Choosing/Rating Stockbroker

[Apache]

Originally Posted by jumyj

Apache

Thanks for recommending Leadcapital. I have opened account with them, really impressed with their service and IT very sound. I must say that Kayode has been very helpful. I will be engaging in more business transaction with them, hope they keep it up.

Thanks so much.

No sweat gurl (Hope i got the gender right). What are friends for. I hope they also keep it up for their own sake

[Tayo]

Thanks a lot Jumyj & Apache. I guess this finalizes my decision. I shall contact Kayode ASAP.

[jumyj]

Originally Posted by Apache

No sweat gurl (Hope i got the gender right). What are friends for. I hope they also keep it up for their own sake

You got the gender right.

[Doyin]

I also use Zenith Securities, and have had average service from them.
Opened the account in 2006, and they were super fast, and super responsive then, but recently, they've been dropping orders, service has been slow, losing certificates sent for verification and the likes. The problem (in my opinion) is that they have expanded faster than they anticipated and they have too many clients and too few staff.
On the flip side, they are very good for online orders if you are a long term investor, but if you want super quick trades, they may not be very helpful.
Opened with a smaller house, Tower Securities which has been fine.
No online presence at all, but my accounts officer comes to the office regularly, is available 24 hours on call, and you can place buy and sell orders by text or email to them. Recently, they impressed me. I placed a buy order for a stock that was on net offer, and did not get a trade alert at the close of day, so i called to find out what happened. My accounts officer informed me that the stock was going down, and they did not want to buy it for me a high price, so they would look to see the situation on the next day before buying. They ended up buying at 10% less than what i had ordered, reducing their own commission, and helping me improve my bottom line!

[jumyj]

Have just opened another account with a new broker and have been told to register to CSCS if i want to view my portfolio with CSCS. I have registered with CSCS and already have an existing CSCS no and CHN with my other broker.
Would like to view all my accounts (portfolios) with both brokers when I log in to CSCS. Please advice on how to go about it.

THANKS

[zainabusman]

Originally Posted by jumyj

Have just opened another account with a new broker and have been told to register to CSCS if i want to view my portfolio with CSCS. I have registered with CSCS and already have an existing CSCS no and CHN with my other broker.
Would like to view all my accounts (portfolios) with both brokers when I log in to CSCS. Please advice on how to go about it.

THANKS

Just give ur new broker ur CHN number, the one that starts with a C and ends with a letter. They will register you and get you another CSCS Investor number that is exclusive to them.

[jumyj]

Zainab

What about the user name and password. Can i use my existing details or need to create new ones.

[samu43]

Originally Posted by jumyj

Zainab

What about the user name and password. Can i use my existing details or need to create new ones.

Jumyj - I don't think you need new ones as your credentials apply to the CHN Zainab pointed out.

[panasharp]

I am looking to open another account with Afrinvest, does anyone have an account with them and feel comfortable enough with the service they provide to recommend a POC at Afrinvest?

Thanks

[Apache]

Originally Posted by panasharp

I am looking to open another account with Afrinvest, does anyone have an account with them and feel comfortable enough with the service they provide to recommend a POC at Afrinvest?

Thanks

You can PM Wanaj0, I know he uses Afrinvest. I think either pumping or Hispy uses Afrinvest also.

[tonyawo]

Can someone in the house provide the address of Foresight Securities & Investment Limited?

[zainabusman]

Originally Posted by jumyj

Zainab

What about the user name and password. Can i use my existing details or need to create new ones.

No need for new ones.

[adegbege]

Guidiance needed.

I opened an account with Maven Asset
Management limited RC 138972 sometimes in 2007 and I had jumping from problem to the other since then.The have thier head office at

Maven Asset Management Ltd.
8A, Ibiyinka Olorunimbe Close,
Off Amodu-Ojikitu Street,
Victoria Island, Lagos.
Tel.: 01-2707088,08025276633,08023235365

On 16/08/2007, 7500 units of UBN shares at N42.05 totaling
N322,802.09 was purchased by Maven asset on my behalf on the floor of
the NSE.
On 15/11/2007, a letter of mandate was given to Maven asset to dispose the 7500 units of UBN shares at N52.00 onthefloor of NSE.
On 20/11/2007, maven asset disposed the 7500 units of UBN shares at
N39.05 contrary to my mandate and without my knowledge or counter
instructions.
On 28/01/2008 and 31/01/2008 maven asset bought 4050 @ N49.89 and
3540@ N49.31 (Total 7590) units respectively of UBA at as replacement
of the illegally disposed 7500 units of UBN. This was after several
communications(Phone calls, emails, letters, Visits) with Maven asset.Maven asset still went ahead to place my account into debit of N177,989.15 (Being
transaction charges and the shortfall from the illegal disposal of UBN
shares acquired @ N42.05 but sold @ N39.02

On 15/04/2008, maven asset went ahead again to disposed the 7590
units of UBA shares without my my mandate nor consent.

All attempts to ensure Maven resolve this issue have proved abortive.
I would appreciate if this forum could guide me on what to do and how to go about doing it.

I want Maven pay up the debit on my acc as well as restore all charges
as a result of the illegal transactions.

[samu43]

Originally Posted by adegbege

Guidiance needed.

I opened an account with Maven Asset
Management limited RC 138972 sometimes in 2007 and I had jumping from problem to the other since then.The have thier head office at

Maven Asset Management Ltd.
8A, Ibiyinka Olorunimbe Close,
Off Amodu-Ojikitu Street,
Victoria Island, Lagos.
Tel.: 01-2707088,08025276633,08023235365

On 16/08/2007, 7500 units of UBN shares at N42.05 totaling
N322,802.09 was purchased by Maven asset on my behalf on the floor of
the NSE.
On 15/11/2007, a letter of mandate was given to Maven asset to dispose the 7500 units of UBN shares at N52.00 onthefloor of NSE.
On 20/11/2007, maven asset disposed the 7500 units of UBN shares at
N39.05 contrary to my mandate and without my knowledge or counter
instructions.
On 28/01/2008 and 31/01/2008 maven asset bought 4050 @ N49.89 and
3540@ N49.31 (Total 7590) units respectively of UBA at as replacement
of the illegally disposed 7500 units of UBN. This was after several
communications(Phone calls, emails, letters, Visits) with Maven asset.Maven asset still went ahead to place my account into debit of N177,989.15 (Being
transaction charges and the shortfall from the illegal disposal of UBN
shares acquired @ N42.05 but sold @ N39.02

On 15/04/2008, maven asset went ahead again to disposed the 7590
units of UBA shares without my my mandate nor consent.

All attempts to ensure Maven resolve this issue have proved abortive.
I would appreciate if this forum could guide me on what to do and how to go about doing it.

I want Maven pay up the debit on my acc as well as restore all charges
as a result of the illegal transactions.

This is ridiculous - I suggest you go meet the MD. You may want to go the legal route on this in addition but going to spark at their office should be a start.

I'm sure other gurus in the house will give you an avalanche of responses on this.

[hispy99]

Originally Posted by adegbege

Guidiance needed.

I opened an account with Maven Asset
Management limited RC 138972 sometimes in 2007 and I had jumping from problem to the other since then.The have thier head office at

Maven Asset Management Ltd.
8A, Ibiyinka Olorunimbe Close,
Off Amodu-Ojikitu Street,
Victoria Island, Lagos.
Tel.: 01-2707088,08025276633,08023235365

On 16/08/2007, 7500 units of UBN shares at N42.05 totaling
N322,802.09 was purchased by Maven asset on my behalf on the floor of
the NSE.
On 15/11/2007, a letter of mandate was given to Maven asset to dispose the 7500 units of UBN shares at N52.00 onthefloor of NSE.
On 20/11/2007, maven asset disposed the 7500 units of UBN shares at
N39.05 contrary to my mandate and without my knowledge or counter
instructions.
On 28/01/2008 and 31/01/2008 maven asset bought 4050 @ N49.89 and
3540@ N49.31 (Total 7590) units respectively of UBA at as replacement
of the illegally disposed 7500 units of UBN. This was after several
communications(Phone calls, emails, letters, Visits) with Maven asset.Maven asset still went ahead to place my account into debit of N177,989.15 (Being
transaction charges and the shortfall from the illegal disposal of UBN
shares acquired @ N42.05 but sold @ N39.02

On 15/04/2008, maven asset went ahead again to disposed the 7590
units of UBA shares without my my mandate nor consent.

All attempts to ensure Maven resolve this issue have proved abortive.
I would appreciate if this forum could guide me on what to do and how to go about doing it.

I want Maven pay up the debit on my acc as well as restore all charges
as a result of the illegal transactions.

Write the MD (you can call him too, but a written document leaves a paper trail) and let him know that if your account is not sorted out, you will write a letter of complaint to the following:
NSE
SEC
EFCC

[tonidol]

Choose your stockbroker wisely – Guardian Editorial
Posted Monday, May 19, 2008




Owing to the recent public hearing conducted by the House of Representatives' Joint Committee on the Capital Market and Banking and Currency into the activities of the regulators, operators and stakeholders of the capital market, 2007 data on some aspects of the functions of the Securities and Exchange Commission (SEC) which the agency's Director-General Musa al-Faki termed sensitive and which had hitherto been kept secret, were thrown open. The capital market witnessed significant growth in 2007 and alongside sprouted abuses by stockbrokers and registrars, which some dissatisfied investors duly brought to the notice of the regulatory agency.



The commission's report shows that 1006 complaints were filed against registrars in 2007, but as at early May during the public hearing, only 435 or 43 per cent of the total had been resolved. Similarly 956 complaints were lodged against stockbrokers. Out of the number, 527 or 55 per cent had been cleared with the rest still being investigated. The long list of infractions includes in the case of stockbrokers, unauthorised and fraudulent sale of shares, delay or non-remittance of proceeds of clients' securities and illegal transfer of shares while registrars were accused of delaying the verification of share certificates, falsification of accounts and failing to or delaying despatch of share certificates following public offers especially in respect of banks.



Depending on its findings, the commission imposed penalties on offending stockbrokers such as suspension from trading, sealing of the firm's premises, freezing of trading accounts and arrest. So far 42 stockbrokers have been suspended and 13 others have been handed over to the EFCC for further investigation and prosecution. The figures of offenders are likely to increase because only about 50 per cent of filed complaints have been resolved.



SEC's resolution of complaints score of barely 50 per cent, four full months into the succeeding year, is unsatisfactory. The commission's tardy approach is a contributory factor to persistence of some infractions. To stem the growing breaches of the operating rules of the capital market by stockbrokers, SEC has self-righteously recommended steep increases in the capital base of stock brokerage firms. Whatever level of capital is eventually fixed for operators, the operating rules should specifically guarantee unimpeded access of small and big investors alike to the services of stockbrokers.



Regarding investors' endless wait for bank share certificates, it has become fashionable to adduce as reason - registrars' limited capacity to handle the massive number of successful applications. The SEC's response is to adopt e-certificates in place of the present paper ones by year-end. The measure is intended to also resolve the problem of delayed verification of share certificates as well as facilitate quick release of bonus certificates. The nagging issue of delayed and/or unclaimed dividends is being addressed by resort to e-payment systems.



However, despite public claims by SEC and CBN to the contrary, the unofficial but real reason for the non-release of share certificates relating in some cases to public offers that took place as far back as 2006 is traceable to CBN's apparently undocumented rule - no universal bank chief executive has confirmed ever seeing any apex bank circular to that effect - barring the use of bank loans for bank public share offers. SEC and CBN in the heat of the public hearing arranged to meet to resolve the issue of long outstanding bank share certificates. In any case, the secrecy surrounding the CBN rule, irrespective of its merit, creates room for double standards.



With the benefit of hindsight, it is now obvious that the so-called CBN temporary withdrawal from pre-allotment verification of applications for bank shares announced last year, rather than fast-track release of long delayed bank share certificates, merely paved the way for some favoured banks to float additional public offers that were over-subscribed through funding methods frowned upon by the waived secret rule. Is this line of action fair and healthy for the capital market?



Talking about playing by the rules, we urge SEC to secure necessary legislative approval for its planned changes. Such legislation should also contain a provision that makes regulatory agencies liable to offset any losses suffered by