Terms & Conditions

Terms

1. By accessing our website "https://bancorpsecurities.com/", Bancorp TradePal Portal "https://etrade.capitalbancorpgroup.com/", Bancorp Mobile Application "https://play.google.com/store/apps/details?id=com.bancorp.mobile", or any of our digital platforms, you are agreeing to be bound by these terms of service, all applicable laws and regulations, and agree that you are responsible for compliance with any applicable local laws. If you do not agree with any of these terms, you are prohibited from using or accessing this website or any of our digital platforms. The materials contained in this website or any of our digital platforms are protected by applicable copyright and trademark law.
2. Our offices are open for business between the hours of 9.00 a.m. and 4.00 p.m. (8.00 – 15.00Hrs GMT) on each day that is designated a Business Day in Nigeria (“Business Day”).
3. Clients’ instructions and mandates should be sent via e-mail to the account officers assigned to the client or any other email address designated for that purpose from time to time with [email protected] in copy.
4. The daily transaction deadline for the receipt of securities mandates and / or amendments from clients is 2.00pm (15.00Hrs GMT) of the Business Day on which such Mandate is to be executed.
5. Mandates/Amendments to mandates received after the deadline specified in (4) above on any Business Day will be executed, latest, on the next business day after such receipt.
6. Mandates/Amendments to mandates received on a day that is not a Business Day will be deemed to have been received on the Business Day immediately following the day of actual receipt.
7. Where a Mandate is a Purchase instruction, it can only be processed if sufficient cleared funds are available to execute such an instruction.
8. Where a purchase mandate is dependent on the sales proceeds of existing stocks, the purchase mandate will not be executed until the sales transaction has been executed. The sale mandate will be executed even if the stocks to purchase are not available.
9. Bancorp Securities Limited acts as an execution-only stockbrokers and not financial advisors. Consequently, we will only execute your BUY and SELL mandates on the floor of The Nigerian Exchange Limited.
10. Bancorp Securities Limited executes transactions based on the ruling market prices of stocks on The Nigerian Exchange Limited and based on the Price Limit (if any) set by the client and provided it is achievable on the trading day.
11. Bancorp Securities Limited executes mandates on a best efforts basis only. It is therefore unable to guarantee that a mandate will be executed on a particular day even where such mandate indicates that the relevant transaction is to be effected at “market price”.
12. Mandates can be accepted both in the standard format provided by Bancorp Securities Limited and in any other format provided it shows the Name of Client, CSCS A/c Number, Date of Order, Name of the Stock, Units of stocks to be purchased and Price Limit (if any otherwise Market Price applies).
13. All mandates are assumed to be “Day Order” unless otherwise stated as “Good-Till-Cancelled”, “Limit Order” or “Buy-on-Open” order.
14. Buy and Sell mandates can only indicate a single price for a stock and not a range of prices.
15. For some of our services, e.g. Fixed Income/Money Market investments, you agree that in executing mandates, we may act through a third party of our choice and utilize other third party custodial services.
16. Bancorp Securities Limited shall not be responsible and hereby disclaims all liabilities, including liability for all and any actual or contingent losses, liabilities, damages and costs (including, without limitation, legal costs) and any expenses of any nature whatsoever, which you or anyone claiming through you may suffer or incur as a result of or in connection with any instruction given by you or any person authorized by you, whether or not such person(s) acted beyond the scope of their mandate from you in giving the instruction. In no event shall Bancorp Securities Limited be liable to you for any indirect or consequential loss or for any loss occasioned by the act or omission of any third party.
17. The Client undertakes to carefully peruse and consider all statements rendered and forthwith advise Bancorp Securities Limited within 7 (seven) days, in writing, if there is anything contained in such a statement that is not understood or that is believed to be incorrect.
18. The Client agrees to pay fees and commissions in accordance with Bancorp Securities Limited fees and commissions schedule which is subject to change from time to time at Bancorp Securities Limited discretion. Fees and commissions, including markups or markdowns on principal transactions will be included with the purchase price of, or deducted from the sales proceeds of securities purchased or sold in the case of Equity Trading / Dealing Services.
19. The Client agrees that its account shall be deducted for all expenses related to managing the assets in its account including but not limited to statutory fees, transfer fees and redemption fees.
20. The Client agrees to keep confidential any information about Bancorp Securities Limited and regarding Bancorp Securities Limited advices and trading practices. Bancorp Securities Limited in turn agrees not to divulge my / our information to any third party except as required for conducting their duties and as may be required by law.
21. Bancorp Securities Limited reserves the right to record any telephone conversations between yourself and any member of our staff and you acknowledge that this is in line with international best practice and shall be done solely for the purpose of resolving any disputes which may arise concerning telephone advice or instructions.
22. The Client agrees that Bancorp Securities Limited may, at any time without notice, notwithstanding any settlement of account or other matter whatsoever, combine or consolidate all or any of its existing account(s) opened in the company name or name(s) of agent(s), trustee(s), executor(s), successor(s) in title and assigns, and set off, appropriate or transfer any sum(s) standing to the credit of any of such accounts towards satisfaction of any liabilities be it present or future, actual or contingent, primary or collateral and several or joint.
23. If for any reason Bancorp Securities Limited authorizes the execution of the Client’s mandate when at the material time the account does not have sufficient funds to accommodate the value of the transaction, (and the said account is thereby thrown into debit) the Client agrees that an overdraft position is thereby created and interest will be charged for the number of days the account remains unfunded.
24. The Client agrees that all its transactions are subject to the provisions of the Money Laundering (Prohibition) Act 2011 of the Federal Republic of Nigeria and hereby agrees to carry out his / her responsibilities under the Act. Furthermore, the Client agrees that Bancorp Securities Limited is required by regulation to report all suspicious transactions to the relevant regulatory bodies.
25. The Client agrees that payments of proceeds of investments from his / her account shall only be made to the client using only the account details provided herein. No third party payments shall be instructed as Bancorp Securities Limited is not obligated to honour such requests.
26. All deposits into Bancorp Securities Limited account on behalf of a Client shall be made directly from the Client’s bank account. Funds deposited by third parties shall not be honoured by Bancorp Securities Limited and the Client agrees that such funds will be returned to the source account less applicable bank charges.
27. In the unlikely event that the client is dissatisfied with our services, the client is to bring such dissatisfaction to our attention. Please visit our website https://bancorpsecurities.com/contact.html to read our policy on handling complaints from clients.
28. This relationship may be terminated by either party with or without cause upon three (3) days written notice given to the other party, effective 48 hours after receipt of such notice by the addressee provided there are no outstanding issues or transactions to be settled on the client’s account, or such later date as may be specified in such notice. The Client acknowledges that upon receipt by Bancorp Securities Limited of its notice of termination, Bancorp Securities Limited shall complete any outstanding obligations and commitments made on its behalf. The Client acknowledges and agrees that due to processing time needed to disengage service (s) on its account after notice of termination is received; further transactions in its account may be made by Bancorp Securities Limited.
29. In the event of bankruptcy or liquidation, Bancorp Securities Limited’ authority to continue to act on behalf of the Client account shall continue until such time as Bancorp Securities Limited is notified in writing of termination due to bankruptcy or liquidation by the legal representative, receiver or liquidator of the Client.
30. Bancorp Securities Limited shall not be liable for any delay in performance attributable to a cause beyond its reasonable control, and it is agreed that force majeure shall mean acts of nature such as earthquake, floods, tornadoes, fire; actions or inaction of government; war, civil disturbance, insurrection, vandalism, sabotage; strikes or other industrial disputes; exchange or market rulings; any act neglect or default of the other Party, or any cause outside Bancorp Securities Limited reasonable control.
31. The client declares that he/she is the sole beneficial owner(s) of the funds/assets to be deposited with Bancorp Securities Limited.
32. The interpretation, construction and performance of this agreement shall be governed in accordance with the laws of the Federal Republic of Nigeria.
33. The Client hereby acknowledges that the funds and source of such funds are legitimate and not directly or indirectly the proceeds of any unlawful activity.
34. The client also agrees to be bound by any review, changes or amendments made to the terms and conditions stated in this document, which may occur from time to time without notice from Bancorp Securities Limited.
35. The client agrees that all documents provided are valid and authentic and Bancorp Securities Limited is authorized to verify any or all of the information provided by the client.
36. Disclaimer: The materials on Bancorp Securities Limited website are provided on an ‘as is’ basis. Bancorp Securities Limited makes no warranties, expressed or implied, and hereby disclaims and negates all other warranties including, without limitation, implied warranties or conditions of merchantability, fitness for a particular purpose, or non-infringement of intellectual property or other violation of rights. Further, Bancorp Securities Limited does not warrant or make any representations concerning the accuracy, likely results, or reliability of the use of the materials on its website or otherwise relating to such materials or on any sites linked to this site.
37. Limitations: In no event shall Bancorp Securities Limited or its suppliers be liable for any damages (including, without limitation, damages for loss of data or profit, or due to business interruption) arising out of the use or inability to use the materials on Bancorp Securities Limited website, even if Bancorp Securities Limited or a Bancorp Securities Limited authorized representative has been notified orally or in writing of the possibility of such damage. Because some jurisdictions do not allow limitations on implied warranties, or limitations of liability for consequential or incidental damages, these limitations may not apply to you.
38. Accuracy of Materials: The materials appearing on Bancorp Securities Limited website could include technical, typographical, or photographic errors. Bancorp Securities Limited does not warrant that any of the materials on its website are accurate, complete or current. Bancorp Securities Limited may make changes to the materials contained on its website at any time without notice. However, Bancorp Securities does not make any commitment to update the materials.
39. Links: Bancorp Securities Limited has not reviewed all of the sites linked to its website and is not responsible for the contents of any such linked site. The inclusion of any link does not imply endorsement by Bancorp Securities Limited of the site. Use of any such linked site is at the user’s own risk.
40. Governing Law: These terms and conditions are governed by and construed in accordance with the laws of Bancorp Securities Limited, 9, Wesley Street, Beside Eleganza Building, Off Joseph Harden Street, Lagos, Nigeria and you irrevocably submit to the exclusive jurisdiction of the courts in that State or Location.
41. By accessing this website or any of our digital platforms, you are agreeing to be bound by our Risk Disclosure Statement and Customer Agreement Declaration "https://bancorpsecurities.com/risk-disclosure-customer-agreement.html", and Email or Other Electronic Communication Indemnity "https://bancorpsecurities.com/indemnity.html"