CSCS Account Creation

[compengr]

Hi All,

Please I really need advice on this issue:

I'm outside the shores of Nigeria and I'm trying to get an online account with CSCS. I applied online (though I'm not sure of the CSCS number for reasons stated below) and a friend of mine has paid =N=2,500 into their GTBank account for me, BUT I'VE NOT HEARD ANYTHING FROM THEM AND I'VE CALLED SEVERALLY BUT AFTER THE INITIAL AUTOMATED VOICE, NO ONE ANSWERS THE PHONE. THE CSCS NUMBER MY BROKER GAVE ME SEEMS TO BE DIFFERENT FROM THE ONE CSCS ISSUES (theirs have some alphabets combined with numbers, but the one my broker sent me has only numbers.) CAN ANYONE PLEASE CLARIFY??

I sent a mail to my broker on this and this's what he said:

"I study people and learn how to go along with them. You are a very sceptical person the best way to handle you is to guide you along that same mindset. I will only object to your choice if it will lead to financial disaster.

.....CSCS special account is best suited for somebody resident in Nigeria. I will not be in a position to follow-up with your payments and ensure that you are activated to enable you use the facility. This also applies if there is any issue arising from its usage."

What does he mean by ".....CSCS special account is best suited for somebody resident in Nigeria."

Thanks in advance.

[dotunk]

hi

i feel your pain. i am also going through the same saga. in fact its like i have given up on it and let the money go.

i have emailed twice both direct and via the site... no reply till today.

you are also right about the telephone number... its either nobody picks it or its what to do.

your broker is callous with his words. there are better ways to tell you "thats your problem" than the way he did.

like i said i dont know what to tell you. but i do get through i will let you know. and you do send me a private mail.

hard kuck

[alanbow]

Originally Posted by dotunk

hi

i feel your pain. i am also going through the same saga. in fact its like i have given up on it and let the money go.

i have emailed twice both direct and via the site... no reply till today.

you are also right about the telephone number... its either nobody picks it or its what to do.

your broker is callous with his words. there are better ways to tell you "thats your problem" than the way he did.

like i said i dont know what to tell you. but i do get through i will let you know. and you do send me a private mail.

hard kuck

Now that I see you have tried the Email route with no luck, I suggest you send someone there. It is on the first floor my account got activated the second day after my visit. Unfortunately I deleted the email of the admin person. The general email does not seem to have the real effect. The delay is because of another form you need to fill at the place which is used to confirm your signature against the account. But I am sure your broker can help with that.

[nichobabe81]

Originally Posted by dotunk

hi

i feel your pain. i am also going through the same saga. in fact its like i have given up on it and let the money go.

i have emailed twice both direct and via the site... no reply till today.

you are also right about the telephone number... its either nobody picks it or its what to do.

your broker is callous with his words. there are better ways to tell you "thats your problem" than the way he did.

like i said i dont know what to tell you. but i do get through i will let you know. and you do send me a private mail.

hard kuck

Am in the same shoes as you. I did paid the 2,500 naira and up till now the account have not been activated. The emails are not answered, so is their phones, am actually considering forgeting the amount. This is the problem with doing business in Nigeria. So without going physically to their office one cannot get any thing done? Well Nigeria go better.

Cheers

[dotunk]

Hi all, i just tried logging on to the CSCS website and it was shocking to find out that the site has been suspended

what do we do?

does anyone have the address so i can send my brother there?

[Ehis]

Hi,
The CSCS account if for high networth individuals. It is only a depositroy account for your stock where no broker can have access to it except you authorise.
I advice you visit CSCS site

[en_y]

www.cscsnigeria.com is suspended. But www.cscsnigerialtd.com works.

[c kenneths]

When I told my new brokers to open a stockbroking account for me, I was sent a text from cscs, detailing me on my cscs number, CHN number, (I guess that stands for clearing house number)

I never paid any amount.

This morning I gave instructions for a purchase to be made for me and in the evening around 5pm, I got a text on my phone from cscs, detailing me on the stocks that were bought for me and the prices, qty. etc

But this service is different from the one you pay 2500.00 for and log on to check your account whenever you want.

[Meki]

Originally Posted by en_y

www.cscsnigeria.com is suspended. But www.cscsnigerialtd.com works.

en_y

Thanks for the alternate link, I was wondering what happened to the cscs site!

[oseitutu]

Originally Posted by Ehis

Hi,
The CSCS account if for high networth individuals. It is only a depositroy account for your stock where no broker can have access to it except you authorise.
I advice you visit CSCS site

Attached is the cscs procedure. I think being high net worth is just a discriminatory term coined by class-conciuos Nigerians. I am high net worth, period. What is the cut off? No mind them. What is good for Lagbaja(Okafor or Abubakar) is good for Tamedu (Okeke or Aliu)

[Meki]

Originally Posted by compengr

Hi All,

Please I really need advice on this issue:

I'm outside the shores of Nigeria and I'm trying to get an online account with CSCS. I applied online (though I'm not sure of the CSCS number for reasons stated below) and a friend of mine has paid =N=2,500 into their GTBank account for me, BUT I'VE NOT HEARD ANYTHING FROM THEM AND I'VE CALLED SEVERALLY BUT AFTER THE INITIAL AUTOMATED VOICE, NO ONE ANSWERS THE PHONE. THE CSCS NUMBER MY BROKER GAVE ME SEEMS TO BE DIFFERENT FROM THE ONE CSCS ISSUES (theirs have some alphabets combined with numbers, but the one my broker sent me has only numbers.) CAN ANYONE PLEASE CLARIFY??

I sent a mail to my broker on this and this's what he said:

"I study people and learn how to go along with them. You are a very sceptical person the best way to handle you is to guide you along that same mindset. I will only object to your choice if it will lead to financial disaster.

.....CSCS special account is best suited for somebody resident in Nigeria. I will not be in a position to follow-up with your payments and ensure that you are activated to enable you use the facility. This also applies if there is any issue arising from its usage."

What does he mean by ".....CSCS special account is best suited for somebody resident in Nigeria."

Thanks in advance.

compengr

Your broker is pretty rude. His job, if he were a decent professional, is to explain the difference between the different CSCS accounts, not to insult his client.

I feel your pain; like the others on this thread, I have made my N2500 contribution to CSCS without the activation or a response to my emails. I also live abroad so going there is not an option. I have moved on.

The special account is different from the regular account. A stockbroker will get you a regular CSCS account for free when you open an account with them but if the stockbroker does not have internet access you then have to use the automated telephone enquiry (which never worked for me as I did not have the initial pin???) or pay N2500 to view your CSCS account online.

The special account gives you more control over your CSCS account. I do not have one yet but here is a link to the details of the special CSCS account information:
http://www.CSCSnigerialtd.com/module...howpage&pid=17

I have since opened two brokerage accounts with two brokers both with good (naija standard!) online access. I hear it is sometimes difficult to transfer from broker to broker so I have left the other no-online account open but dormant for now.

About CHN, CSCS numbers, etc, I found the FAQs on the site below useful in explaining the differences and never new I had a CHN number until I asked my no-online broker. You can actually have several CSCS #s tied to one CHN #.

What is the Clearing House number?

It is a unique code that consists of numbers and alphabets generated by the CSCS to uniquely identify a client

How do I differentiate between my Clearing House number and my CSCS account number?

The Clearing House number always starts with the Alphabet C and ends with two other alphabets while the CSCS account number is numeric all through

I don’t know my Clearing House and CSCS account numbers ?
Ask your Broker or go to the Central Securities Clearing System Limited office.

For more see this link:
http://www.nse-cscstradealert.com/FAQ.htm

Hope this helps.

[alanbow]

Originally Posted by dotunk

Hi all, i just tried logging on to the CSCS website and it was shocking to find out that the site has been suspended

what do we do?

does anyone have the address so i can send my brother there?

The address is
stock exchange house (1st Floor)
2/4 custom street lagos.

And the admin did send out a note a few weeks ago that the web address was changing.

[alanbow]

Originally Posted by Meki

compengr

Your broker is pretty rude. His job, if he were a decent professional, is to explain the difference between the different CSCS accounts, not to insult his client.

I feel your pain; like the others on this thread, I have made my N2500 contribution to CSCS without the activation or a response to my emails. I also live abroad so going there is not an option. I have moved on.

The special account is different from the regular account. A stockbroker will get you a regular CSCS account for free when you open an account with them but if the stockbroker does not have internet access you then have to use the automated telephone enquiry (which never worked for me as I did not have the initial pin???) or pay N2500 to view your CSCS account online.

The special account gives you more control over your CSCS account. I do not have one yet but here is a link to the details of the special CSCS account information:
http://www.CSCSnigerialtd.com/module...howpage&pid=17

I have since opened two brokerage accounts with two brokers both with good (naija standard!) online access. I hear it is sometimes difficult to transfer from broker to broker so I have left the other no-online account open but dormant for now.

About CHN, CSCS numbers, etc, I found the FAQs on the site below useful in explaining the differences and never new I had a CHN number until I asked my no-online broker. You can actually have several CSCS #s tied to one CHN #.

What is the Clearing House number?

It is a unique code that consists of numbers and alphabets generated by the CSCS to uniquely identify a client

How do I differentiate between my Clearing House number and my CSCS account number?

The Clearing House number always starts with the Alphabet C and ends with two other alphabets while the CSCS account number is numeric all through

I don’t know my Clearing House and CSCS account numbers ?
Ask your Broker or go to the Central Securities Clearing System Limited office.

For more see this link:
http://www.nse-cscstradealert.com/FAQ.htm

Hope this helps.

And who are these two good brokers?, It may be beneficial to members to know so some can consider using them in the future.

[Meki]

Originally Posted by alanbow

And who are these two good brokers?, It may be beneficial to members to know so some can consider using them in the future.

Alanbow -

The brokers are Cashcraft and Vetiva. I have only been with both for less than two months but the reason I ended up with a second broker (Vetiva) was my experience with Cashcraft was not satisfactory.

I decided to up the ante and deposit the 1 million naira Vetiva requires to open an account and I must say so far so good in terms of standard operating procedures, online access, and response.

The Cashcraft account is still open. Cashcraft does have the advantage of allowing investors with less funds to start investing with an initial N100,000.

[dotunk]

thanks alanbow for the address.

well i never knew the site wasgoing down and was not on the website.

so when are they coming back up and i hope this time they will answer to my emails.