more legs to run. One analyst has a price target of $35! I set a sell order at $8 to take me out. Trade carefully.

YerYer:


Sold INO $13/$ for $390 profit. I was up as much as $2000 yesterday but the stock gapped down before I could sell.

I bought shares of Nordic American Tankers (NAT) yesterday. With the historic decline in the price of oil, there's just so much oil and little demand. This oil tanker stock is doing very well this period because they hep store the excess oil and they charge a premium. I'm up 18%, I might add more or look towards other tanker stocks like (FRO) and (STNG).

thesilentone:


Congrats Yeryer...we pray more wins for you.

YerYer:


You got me thinking. In that same vein, Chewy.com (CHWY) is a good company that will benefit. Chewy.com sells pet food online and ships them to their customers. While the market sold off yesterday, the stock is up 15%. Will definitely watch this one closely.

YerYer:


Sold INO $13/$ for $390 profit. I was up as much as $2000 yesterday but the stock gapped down before I could sell.

I bought shares of Nordic American Tankers (NAT) yesterday. With the historic decline in the price of oil, there's just so much oil and little demand. This oil tanker stock is doing very well this period because they hep store the excess oil and they charge a premium. I'm up 18%, I might add more or look towards other tanker stocks like (FRO) and (STNG).

OakPearl:


Thanks bro.
You truly followed the stock's oscillation.
I am naturally patient with my stock picks until they get to my minimum target.
Better to take your wins before it turns south in this highly volatile and unpredictable era of the world markets.

As for GNPX, I followed it last year and saw how it made many rich in the last quarter of 2019.
Could there be anything like a repeat?
We watch.

OakPearl:


You can still recover all your unclaimed dividends without necessarily appearing in person.
Do a banker's confirmation of signature addressed to the registrars for GTB (Data Max Registrars), download their e-dividend mandate form on the link below (no. 6) and fill, attach a valid ID card and photocopy of your utility bill and sign a written letter asking for your unclaimed dividends stating a few details of your shareholding history.
Scan and send all the above documents to their email requesting for payment of your outstanding dividends.
Good luck.

http://sec.gov.ng/public-notice-the-e-dividend-mandate-activation-forms-of-various-registrars-are-now-available-for-download/

ChybuzzDD:
Hi, everyone. When dividends are paid, who knows how they finally get to us?
Will they be credited into our Trove account?
ORC is supposed to pay a dividend of $0.28 per share to shareholders today, 28/04/2020, but I'm still wondering how it'll get to me.
Does anyone have any info on this?

ChybuzzDD:
Hi, everyone. When dividends are paid, who knows how they finally get to us?
Will they be credited into our Trove account?
ORC is supposed to pay a dividend of $0.28 per share to shareholders today, 28/04/2020, but I'm still wondering how it'll get to me.
Does anyone have any info on this?

kunlef1:

Thanks @Oakpearl.

I actually downloaded the e-dividend mandate form, completed with a passport photograph, first took it to my bank (also GTB) for confirmation of banker's signature before proceeding to Data Max Registrars on the same day. It was because I know emails do not work with most backward Nigerian organisations that made me go in person, and I was proved right. I have been investing in the NSE for over 15 years, so I know how manual and slow the processes can be.
It was at their desk that I was informed that despite all these, I still need to visit my stockbrokers to sign some specimen signatures again, who will then take it to CSCS for another confirmation. Then bring it back. They did not even give me an option of sending by email. There is a big notice in their office that if they do not have your signature in their file, you have to do the above. And when I asked why they don't have my signature on file, I was told that it was because I bought from the secondary market. Is that not where most normal people buy stocks from?

This happened in the 3rd week of March, 2020, just before the lockdown, so it is very recent history. If you noticed, the SEC link was dated 2016. Apparently, the registrars are not following SEC's instruction, and I see it as nothing short of robbing people of their money.

Maybe I will go to SEC and CSCS social media pages to complain, until they enforce their own rules.