Choosing/Rating Stockbroker

[mark_e]

Originally Posted by Ifeanyichukwu

This is really a great idea. I trade a with STANWAL SECURITIES LIMITED, their website is; www.stanwalsecuritiesltd.com though i am not really in contact with them because i am not resident in Lagos. I hope to get a good one here in Onitsha whom i can have good relationship with. If any one have an idea of any good one should please let me know.

You could try gosord securities ask for Reginald... he's pretty okay

[mark_e]

Originally Posted by Stockbear

Dis Guy: You only need to search various threads here to see that those of us with Cashcrafty have nothing much to say about them than, look elsewhere!

Deal with them at your own peril!

It's good to know that they are the same with everone, I got a tip from my broker... it seems the company does some trading on the side... when u ask them to sell or buy... they wait till they can offload from another client account..they always buy too high

[atilladanger]

Hello People

I work in a stock broking firm called Citi investment Capital. We are at 47B Glover road, Ikoyi.

I have a few clients in other parts of the state and overseas so your location will not be a proble.

Please take a look at our website Welcome to Citi Investment Capital Ltd
or give us a call on 012719620

have a nice day.

Ade

[Monwowo]

On the issue of stockbrokers, I am at the dead end. I need to change my broker to maintain some sanity here. I love the idea of giving online buy/sell orders and monitoring of position online. At the same time, I don't have so much at stake to go with the like of Zenith etc. Please, any recommendation from among the ones listed on the blog page on this website on "How Nigerians abroad can invest in the NSE"?

How Nigerian investors abroad can invest in the Nigerian Stock Market - StockMarketNigeria.com

I prefer the ones with no more than 500k to open an account.
Thanks ohhhhhhhh...

[Monwowo]

Originally Posted by jumyj

Tayo

Leadcapital do online stock broking and are quick at executing orders. Sent buy mandate on Monday night and stock was bought yesterday. The other stock was not available (on bid). Apache introduced me to Kayode Akinjobin who is now my Relations Manager, really nice guy and very helpful. I do not know their minimum but I opened mine with 100k. You can email Kayode at Leadcapital.

kayode.akinjogbin@leadcapitalng.com

@jumyj, did u mean one can do buy/sell orders online for Lead Capitals too? Pls clarify.

[Michael]

Originally Posted by Stockbear

All I Can Say Is Stay Away From Cashcraft!

If you like unprofessional behaviour use them.

For delays in executing buy/sell orders use them.

For getting no response to buy/sell orders use them.

For lack of info given and un- updated account details use them.

All My Friends that used Cashcraft have left them, They have nothing good to stay about them. The same goes for CSL Port Harcourt Office. I don't know if the Lagos office is any better

[zainabusman]

Originally Posted by Michael

All My Friends that used Cashcraft have left them, They have nothing good to stay about them. The same goes for CSL Port Harcourt Office. I don't know if the Lagos office is any better

My experience with CSL Lagos was not good. I left them last year when i got fed up. I was there one time to collect a cheque and i spent 1 hour! The place is like a market and the customer service very poor. Maybe now they have changed.

[Michael]

Originally Posted by jumyj

Tayo

Leadcapital do online stock broking and are quick at executing orders. Sent buy mandate on Monday night and stock was bought yesterday. The other stock was not available (on bid). Apache introduced me to Kayode Akinjobin who is now my Relations Manager, really nice guy and very helpful. I do not know their minimum but I opened mine with 100k. You can email Kayode at Leadcapital.

kayode.akinjogbin@leadcapitalng.com

I am sending an email to Kayode based on your recommendation and that of Apache.

[bwalaman]

Also with Lead Cap and I can say they are reliable. I think their minimum is 500k, but they are flexible on that...

There online service is also good and their transaction time good- if possible, they execute mandates within 24 hours.

Also found that the time they take to verify share cert is not bad... Their office in Abuja is nothing to write home about, but I guess Abuja is a branch. The service is however good, waiting time acceptable and staff nice.

Putting a plug for Lead Cap, hope this means even better service.

[Yomik]

Originally Posted by bwalaman

Also with Lead Cap and I can say they are reliable. I think their minimum is 500k, but they are flexible on that...

There online service is also good and their transaction time good- if possible, they execute mandates within 24 hours.

Also found that the time they take to verify share cert is not bad... Their office in Abuja is nothing to write home about, but I guess Abuja is a branch. The service is however good, waiting time acceptable and staff nice.

Putting a plug for Lead Cap, hope this means even better service.

Well I can see that everyone praising Leadcapital here, that’s great but I can tell you that there are many bad guys among their workers too. I happen to have been assigned to one, this guy will not answer your call, not to talk of respond to your email, though it’s a small boy but I’m not impress with his attitude. Who know how many of such crazy people like that they have in that office, I’m just waiting for the right time to get myself out of that company. I hope you guy that are looking for them think twice before you go; because one or two people was satisfied does not mean you will. That’s just a word of advice .

[kenebobo]

Originally Posted by Yomik

Well I can see that everyone praising Leadcapital here, that’s great but I can tell you that there are many bad guys among their workers too. I happen to have been assigned to one, this guy will not answer your call, not to talk of respond to your email, though it’s a small boy but I’m not impress with his attitude. Who know how many of such crazy people like that they have in that office, I’m just waiting for the right time to get myself out of that company. I hope you guy that are looking for them think twice before you go; because one or two people was satisfied does not mean you will. That’s just a word of advice .

When I started using lead capital last year, they were very good and got my orders done at the low price for the day. Today or infact since last week only one out of ten orders I gave was executed as a result I didnt benefit fully from the bull run last week and my money is just lying domant with them. I even gave a sell order today and they were not executed. i would just tolorate them because my cscs account cannot be offloaded now as I am making losses in some trades, but once the bulls come and set me free, man i would fly away from them like a bird.

[waaan5]

part of the problem with bad brokerage firms discussed here can be attributed to the Nija service delivery factor. It never ceases to amaze me when people paid to do their work will be playing with it. The problem is more with the low level workers who think they are doing a client a favor when service is requested. It is perversive and that is why the so called good brokerage firms today would turn bad tomorrow. Our service culture needs a huge turn around.

[rose]

SEC suspends stockbroking firm for issuing N1bn dud cheque

Friday Ekeoba, Lagos - 11.07.2008

For allegedly issuing a N1 billion dud cheque to a client, Transglobe Investment & Finance Company Limited, a member of the Nigerian Stock Exchange (NSE), has been suspended from operating in the stock market.

Specifically, Transglobe Investment and Finance Company Limited was suspended on Wednesday by the NSE for issuing a dud cheque of a new generation bank of over N1billion to a client, which was said to have bounced twice.

Nigerian Tribune gathered that Proshare NI, a Nigerian-based investment professionals, was given the news of the suspension by Professor Ndi Okereke-Onyiuke, Director General of the Nigerian Stock Exchange (NSE), in Abuja.

“Transglobe Investment has been suspended and remains so until otherwise,” she was quoted to have said. According to Proshare NI, at the time of filing in this report, it was still seeking for more details concerning Transglobe’s suspension and was yet to clarify the issue from officials of the company.

But the Nigerian Tribune could not confirm whether the suspension was over the unethical practice of issuing a dud cheque to its client or not making available statement of accounts to reflect transactions which, after enquiry, revealed that transactions had taken place in the account without the clients’ knowledge. Nigerian Tribune

[hispy99]

City-Code limited and Engr. Johnson – a matter of Trust

Posted Wednesday, July 23, 2008

- sells off shares without clients consent

Share Support Services
Proshare NI

July 22, 2008 at 17:54 GMT

The call was a frantic one – ‘Help me as I am at Escravos, Delta State and cannot make it. I have tried to call my brokers for days without success. My text messages have equally not been responded to. Kindly do something to help me as I have not given any instructions to trade in my shares but received a trade alert informing me of movements in my CSCS account’.

This phone call was followed by a mandate requesting that we represent the callers interest and liase with the Stockbroking firm that he desperately could not reached.

An investigation was launched and the findings is as presented.


City-Code Trust & Investment Company Limited, Member of the Nigerian Stock Exchange (NSE), when visited was unable to clarify the sales of 10,000 units of First Bank of Nigeria’s Plc (FBN) shares of Engr. Johnson, a client.

Proshare NI sought to clarify the true situation of the sales of the FBN shares by City-Code Trust & Investment when it visited its office on Davies Street off Marina Street in Lagos Island.

Ajao Oluniyi, Deputy General Manager (DGM) of the company affirmed that the investor might have sought a loan from the company; and was therefore given based on his personal recognition.

Further enquiries by Proshare NI made him phone the Warri Delta State branch of City-Code Trust & Investment to confirm the true status of the sales of the 10,000 units of the FBN shares.

However, his colleague in the Warri branch whom he gave a directive to investigate the case; with instructions to get back to him could not do that immediately.

Oluniyi later affirmed to Proshare NI that the said client gave a mandate that FBN shares should be bought on his behalf by the Stockbroking firm, but complained that the price at which the shares was bought was higher than he expected.

He further affirmed that based on the client’s complaint City-Code Trust & Investment decided to sell off the shares.

“He complained that the amount we bought the FBN shares he mandated us to buy was higher than expected; therefore what does that suggest, we decided to sell it off” Oluniyi said.

However, a mail the client sent to Proshare NI suggests nothing of such, the investor in his mail confirmed that he just got an alert on his cell phone for the sales of 10,000 units of FBN Plc.

“This transaction I did not authorise. I never gave such instructions to sell any of my equity or shares much more my FBN shares” the client said.

Furthermore, the investor confirmed that the FBN shares were traded on July 16, 2008 by City-Code Trust & Investment. “As at July 20, 2008, the 10,000 units of FBN traded on July 16, 2008 without my authority is yet to be reverted” the client affirmed.

The client also affirmed that his 200 units of NEM Insurance Plc shares were sold on July 01, 2008 without his instruction.

The client however appealed to Proshare NI to help furnish him with the phone numbers of the Nigerian Stock Exchange (NSE) and the Securities & Exchange Commission (SEC) in order to help stop such transactions.

As at the time of filling in this report, there has not been an established position for resolution. We intend to see this through and use the case to highlight issues about practices, mandates and relationship imperatives between a broker and his client so that investors are aware of their rights as well as their obligations.

[dejiotus]

Can some of our members using Zenith Securities as their stock broking firm pls share their experience.I ordered some units of Nigerian Breweries on line via Zenith Securities with a maximum buy of 50.70 but the stock was bought unusually very fast the next day for 50.90.Altough the ZS web site can be confusing atimes,I do not think I didn't give the right instruction.I will also be very surprised that Zenith Securities could not but follow customers request as instructed.Already mailed ZS and awaiting a response.