TERMS AND CONDITION

1. DEFINITIONS

• “Firm” means Cowry Securities Limited.
• “Client” means any individual or corporate entity that opens a trading account or engages the Firm for securities transactions.
• “Securities” means stocks, bonds, mutual funds, ETFs, or other financial instruments traded in Nigeria.
• “Exchange” refers to the Nigerian Exchange Limited (NGX) or any other recognized exchange in Nigeria.
• “Regulators” refers to the Securities and Exchange Commission (SEC), Central Bank of Nigeria (CBN), and any other competent authority.

2. ACCOUNT OPENING & KYC REQUIREMENTS

1. Clients must complete all account opening forms, provide valid identification, and satisfy Know Your Customer (KYC) requirements as mandated by SEC and CBN.
2. The Firm reserves the right to reject any application without providing reasons.
3. Clients shall promptly update the Firm of any change in personal, financial, or corporate information.

3. SCOPE OF SERVICES

1. The Firm will provide brokerage, trading, advisory, and related services in accordance with applicable Nigerian laws.
2. The Firm acts as an agent of the Client in executing orders but does not guarantee profits or returns.
3. Research, recommendations, or market opinions issued by the Firm are not guarantees of performance.

4. CLIENT INSTRUCTIONS

1. Orders may be placed electronically, in writing, or verbally (subject to confirmation).
2. The Firm may rely on instructions believed to be genuine and shall not be liable for any loss arising from fraudulent or unauthorized instructions.
3. All executed orders are final and binding once confirmed by the Exchange.

5. FEES & CHARGES

1. Clients agree to pay all applicable commissions, statutory fees, and other charges as published by the Firm or mandated by regulators.
2. Fees are subject to change in line with market and regulatory requirements, with prior notice to the Client.

6. RISKS & DISCLAIMER

1. Securities trading involves risks, including market risk, liquidity risk, and potential loss of capital.
2. Past performance of securities does not guarantee future results.
3. The Client acknowledges full responsibility for investment decisions and agrees that the Firm shall not be liable for losses except in cases of proven fraud, gross negligence, or willful misconduct.

7. MARGIN TRADING & CREDIT FACILITIES

1. Where the Firm provides margin or credit facilities, the Client must execute a separate Margin Agreement.
2. The Firm reserves the right to liquidate securities held as collateral without notice if margin requirements are breached.

8. CONFIDENTIALITY & DATA PROTECTION

1. The Firm shall treat all Client information as confidential, subject to disclosure obligations under Nigerian law.
2. Personal data will be processed in compliance with the Nigeria Data Protection Regulation (NDPR) 2019.

9. ANTI-MONEY LAUNDERING (AML)

The Client shall not use the Firm’s services for money laundering, terrorist financing, or any unlawful activity. The Firm reserves the right to report suspicious activities to regulators without prior notice.

10. LIABILITY & INDEMNITY

1. The Firm shall not be liable for losses caused by market fluctuations, system failures, regulatory actions, or force majeure events.
2. The Client agrees to indemnify the Firm against all claims, losses, or expenses arising from the Client’s use of the Firm’s services.

11. TERMINATION

1. Either party may terminate the relationship by giving written notice.
2. The Firm may suspend or close an account without notice in cases of fraud, non-compliance with regulations, or misuse of the trading account.

12. GOVERNING LAW & DISPUTE RESOLUTION

1. These Terms shall be governed by the laws of the Federal Republic of Nigeria.
2. Disputes shall be referred to arbitration in Lagos under the Arbitration and Mediation Act, 2023, with the decision of the arbitrator being final and binding.

13. AMENDMENTS

The Firm may amend these Terms from time to time in line with regulatory requirements or business needs. Updated Terms will be communicated to Clients and deemed accepted if the Client continues to use the Firm’s services.