@Etin,

Have you heard from Diamond bank? I am still waiting for my account documents. My last 2 emails were ignored.

@All

If anyone is using the Diamond Reach account please share your experience with us.

Thanks!

@ NBA

Hi NBA,

I have had several correspondence from Diamond Bank at the various stages of opening my account:
[list]
[li]After submitting the form online - same day (automated response)[/li]
[li]After sending the scanned documents - same day automated response and an email from a named person the next morning [/li]
[li]Details and reference to pay into the account - same day - automated response and email from named person the next morning [/li]
[li]Confirmation of funds received- 2 days after I send via online banking from my UK Bank - email from named person [/li]
[li]Last correspondence welcome letter with account number and list of services- one day later - automated email[/li]

[/list]

I have been given a toll free number to call which I havent done yet. The email does not let me know what to expect next in terms of internet access, bank cards or charges.

I will keep you posted I hope this was helpful.

@NBA,

Did you find out from vetiva about the Nominee account?

@ Etin,

Thanks that was helpful, I went through similar steps. I will try again next week.

Mr. Cee:

@NBA,

Did you find out from vetiva about the Nominee account?

No response on that from them yet.

Hello NBA and others.

Thanks for this wonderful thread.

I am on the verge of opening a NRN Account, but I dont know how sort out the attestation of photocopies requirement by Notary Public or Nigerian Embassy. I live in a "remote" location in the UK and cant seem to find any Notary Public around, not to mention the Nigerian Embassy.

Can anyone pls enlighten me about any other possiblity? I see there was something about NRN staff, is that limited to NRN accounts opened when the applicant is physically is present in Nigeria what?

Cheers

Hi @X-2-X

For a notary public, you can go to any branch of your bank in the US, there is usually one there. Don't know if it is the same in the UK, you should call to ask. All my communication with the NRN staff has been via email.

Hi NBA,

You must be a professional when it comes to stock business. Thank you very much for all your good advise. I have really gained a lot from you and other contributors

Now, I have some questions for you.
1. I recently opened an account with a stockbroking firm and they assisted me to open a CSCS ACCOUNT and I also bought some shares through them (IPO). I am still expecting my shares to be credited to my CSCS ACCOUNT.

This is the question: Is it possible for me to change to another stock broker now?. I want to change because I want a stock broker with good track record.

2. If you have all these stock broking firms on your list, 1. ZENITH SECURITIES, 2. ESL(ECOBANK) SECURITIES, 3. UBA SECURITIES, 4. VETIVA CAPITAL , 5. LEAD CAPITAL AND 6. FUTURE VIEW. Which one will you choose or select, I mean the one you will use as your broker?.

Waiting to hear from you.

tonyjon.

@TonyJon,

I will go with Vetiva Capital.

tonyjon:

Hi NBA,

You must be a professional when it comes to stock business. Thank you very much for all your good advise. I have really gained a lot from you and other contributors

Now, I have some questions for you.
1. I recently opened an account with a stockbroking firm and they assisted me to open a CSCS ACCOUNT and I also bought some shares through them (IPO). I am still expecting my shares to be credited to my CSCS ACCOUNT.

This is the question: Is it possible for me to change to another stock broker now?. I want to change because I want a stock broker with good track record.

2. If you have all these stock broking firms on your list, 1. ZENITH SECURITIES, 2. ESL(ECOBANK) SECURITIES, 3. UBA SECURITIES, 4. VETIVA CAPITAL , 5. LEAD CAPITAL AND 6. FUTURE VIEW. Which one will you choose or select, I mean the one you will use as your broker?.

Waiting to hear from you.

tonyjon.

Thanks @TonyJon.

I actually only got interested in all this stuff this year and I am still learning a lot from a lot of the threads here on Nairaland and StockMarketNigeria.com.

I agree with Panadol, I will recommend Vetiva  because I use them and have been satisfied with their service to date. Others with the mentioned brokers please share your experiences.

Zenith requires N5 mil to open an account so that may rule out a lot of people. Vetiva, FutureView, and Lead Capital require N1 mil, while UBA is N250 K but no online access yet.

I will not recommend you try to change brokers now since the PO shares are not in your account, better to keep things simple. I have heard it is difficult to change brokers so I suggest you open a new account with a new broker of your choice and start to fund only the new account. When your PO shares have been credited to your current CSCS account you may then try to transfer to your new broker. The old broker has to sign a release form and some will stall indefinitely to get you to stay. If that happens, leave the account open till you sell those shares and get your money back.

I currently have the same situation with CashCraft though I did not attempt to transfer, I just stopped funding the account until I sell the units with them. Luckily for Cashcraft though, I recently bought the Union Diagnostics Private Placement through them so I guess I am not dumping them anytime soon!

Hope this helps.

actually FUTUREVIEW is 500k min to open an account and not 1mil

Etin:

@ NBA

Hi NBA,

I have had several correspondence from Diamond Bank at the various stages of opening my account:
[list]
[li]After submitting the form online - same day (automated response)[/li]
[li]After sending the scanned documents - same day automated response and an email from a named person the next morning [/li]
[li]Details and reference to pay into the account - same day - automated response and email from named person the next morning [/li]
[li]Confirmation of funds received- 2 days after I send via online banking from my UK Bank - email from named person [/li]
[li]Last correspondence welcome letter with account number and list of services- one day later - automated email[/li]

[/list]

I have been given a toll free number to call which I havent done yet. The email does not let me know what to expect next in terms of internet access, bank cards or charges.

I will keep you posted I hope this was helpful.

Etin, how did you transfer money from your UK bank account online? I am having problem doing this. Cheers

@ Man Jiro

Hi,
I logged on to my online bank, choose the option to pay bill and set it up as a bill payment.
I used the sort code for Diamond's Citibank as given for sort code in the set up and the Diamond Bank's account number as account number my personal reference given by Diamond Bank is used as reference in the Bill set ( Not my name)

Pounds Sterling:

Sort Code: 18 50 08
Account Name: Diamond Bank Reach Account
Account No.: 11414690
For further credit to: Enter your personal reference here not your name………………………………………,
(Name & Account No. of Beneficiary)

Ignore all IBAN and Swift details as they would only be relevant for international transfer

@ Etin

Thanks a lot. I never knew one could do it that way. Went to the Bank and was charged £30.

Do you know if one can still be transfering money through this method after the initial transfer? If possible, one would have to use account no or is it the account name?

Cheers

@ Man Jiro

I expect it would be the same except that in place of your personal reference number we would now have a given Diamond Bank account. In any situation where you have the option to use either account number or name opt for the account number its more unique and if it is transferred directly from your bank account you will always have an audit trail.

@ Etin

Thanks

Etin:

@ Man Jiro

Hi,
I logged on to my online bank, choose the option to pay bill and set it up as a bill payment.
I used the sort code for Diamond's Citibank as given for sort code in the set up and the Diamond Bank's account number as account number my personal reference given by Diamond Bank is used as reference in the Bill set ( Not my name)

Pounds Sterling:

Sort Code: 18 50 08
Account Name: Diamond Bank Reach Account
Account No.: 11414690
For further credit to: Enter your personal reference here not your name………………………………………,
(Name & Account No. of Beneficiary)

Ignore all IBAN and Swift details as they would only be relevant for international transfer

Hi Etin,

Thank u so much for this valuable info. I'm just at the stage of making payment for my initial deposit.
If we could continue using sort code & acc # to fund our diamond reach acc, I reckon that it'd be the best option for transferring money home.

Cheers

x-2-x

X-2-X:

Hello NBA and others.

Thanks for this wonderful thread.

I am on the verge of opening a NRN Account, but I don't know how sort out the attestation of photocopies requirement by Notary Public or Nigerian Embassy. I live in a "remote" location in the UK and can't seem to find any Notary Public around, not to mention the Nigerian Embassy.

Can anyone please enlighten me about any other possiblity? I see there was something about NRN staff, is that limited to NRN accounts opened when the applicant is physically is present in Nigeria what?

Cheers

Hi X-2-X

You could ask a solicitor to do the attestation for you. There should be one at your location!

Tosjay

Hi X-2-X,

Just take the original and photocopies to your bank. They will do it for you for free: Go with your driving licence. A solicitor will charge you about 30 quid.

With the diamond reach account, you do not need attestation: Everything is online. The way they confirm your identity is that you transfer money directly from your main UK bank to their account.

Cheers

@all Thanks for you response. Well Appreciated.

I will explore your suggestions. The reason why I wanted UBA is cos VETIVA has an account with them. If I use Diamond, I dont know any reliable Stockbroker who banks with them, so it will (or might) be another hassle transfering from Diamond to my stockbroker account in another bank. Or does anyone know a cool stockbroker taht banks with diamond?

Another quick question: Anyone in the diaspora who has participated in the ongoing FCMB offer should pls guide us on the way and manner to go about it.

Cheers!

X-2-X:

@all Thanks for you response. Well Appreciated.

I will explore your suggestions. The reason why I wanted UBA is because VETIVA has an account with them. If I use Diamond, I don't know any reliable Stockbroker who banks with them, so it will (or might) be another hassle transfering from Diamond to my stockbroker account in another bank. Or does anyone know a cool stockbroker taht banks with diamond?

Another quick question: Anyone in the diaspora who has participated in the ongoing FCMB offer should please guide us on the way and manner to go about it.

Cheers!

@ X-2-X

Vetiva uses Diamond Bank, not UBA. Check with them again. I recently opened an account with Diamond Bank and that was one of my reasons too.

For FCMB, I will mail the completed application form to Vetiva (they do not accept scans or faxes for PO/IPOs) and then wire the money to them. What I have done recently with some offers is to mail the completed form as soon as I get it without the number of units, if I wasn't sure yet. This way I avoid paying expensive courier charges each time. When I am sure of how much I want, I email instructions before the offer closes.

·         Vetiva Nominee Account – is an account that we set up for Non-Resident investors in the Nigerian Capital Market. The Nominee Account essentially empowers us to act and sign on behalf of clients in matters regarding the sale and purchase of equities and any other administrative paperwork on your account e.g. verification of Bonus share certificates, administration of dividend warrants and applications for Public Offers.

@ Etin, Tosjay,

I just asked my customer relations contact about sending money to Naija after the initial account opeing. Here is is reply:

After the account opening, you can use the diamond reach account in Citi Bank, London to transfer money to Nigeria . Your account number should be used as the reference.

Cheers



Thank u so much for this valuable info. I'm just at the stage of making payment for my initial deposit.
If we could continue using sort code & acc # to fund our diamond reach acc, I reckon that it'd be the best option for transferring money home.

Cheers
[quote][/quote]

@NBA

You can scan the application form and email it to them. You don't have to mail by post.

@ Panadol

Really? Vetiva has always insisted I mail a copy for PO/IPO's. Below are parts of a conversation I had with them regarding this:

NBA: Can I scan and email the PO application form or do I have to mail the original form to you?
Vetiva: The original has to be sent to us.
NBA:   Will that be the case for all IPO's/PO's?
Vetiva: The same applies for all PO’s and IPO’s.

@ Man Jiro

Thanks

Hi All,

for anyone having challenges of getting their forms countersigned by their exsisting bank. Keep at it eventually you would find someone who doesnt think the form has been written in Greek. I visited 3 branches of Lloyds TSB before I met a lady at the desk who just followed the instructions on the form and signed and stamped it for me.

Branch 1: ' we dont do this in the branch we have to send it off somewhere
Branch 2: ' our manager is not in this week if we do sign only the manager can sign'
Branch 3: signed on the spot, stamped and ready for dispatch


The data protection make them pannick before thinking

NBA:

@ X-2-X

Vetiva uses Diamond Bank, not UBA. Check with them again. I am recently opened an account with Diamond Bank and that was one of my reasons too.

For FCMB, I will mail the completed application form to Vetiva (they do not accept scans or faxes for PO/IPOs) and then wire the money to them. What I have done recently with some offers is to mail the completed form as soon as I get it without the number of units, if I wasn't sure yet. This way I avoid paying expensive courier charges each time. When I am sure of how much I want, I email instructions before the offer closes.

Thanks. I must have mixed up the whole thing.

@NBA

That is about $100 via DHL to mail the original application form from the States. That is not acceptable. I just scan the form and email it to them. I'm sure you can do the same.

Hi All,

I haven't been using a broker to buy shares but what I have been doing is I complete the form, sign and then scan and email to my brother who prints it out in colour and pays at the bank issuing the shares. So far I have used GTB, First Inland and Oceanic and they have all accepted my scanned copies. I send the the money via money gram. I hope to get a broker soon but until then this is what has worked for me.

Please note I have used this method for very recent offers ( NACHO and Dangote Flour) so haven't completed the full circle of actually having the shares allocated yet.

Hope this helps someone

Panadol:

@NBA

That is about $100 via DHL to mail the original application form from the States. That is not acceptable. I just scan the form and email it to them. I'm sure you can do the same.

@Panadol

Thanks for the heads-up. I agree with you, it doesn't make sense. I will push back again and see what they say, especially as they may be allowing some customers to do so.

By the way, the post office will send Priority Mail to Naija for $11! This is what I have always used, it is a 5 to 10 business days service but they have always received it in a week. That is why I mail the forms early to make sure it gets there on time.

@NBA et al

Update on the Diamond Reach Account

I just got of the phone with my contact at diamond bank. I have been informed that I should be expecting the following:

[list]
[li]ATM Card - which can be used in Nigeria[/li]
[li]Cheque Book[/li]
[li]Online Banking login details[/li]
[/list]

When I asked about time frame she said a few days from when they send it. It seems this team makes the request on behalf of the customers abroad and then forward it by courier when they get it.

Please let me know if you learn anything different.

Hope you are all having a great day

@ Etin

Thanks for the update. I think we are now in the same phase of the account opening. I got an email stating the same on September 18 - ATM card, Cheque Book, and login details will be sent by courier. I am still waiting.