Choosing/Rating Stockbroker

[cashrules]

Originally Posted by hooverrl

Hello everyone,

I'm a US citizen living in the US, and I'm in the process of choosing a Nigerian stockbroker. The number of brokers is overwhelming, but I've narrowed my shortlist down to less than ten.

I outlined what I've learned so far about opening an account as a foreigner here:

How to Invest on the Nigerian Stock Exchange - investinginafrica.net

If anyone sees anything that I've missed or has any feedback on any of the brokers that I highlight in the article, it would be much appreciated.

Thanks to all for your help! This is a great community of investors!
Ryan

Nice blog!! but I think on the issue of dividend collection.. its not as easy as you outlined below..

Collecting dividends from Nigerian stocks is relatively painless. Upon opening your account, simply instruct your broker (in writing) that you would like all dividends paid on your holdings to be deposited directly into your trading account

.

I dont think its as easy as you have said ...

I stay in the UK ... I had to open a bank account in Nigeria for the e divided to be credited into my account for all the stocks in my portfolio after I have completed and signed the e dividend mandate of all the stocks in my portfolio.

Initially I gave my brokers the mandate to collect all my warrants from the various registrars but at times the registrars would be a troublesome abt this.....GT registarrs in particular were the most stubborn...

Alternatively, a name could be opened as a nominee of the stockbroking firm and as such it would make it much easier for the stockbroking firm to collect the warrants without much stress.

BTW..why did you not put the name of my brokers in your list...Fidelity Securities Ltd..they are quite good too..

[bamidele97]

Originally Posted by hooverrl

Hello everyone,

I'm a US citizen living in the US, and I'm in the process of choosing a Nigerian stockbroker. The number of brokers is overwhelming, but I've narrowed my shortlist down to less than ten.

I outlined what I've learned so far about opening an account as a foreigner here:

How to Invest on the Nigerian Stock Exchange - investinginafrica.net

If anyone sees anything that I've missed or has any feedback on any of the brokers that I highlight in the article, it would be much appreciated.

Thanks to all for your help! This is a great community of investors!
Ryan

This reminds me of a movie, a very interesting movie SAVING PRIVATE RYAN.
Ogas in the house, Oga Ryan has enlisted our help and its our turn to save another American, another Private Ryan.

[hooverrl]

Originally Posted by cashrules

Alternatively, a name could be opened as a nominee of the stockbroking firm and as such it would make it much easier for the stockbroking firm to collect the warrants without much stress.

BTW..why did you not put the name of my brokers in your list...Fidelity Securities Ltd..they are quite good too..

Thanks, Cash. This is a great suggestion. By opening a nominee account, are you giving the broker authority to execute trades without your knowledge?

Thanks, too, for the tip on Fidelity Securities. I passed them over at first because their website's daily price list was slightly out of date. I'm picky. But because of your recommendation, I'll put them through the "customer service test," too.

Private Ryan

[dr.abrahamb]

Originally Posted by hooverrl

...

Private Ryan

Great sense of humor there private Ryan...I mean with adopting the name.

[nosa2]

Does anyone know how one can open an account with Renaissance Capital? Is it even possible ?

[emmanuel ewumi]

Originally Posted by nosa2

Does anyone know how one can open an account with Renaissance Capital? Is it even possible ?

Why Renaissance Capital? I guess their clients are mainly Institutional investors.
But if your portfolio is more than 50 million Naira you can give them a call, and find out about their account opening details.

[emmanuel ewumi]

Originally Posted by noble

Please, any body using bgl securities in the house. I want to know how there services are and there minimum opening balance. Just found out that they have a branch in Benin. Complements of the season to you all.

BGL Securities happen to be one of my stockbrokers, you need a million Naira to open a stock broking account at BGL. So far, I am enjoying their services.

[baotoghile]

Originally Posted by emmanuel ewumi

BGL Securities happen to be one of my stockbrokers, you need a million Naira to open a stock broking account at BGL. So far, I am enjoying their services.

With just N10k for indiv or N100k for coy... i stand to be corrected.

[migiets]

Originally Posted by emmanuel ewumi

BGL Securities happen to be one of my stockbrokers, you need a million Naira to open a stock broking account at BGL. So far, I am enjoying their services.

Originally Posted by baotoghile

With just N10k for indiv or N100k for coy... i stand to be corrected.

You are correct. They went into retail thereby reducing the amount for individuals to 10k which can be by cash or transfer of shares. I use them.

[knightofdelta]

Originally Posted by nosa2

Does anyone know how one can open an account with Renaissance Capital? Is it even possible ?

Check your PM...

[nosa2]

Originally Posted by emmanuel ewumi

Why Renaissance Capital? I guess their clients are mainly Institutional investors.
But if your portfolio is more than 50 million Naira you can give them a call, and find out about their account opening details.

I went on their site and was very impressed, I also like their regular reports/recommendations thou I don't always agree with them. And as for the minimum balance I guess I'll have to call to find out, if it's too high I won't change (no knowledge is wasted) but if it's within reach I'll start transferring my account when I sell

[horlads]

Originally Posted by nosa2

Does anyone know how one can open an account with Renaissance Capital? Is it even possible ?

Well, I've said before on this forum, you don't need to have an account with Renaissance to get their reports...though I'm not on their mailing list myself, but I know quite a number of people who receive their updates without having an account...Talk to d big guns here...waaan5, KOD and Wanaj0. I'm sure they can give you more expo...

[emmanuel ewumi]

Originally Posted by baotoghile

With just N10k for indiv or N100k for coy... i stand to be corrected.

They changed the policy in January 2012. I use the Lagos Island branch on Catholic Mission st.
I transferred my account with FBN Securities to BGL in January 2012. When the new management of FBN Capital, increased account opening from 500k to 5 million. If your portfolio is less than 5 million, you have to put in more fund to make it 5 million, or you convert your stock acount to their mutual fund ie FBN Heritage, or you transfer your portfolio which i did.

[wanaj0]

Originally Posted by bivins1

Seriously Sirs,
I hope you do not want to abort this discussion, i am currently perusing the article on cash flow in investopedia. you will learn what they wont teach you in an MBA class here. I clap and hail of una. you guys

We done derail this thread. Them go soon ban us oo.

That said, report back on your discovery as to the use of the free cashflow and it's limitations.

[123.rado]

wanajo, bivinsi, nosa2, laso, dr abraham, migiets, goldsun, manemi and others, please let's continue this discussion on Marketwatch thread. All related posts have been moved there.