Chinedu Michael is a dashing young CEO. At less than 40, and a graduate of Insurance and Actuarial Science from Imo State University, he already owns three companies. Online trading – in stocks, foreign exchange (forex) and monitoring of international trade business – is his delight. For this, he has set up in Owerri about one of Nigeria’s biggest online trading business.
After years of research in stocks trading, especially since after the 2008/ 2009 Nigerian stock market crash, in which Michael said he lost $12,000 by 2010 in forex trading, simply because he was ill-equipped in the sector; he has come out with an expert opinion that, trading in foreign stocks now offers better option to millions of Nigerians who lost greatly from the Nigerian stocks 2008 – 2009 crash, although some analysts are seeing a gradual rebounding of the nation’s bourse.
As the managing director/CEO of Insta-forex Nigeria Limited, located in Owerri, Imo State, Michael’s outfit is coming forth as Nigeria’s arm of Insta-forex International.
He said many Nigerians should embark on trading in some viable foreign stocks, to regain from their NSE crash.
He told Business South-South that some foreign stocks like Google, Dell, e-Bay and IBM were some of the current world best performing stocks, hence, they offer good returns to buyers and sellers alike.
“Trading on Google, e-Bay, IBM or Dell offers better returns on investment to those who engage skilfully in foreign stocks, rather than waiting for when our stock market would bounce back. That may take some time.
“For those Nigerians like me, who lost a great deal in the 2008 stock market crash, a proper training in trading on foreign stocks would offer a good deal for them,” said Michael, saying Insta-forex offers training in forex trading, gold trading and foreign stock trading, and also serves as local deposit and withdrawal for clients of domiciliary accounts.
According to him, clients who open an Insta-forex account can operate a successful domiciliary account, with Insta-forex giving out a free Master Card.
The Imo-born stocks expert, who also owns two other companies, said many people have tended to believe that forex trading in the country was fraught with fraud, rather the reason emanates from lack of proper information on the trade sector.