Member Info for cyrzak

I managed to sell the shares, mainly due to concerns about potentially not being able to do so in the future on account in IB, but currently Interactive Brokers does not allow buying them, displaying the following message:

'The order on 134 was rejected with reason: 'No Trading Permission, Customer Ineligible; Ineligibility reasons: Restricted: IBKR does not permit trading in securities issued by countries on its prohibited country list.'.'

They also haven’t provided any explanation regarding the reasons behind the imposed restrictions.

I’m still holding shares of GTCO, a Nigerian bank whose ordinary shares (GTHC) debuted today on the LSE, because selling them through my IB account and repurchasing them on another platform would be quite costly due to low liquidity and a wide spread.

Today, the shares debuted under the ticker GTHC on the LSE, but as we can see, there hasn’t been much improvement in terms of liquidity — there's no trading activity, unlike the GDRs, which have recently seen some volume, though still far from satisfactory.

It will be interesting to see if, in the coming weeks, there is any interest in this major Nigerian financial group.

If the dollar continues to weaken and inflation in Nigeria keeps falling — and nothing negative happens — the outlook could improve.

I still haven’t received a response from Interactive Brokers regarding their decision to place Nigerian stocks on the restricted trading list, even though it is currently possible to place sell orders for the GDRs (GTCO).

It seems that clients deserve a clear explanation for such a decision, especially since the company has just debuted on the LSE with regular shares (not GDRs).

Technically, it looks like a perfect moment for a stronger breakout signaling a trend reversal, if it weren’t for the fact that the company is completely forgotten and hardly anyone is interested in it — even Rick Rule's “recommendation” didn’t help.

We're probably facing at least a few weeks, if not months, of sideways movement, although I’d really like to be wrong.

It’s hard for me to imagine the price dropping significantly from these levels, given the rising prices of copper and uranium, and the persistently elevated price of cobalt.

Very interesting company — a Nigerian financial holding that includes one of the largest Nigerian banks with a broader African presence. Extremely high profitability and very low debt.

They have just announced that their illiquid GDRs will be converted into ordinary shares also listed in London, partly to improve liquidity. At the same time, they are conducting a share issuance — the second in recent times after last year’s issuance, which was reportedly prompted by increased capital requirements imposed by the Nigerian regulator.

What concerns me is the behavior of Interactive Brokers. The day before yesterday, they didn’t allow me to buy or sell the shares, displaying the message: 'No Trading Permission, Customer Ineligible; Ineligibility reasons: Restricted: IBKR does not permit trading in securities issued by countries on its prohibited country list.'

Yesterday, the restriction was lifted, but notices about restrictions due to the country of registration still appear in some places. My introducing broker (connected to IBKR) says they’re waiting for a response on the reason behind this and when the shares will be tradable again (they haven't mentioned anything about buying).

I haven't found any serious information about sanctions targeting Nigerian entities. There are some mentions of possible U.S. sanctions being considered, but these would presumably not apply to all Nigerian companies.

This situation is unclear to me, and together with the repeated share issuances, it adds an element of risk. That said, there are very few — if any — banks this profitable and this cheap, operating in such fast-growing markets, and still available for purchase on developed market exchanges.

No Im not based in UK but in EU. On my DEGIRO Ireland account there are no restrictions for SEPL shares. I think it is a problem with Interactive Brokers and not my residency.

I received a response from my broker, who is an introducing broker for IB, stating that the restrictions also apply to transfers to another account — not just buying and selling. It appears that holders of SEPL shares in IB accounts have been deprived of their property, at least temporarily. Is this an expropriation or just a technical error?

'The order on SEPL was rejected with reason: 'No Trading Permission, Customer Ineligible; Ineligibility reasons: Restricted: IBKR does not permit trading in securities issued by countries on its prohibited country list.'. I'm really worried about this.

I wonder if Danish stocks (Novo) will be next to face restrictions because of Greenland

IB does not allow me to trade nigerian stocks today incl Sepl

But it does have some exposure(

Uranium-producing companies have risen recently. Ecora doesn't have major investments in this area (

When I bought these shares, I was aware of the risk associated with the wide spread, but it never occurred to me that the only way to sell would be to accept a pending buy offer. Currently, I have placed a sell order at 19 p, but it is not visible at all. This significantly hinders trading and increases potential losses, also significantly reducing liquidity.