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I use Lead Capital; obviously there customer service isn't the same level in comparison to what I receive with a US broker but comparison to other companies I deal with in Nigeria? It is on par.
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I also use Lead and have nothing to complain about. Though i must confess that I hardly use them. Just once in a while.
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Advice is one thing that is freely given away, but watch that you take only what is worth having |
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Please advise the position of Century Securities in these discussions, especially as it concerns big investments from 2 - 5 million NaijaDollar.
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For all guys wanting to open broking accounts. I will advise you open with established players of which you will get a good list of in this thread. It's safer that way.
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Advice is one thing that is freely given away, but watch that you take only what is worth having |
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Our people's zeal for stock is increasing so is the Stock Brokers. World wide web is playing its important role in this and cannot be over looked. It is good to hear that our people have joined the league of global investors at least, today people residing outside Nigeria can now invest comfortably.
I live in London and we already operate an investment club. We don't travel to Nigeria to invest our pool of funds. We use a registered company which operates in partnership with a reputable Stock Broker in Lagos. They are really fast in delivering carrying out orders and executing transactions. The most important thing is that they transfer funds almost at no cost considering what those Money Transfer outlets charge. However, They maintain very close contact with their clients and are working towards getting people to view their account on-line. I have tasted this and feel I need to share this idea with fellow forum members. See the link to their web site Welcome to Just Investments Ventures Ltd. I think they operate in Nigeria too. They sold our shares last month and paid us in Pound Stering. Isn't it great!. Keep investing, African Petroleum shares paid me so much only that I did not hold enough quantity. In fact, I an investment crazy now. With God all things are possible. |
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hi guys, i must confess that i am also not happy with my stockbrockers services and i am interested in changing. but i do not want to fall into the hands of another sub-optimal performer. i use amyn currently but they treat me like i do not matter. any suggestions?
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I was just browsing through Stock Market Tips on Nairaland and came across this. Omo! I don't envy this guy and it even makes it worse that he was forewarned. Well, see the gist below by jonyjoscom to come to your own conclusion
Father of 2, Please, I want your candid opinion/advice. Before I start, I must state it here that Pumping has warned me about CASHCRAFT but I didn't listen; that is now history. This is my story, please I beg you, take your time and read it: I took 3m loan from a bank by presenting some share certificates (not yet verified) and a list of stocks in my cscs account mostly banks' stocks(not consented by my stockbroker). The bank manager accepted them on personal recognition and for the fact that the sum value of the stock is over 200% of what they are giving me as against 130% their offer letter asked for . Although, he informed me that the collaterals must be perfected before their year-end. Some time last month when Dangote SR announced their intention to give 1 to 5 bonus share and 50k dividend, I instructed my stock broker(Cashcraft) to sell my 20k units of UBA and buy 20k of DSR and add to 22k I have already in order to maximise my bonus and sell off immediately after the closure date. Unfortunately, my account officer in CashCraft erroneously put for sale 50k of UBA(which I didn't have up-to) and 50k of DSR as against 20k I instructed him. The next day, when my order was not purchased and my UBA was not sold, he called me and tried to explain that the mistake was why the transactions were not carried out . I accepted it in good faith and him to amend and rebook. Before then, I had sold some of my insurance stocks and asked Cascraft to buy Trancorp with the money realised. They sold my insurance but could not buy Transcorp then. When the price went up too high, I asked them cancel the order. As at the week before, and that of Easter, nothing was done then i travelled. There in the village I didn't have access to the internet so i couldn't monitor my account. When I returned from my Easter break and accessed my account with CasCraft, I discovered that My account was seriously on huge debit. Behold CashCraft bought 50k of DSR for me at NGN47.5 on credit and debited my account without my consent. Secondly, they bought Transcorp at NGN4.4 after I had cancelled the order leaving my account with over 3m debt and NGN20,000+ interest within few days. When I confronted my account officer, he argued that I didn't cancel the Transcorp order(a lie from the pit of hell). I accepted it because there was no written evidence to prove my case. As for the DSR, he has no cover for that and then offer to sell it off at NGN38+ after the marked down. But then i considered the fact that if he goes ahead to sell the DSR, I would lose over NGN400k, I asked him not to sell believing that the price will appreciate so that I will reduce the loss, hence the waiting game commenced. Last week my Banker drew my attention to their end-of-year therefore the perfection of the collateral becomes imperative/imminent. He wanted me to sign a document for the placing on lien my stock(banks') with my stockbroker. I asked him to hold on knowing fully well that CashCraft would like to recover their 'imposed loan' and all their interests first before looking at the request of the bank. Which means that they will sell NOW and believe me, with the current bearish reality in NSE, I will be badly hit(losing over a million, charges, interest and time not included) if that happens. On the other hand, If I posit obstinately and refused to sell, I would have committed amorality suicide for betraying the trust of my banker friend. The above is my story: a man in a dilemma; between the devil and the Deep Blue Sea. NOW, WHAT DO I DO? I want you to advise me as you would do to a friend and also as a professional in the field. God bless you See the link here Stock Market Tips For Nigerians - Nairaland
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Advice is one thing that is freely given away, but watch that you take only what is worth having |
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I seriously sympathise with this fellow. On the other hand, I must say I'm seriously surprised at the series of terrible comments so far in this forum about cashcraft. I had them introduced to me over two years ago by a brother. Since then, I've not had a single reason to complain about their services. They executed my request promply (usually sent by text messages), issued my cheques promptly and communicated quite fine.
Perhaps, I have been lucky with my accounts officer. I recall a couple of officers assigned to friends I introduced. Some of them were really pain in the ass. I thought they had turned a new leaf. I guess I should be more cautious in recommending them before I become an "accessoy to crime".
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Whao! I am dumb founded, but then I wonder if the guy is a day trader.
Going on margin to the tune of $25k is simply asking for trouble in any market except you have that cash to cover it up. I guess this is lesson for us all irrespective of your stockbroker, do not do not borrow short term funds to make medium/long term investment. Stocks is not a short term investment. We can look at the upside and see how high those shares can rise, at the same time we should evaluate the potential downside, especially if trading short term. Sorry to the writer I wish I am familiar enough with the banking system to suggest a solution except start liquidating some of those assets and put in additional cash if possible. DO NOT TAKE A BANK LOAN TO BUY SHARES. NSE/naija capital market isn't deep enough. Enjoy! |
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The problem here was the broker and the bearish season
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Advice is one thing that is freely given away, but watch that you take only what is worth having |
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List of operators with outstanding returns as at Dec 07
Posted Tuesday, April 29, 2008 The following stock broking firms have failed to render quarterly returns as at December 2007 contrary to Rule 170 (1) of the Rules and Regulations of the Commission 2000 as amended: 1. BFCL Assets Securities Ltd. 2. Centrepoint Investment Ltd. 3. Cashville Investment Ltd. 4. Consolidated Investment Ltd. 5. First Alstate Securities Ltd. 6. Finance Derivatives Company Ltd. 7. Great African Securities Ltd. 8. Harmony Securities Ltd. 9. ITIS Securities Ltd. 10. Kapital Care Trust & Securities Ltd. 11. Lynac Securities Ltd. 12. Mayfield Investments and Securities Ltd. 13. Niche Securities Ltd. 14. Prudential Securities Ltd. 15. Platinum Capital Ltd. 16. Quantum Securities Ltd. 17. Topmost Finance Investment Ltd. 18. Trader Trust and Investment Co. Ltd. - SEC Proshare News |
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By the way, I read the thread and I agree 100% with C. Kenneth. It is not so much the return in naira that matters but more so the % return on initial investment. Again, borrowing short term fund to finance a longterm investment is the recipe for disaster in the capital market. |
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This is purely a case of a broker's inhumanity to man and nothing to do with the bank loan. (Imagine loading Transcorpse for that matter. Chei!) because even if it was his personal money, it makes things easier for him in the sense that there are no issues with the bank nor his banker friend but it doesn't change the fact that he will still be making a huge loss from the broker's mistake. Anywayz, the main lesson i wanted to highlight is the issue with Cashcraft.
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Advice is one thing that is freely given away, but watch that you take only what is worth having |
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thanks |
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pls what exactly do you mean when you commented on their customer service cos i am about to open an account with them.
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i have been following the forums for a long time it is how a village suppose to be brothers when will we all do something about cashcraft if the m d is not intrested in the coy he should close it instead of giving a bad name to brokers
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Apache, my apologies for opening another thread and thanks for your response. As suggested, i would like to continue the discussion and answer the questions asked.
I opened the normal stockbroking account and my contact person/relationship manager is same as yours - Kayode Akinjogbin. Since 25/04 when the money was paid in, I have been calling the two mobiles given in your response, texted, emailed but he has not responded to any contact made so far. Today, I have called and emailed him even copied the customer service, in case he has been on leave, still no joy! The person that helped paid in the money confirmed my name was on the pay-in slip. I even sent him the serial no on the slip immediately payment was confirmed. Thanks. |
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Advice is one thing that is freely given away, but watch that you take only what is worth having Last edited by Apache; 6th May 2008 at 05:38 PM. |
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LinkBack to this Thread: http://www.stockmarketnigeria.com/forums/stock-brokers/59-choosing-rating-stockbroker.html
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| Posted By | For | Type | Date | |
| Suggestions On A Stock Broker - Nairaland | This thread | Refback | 9th September 2007 04:35 PM | |
| Stockbrokers For Nigerians In Diaspora - Page 6 - The Nigerian Village Square | This thread | Pingback | 8th September 2007 06:55 PM | |
| Suggestions On A Stock Broker - Nairaland | This thread | Refback | 8th September 2007 03:29 PM | |
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