Venerate Terms and Conditions

  1. Definitions

Wording importing one gender shall include the other gender, words in the singular shall include the plural and vice versa, and natural persons shall include created entities

  • “applicable law“ means any local, provincial, national or international statute, regulation, regulatory guideline, the Code of Banking Practice and judicial or administrative interpretation (whether or not having the force of law but, if not having the force of law, is generally complied with by the persons to whom it is addressed or applied)


1.2 “client” means the holder of the investment account who is party to these terms and conditions


1.3 “instruction” means an instruction from the client to Venerate to perform a transaction, whether by the client effecting a transaction online or by any other means permitted by Venerate.


1.4 “Venerate” means Venerate Capital Limited a division of Venerate Group Limited, registration number 1969/004763/06


1.5 “investment account” means Capital market, fixed deposit accounts and includes any of Venerate’s product specials as advertised on the Venerate website from time to time


1.6 “online” means via the Venerate group website (www.venerategroup.com)


1.7 “product rules” means the specific conditions applicable to an investment account relating to, amongst other things, interest rates, minimum deposits, notice periods and minimum or maximum balances, which are published by Venerate in any material issued for the investment account and on the Venerate website.


1.8 “transaction” means any transaction effected by the client or by Venerate on the client’s behalf, relating to the investment account, including without limitation deposits, withdrawals, payment orders and transfers.


1.9 “verification mechanisms” means any personal identification number, password or other form of verification implemented by Venerate from time to time, in order to facilitate the use of the investment account and matters ancillary thereto.


1.10 “working day” means any day that is not a Saturday, Sunday or official Nigerian public holiday.

 Application and Agreement

2.1 Venerate will not open an investment account for a client and shall not be bound in any manner to do so, until the original application form, terms and conditions and supporting documentation have been duly completed, signed, submitted to, verified and accepted by Venerate. Venerate may refuse to open an investment account or to accept a deposit at its discretion.


2.2 The client undertakes to furnish Venerate with all information and/or documentation required. The client consents to venerate verifying any information contained in the application form or in any documentation and generally making whatever enquiries it deems necessary in order to verify the information and/or documentation.


2.3 The investment account and any and all transactions shall be subject to the application form, these terms and conditions, applicable law, applicable accepted market practice, venerate’s standard banking practice and procedures, the product rules and the terms governing any other product, banking facility or service offered by Venerate Capital or Venerate Group of companies, all as amended from time to time.


2.4 The client will be advised of the product rules when the investment account is opened. The client is responsible for ensuring that he has read and understood the product rules and the terms governing any other product, banking facility or service offered by Venerate or the Venerate Group of companies. If the product rules are inconsistent with these terms and conditions, the product rules will apply.


2.5 Venerate is not obliged to make available to the client all investment accounts, products, facilities or services offered generally by Venerate. Availability of or access to any such investment account, product, facility or service is at Venerate’s discretion. The client acknowledges and agrees that Venerate is entitled in its sole discretion from time to time to replace, substitute or withdraw any investment account, product, facility or service. Venerate will comply with the provisions of 4.1 below in doing so. Operation of the Investment Account

Authority to operate

3.1. The client warrants that he has the necessary authority to open and operate the investment account and undertakes to furnish Venerate with all documents, information, authorizations, approvals and the like to prove such authority.


3.2 Venerate shall be entitled to rely on and act in accordance with, instructions received from any person authorized or purportedly authorized to access or use the investment account or the investment account number by virtue of any authority, resolution, mandate or power of attorney (“authority”) provided by the client or nominee to Venerate, unless such authority has been specifically cancelled by the client in writing and Venerate has acknowledged such cancellation in writing or otherwise.

Instructions

3.3 With the exception of online instructions, instructions must be received by Venerate before 12h00 on any working day in order for a transaction to be processed on the same day. The client is responsible for ensuring that Venerate is in receipt of any instruction and that instructions are clear and intelligible. Venerate will not be liable for any failure by the client to do so.


3.4 The client agrees that Venerate shall be entitled, but is not obliged, in its discretion to confirm or authenticate any instruction which is not given online, or not sent by post and addressed to the relevant regional Venerate address, prior to effecting any transaction and shall not be liable for any delay in giving effect to any instruction as a result of exercising its right to confirm or authenticate an instruction.


3.5 Written confirmation of an instruction will be sent by Venerate to the client’s postal, telefax or electronic mail address as specified on the application form within 48 hours of receipt thereof, subject to 3.4 above. The client is entitled to amend or cancel any instruction within 14 days of receipt of the confirmation, subject to the product rules, banking practice and applicable law.

Cheques

3.6 All cheques to be deposited into the investment account must be made payable to Venerate Capital Limited. A cheque made payable to and received by Venerate shall not be deemed to have been paid to and received by Venerate, and no transactions may be effected in respect thereof, until the amount of the cheque has been unconditionally credited to Venerate’s account. All cheques deposited are subject to a minimum 10 working day clearing period. The client shall comply with applicable law and banking practice generally relating to negotiable instruments.
3.7 The client agrees that he shall be obliged to request special clearance for any cheque should he require same and shall mark any instrument or deposit slip accordingly. The client acknowledges that he shall be liable for any loss incurred should he fail to request special clearance and/or mark the instrument/deposit slip accordingly. The client further acknowledges that the granting of special clearance on one cheque does not mean that every cheque deposited thereafter shall be subject to special clearance.

Payments

3.8 Venerate shall, at its discretion, have the option to pay or collect any amounts via the Automated Clearing Bureau, by electronic funds transfer, by direct debit or credit against the client’s commercial bank account, or by means of a debit or credit note addressed to the client’s commercial bankers.


3.9 Venerate will not effect any payments from the investment account other than to the client’s designated commercial bank account as specified on the application form, or otherwise as notified to Venerate in writing and signed by the client or the client’s duly authorized signatory/ies. Venerate shall not be liable howsoever should it refuse to effect a payment otherwise than in accordance with this clause. Notwithstanding the foregoing, Venerate may in its discretion permit payment to a third party, subject to the client waiving any claim he may have or acquire against Venerate as a result and indemnifying Venerate against any loss which Venerate or any person may suffer or sustain in connection with such third party payment.


3.10 The client warrants that the designated bank account details supplied to Venerate from time to time are true and correct. The client acknowledges that Venerate is not able, nor is it obliged, to verify or authenticate any bank account details supplied by the client or the client’s duly authorized signatory/ies. The client indemnifies and holds Venerate harmless against any loss, damage, expense or claim which Venerate and/or the client may sustain or incur as a result of a payment/s made in circumstances where the bank account details are not correct. 

Statements

3.11 The client undertakes to monitor and verify the correctness of his investment account details on a regular basis and to inform Venerate immediately of any errors or inconsistencies therein or arising therefrom. Unless the client notifies Venerate of any error or inconsistency on any statement issued in respect of the investment account within 60 (sixty) days of the date of issue of the statement, such statement shall be deemed to be an accurate and correct record of the client’s activity on the investment account.

Overdrawn amounts

3.12 It is the client’s responsibility to ensure that the investment account is not overdrawn at any time. If the investment account is overdrawn, Venerate shall be entitled at its sole discretion to cancel, withdraw or override any transaction or to refuse to process any transaction or to give effect to any instruction, for so long as the investment account is overdrawn and the client indemnifies Venerate accordingly. Venerate shall further be entitled to levy interest on any overdrawn amount and a fee, in terms of clause 8 below.

Verification mechanisms

3.13 The client agrees to use and/or implement any verification mechanisms in accordance with the terms and conditions and/or any other conditions which Venerate may impose from time to time, subject to the provisions of any applicable law. The client acknowledges that failure to use and/or implement any verification mechanism may result in unauthorized use of the investment account (or any other account held in the Venerate Group) and losses, for which the client will be liable. The client is responsible for ensuring that the verification mechanisms are kept secret and physically secure.

Unjustified enrichment

3.14 In the event that monies are credited to the investment account in error, the client authorizes Venerate to do all such things as Venerate may deem necessary in order to ensure that the client is not unjustifiably enriched at the expense of another person. The client agrees that Venerate shall be entitled to recover from the client any amount of money paid to the client, (plus interest thereon at Venerate’s prime rate) to which the client is not entitled for whatsoever reason.

Applicable law

3.15 Venerate shall not be required to do anything or to refrain from doing anything which would in its opinion infringe applicable law and Venerate may at any time and without notice, do whatever it considers necessary to comply with applicable law and whatever Venerate does or does not do in order to comply with applicable law shall be binding on the client.

Dormant accounts

3.16 Venerate will not give effect to any instruction or process a transaction if the investment account is dormant. Should the client wish to operate a dormant account he shall be obliged to submit to venerate such information and documentation as Venerate may require under any applicable law Amendments and Variations.

4.1. Venerate may from time to time amend or substitute these terms and conditions, its standard banking practices and procedures, the product rules and/or the terms of any other product, banking facility or service offered by Venerate Capital or Venerate Group of companies. Subject to applicable law, Venerate Capital shall give the client 30 (thirty) working days’ notification of any amendment by any means of communication, including mail, telefax, electronic mail, Short Message System (SMS), statement message, announcements on the Investec website or otherwise. Venerate Capital shall not be liable for any loss occasioned by the client not receiving notification of any amendment. Should the client elect not to accept any amendment, the client is entitled to close the investment account, subject to the product rules and the provisions of clause 7 below.
4.2. Despite the provisions of clause 4.1 above, the client agrees that Venerate shall be entitled at its discretion and without notice to the client to amend the qualifying criteria for any fund from which pricing for an investment account is derived. Venerate shall not be liable to the client for any loss occasioned by the client as a result of any amendment made pursuant to this clause.


4.3 The client shall immediately inform Venerate in writing of any change of name, status or other details provided by the client, in particular if he is about to or has emigrated or if he is working or is about to work abroad. Venerate shall be entitled but not obliged to refuse to act on instructions given by the client using a different name or in circumstances where Venerate is aware of any change in detail or status, until Venerate is provided with the necessary documentary proof to its satisfaction. 
4.4 Any variation of the investment account by the client or by the client’s authorized representative shall only bind Venerate if reduced to writing, or if given by such means of communication as may be acceptable to Venerate and if given in accordance with these terms and conditions. Any variation by the client is subject to the product rules. 

 Disclaimers

6.1 The information and opinions provided by Venerate in respect of the investment account are provided in good faith. The client accepts that the information and opinions may change from time to time and no representation, warranty, undertaking or guarantee of whatsoever nature is made or given by Venerate concerning the accuracy and/or completeness of such information and/or the correctness of such opinions.
6.2 The client is responsible for the Investment decisions that it takes and which should not be taken in isolation but should be based on the client’s entire investment portfolio, taking into account future liabilities, liquidity requirements, time horizon, risk tolerance and specific legal constraints. If the client is in need of financial planning assistance, the client should contact a financial advisor.


6.3 Venerate shall not be responsible, or liable for, any loss, damage or expense of any nature whatsoever which may be suffered by the client or a third party as a result of or occasioned by the failure by Venerate to perform or process a transaction as a result of acts, events or circumstances beyond Venerate’s control, including among other things, failure, unavailability or malfunction of any networks or third party systems and power failures.
6.4 The client warrants to Venerate that he is acting for his own account and that he has made his own independent decision to open the investment account and as to whether the investment is appropriate or proper for him based upon his own judgment and upon advice from such advisors as he has deemed necessary. The client is not relying on any communication (written or oral) of Venerate as investment advice or as a recommendation to open the investment account and information and explanations relating to the terms and conditions of the investment account shall not be considered investment advice or a recommendation to open the investment account.

   Breach and Cancellation.

7.1. Venerate will not close the investment account without giving the client reasonable prior notice at the last contact address provided by the client. However, the client acknowledges that Venerate shall be entitled to close the investment account without notice to the client if it is compelled to do so under applicable law, if the investment account has not been used for a significant period of time or if Venerate has reasons to believe that the investment account is being used for fraudulent purposes. Any closure of the investment account shall be without prejudice to any rights Venerate may have to recover any amounts due to it or any losses or damages suffered by it. Under such circumstances Venerate shall be entitled forthwith to cancel any instructions received from the client.


7.2. The client further acknowledges that Venerate may be obliged under applicable law or pursuant to a court order to suspend the investment account and/or to effect payment of any funds standing to the credit of the investment account to any third party as may be directed under applicable law and the client shall have no claim against Venerate for any loss suffered by him as a result.


7.3. Should the client commit a breach of any obligation contained in these terms and conditions, in particular a breach of clauses 3.11 (overdrawn amounts) and 3.13 (unjustified enrichment), the client undertakes to pay all legal costs incurred by Venerate in recovering any amount due to it on an attorney and own client scale.
7.4. The client is entitled to withdraw all funds standing to the credit of the investment account and/or to close the investment account in accordance with the notice periods relating to the specific investment account and subject to the product rules, which the client confirms he is familiar with. The client is responsible for arranging for the cancellation of any debit orders, stop orders, payment instructions and the like. Notice of cancellation shall be given to Venerate in writing. Venerate will comply with the Code of Banking Practice when the client switches to a new bank.

  Interest, Fees and Charges

8.1. Interest rates applicable to investment accounts are generally quoted by Venerate on an annual basis and are specified in the statement/s issued to the client and in the product rules. Interest at the applicable rate for the investment account shall be calculated on the daily credit balance on the investment account and compounded on the last day of every month, subject to any product rule. The client acknowledges that applicable interest rates may be reduced in the event that the product rules are not complied with.
8.2. If the investment account is subject to a fixed rate of interest the client agrees that Venerate will book the rate on the date upon which it receives confirmation thereof from the client, and shall not be liable howsoever in the event that such confirmation is not received timeously.


8.3. The client can elect to have accrued interest paid to him on a monthly basis in accordance with the product rules. The client acknowledges that payment of interest shall only be effected on a working day.


8.4. Venerate is entitled to charge and recover from the client the following:
8.4.1 a fee (plus VAT) for the issue of any guarantee on behalf of the client against funds standing to the credit of the investment account, in such amount as Venerate may determine and as agreed with the client. The client undertakes to sign such documentation as Venerate may require for the authorization of any guarantee;
8.4.2 a fee in circumstances where the investment account is overdrawn together with interest at the maximum rate permissible by applicable law on the amount by which the investment account is overdrawn.

8.5 Venerate shall be entitled to recover from the client any fee, charge, levy, tax or penalty imposed on Venerate and/or the client in terms of any applicable law or by any commercial bank, including specifically a cash deposit fee.
8.6 If the client defaults in paying any amount when it is due in terms of these terms and conditions, Venerate may charge interest thereon which will accrue daily at the maximum rate permissible by applicable law.
8.7 Any fee charged under this clause 8 may be debited from the investment account balance or charged to any other account of the client with Venerate and the client authorizes Venerate to do so.

Notices and Correspondence

 9.1 Notices or other correspondence may be given to the client by hand, post, telefax or e-communication to the address, telephone number or electronic mail address specified in the application form or as notified in writing by the client to Venerate from time to time.


9.2 Correspondence sent to the client by Venerate:

  1. a) by post, will be deemed to be received by the client on the 10th working day after date of posting;
    b) by telefax, will be deemed to be received by the client at the time when the client’s telefax machine acknowledges receipt thereof; and
    c) by e-communication, will be deemed to be received by the client on the next working day after sending.

9.3 Correspondence given by the client to Venerate by post, telefax or e-communication will be deemed to be received by Venerate only when Venerate acknowledges receipt thereof.
9.4 For any compliance related queries, please contact Venerate Group Limited Compliance on 01-3426218.

General

10.1 The client grants Venerate (including its agents and contractors) authority to monitor, intercept, record and use as evidence all forms of correspondence or communications received by or sent from Venerate or any of its employees, agents or contractors. Specifically, Venerate may record telephone conversations with the client. Venerate’s recordings of telephone conversations shall be and remain the sole property of Venerate and will be accepted by the client as conclusive evidence of the instructions or conversations so recorded. The client agrees that Venerate may deliver copies or transcripts of recordings to any court or regulatory authority. Venerate is not required to maintain copies of such recordings and transcripts.
10.2 In effecting any transaction, Venerate shall not act, nor shall it be deemed to be acting, as the client’s agent nor as the agent of any payee.
10.3 The client shall not cede, delegate, make over or transfer any of the client’s rights or obligations in respect of, or arising out of, these terms and conditions without Venerate’s prior written consent. Venerate may cede, delegate, make over or transfer any of its rights or both its rights and obligations under these terms and conditions and/or in respect of the investment account to any person.

10.4 The client’s domicilium citandi et executandi for all notices and processes to be given and served in terms hereof is the physical address detailed on the application form or as notified in writing to Venerate.


10.5 The client hereby consents to the exclusive jurisdiction of the High Court of Nigeria in respect of any disputes arising in connection with the investment account, or these terms and conditions or any matter related to or in connection therewith.
10.6 Venerate shall not be liable for any consequential damages suffered by the client, howsoever arising, as a result of his failure to comply with his obligations in accordance with these terms and conditions and Venerate’s total liability shall, in no circumstances, exceed the actual amount of the transaction or transactions in dispute.
10.7 If any provision of these terms and conditions is or becomes invalid, illegal or unenforceable under applicable law, the validity, legality and enforceability of the remaining provisions shall not be affected or impaired in any way.
10.8 A certificate signed by any officer in the service of Venerate (whose appointment it shall not be necessary to prove) shall constitute prima facie evidence of the facts contained therein for any purpose whatsoever.
10.9 Where the client is more than one person, the clients’ liabilities under or in connection with these terms and conditions are joint and several and on the death of any one of client, Venerate may treat the survivor as the only person entitled to the investment account, subject to applicable law.


10.10 The client undertakes to sign or execute any documentation required by Venerate arising from any telephonic or electronic banking conducted by the client.
10.11 The client consents to Venerate furnishing information about the client, the investment account and the client’s compliance or otherwise with the terms and conditions thereof to other banks, any credit management service and to any entity within the Venerate Group or otherwise as required by any applicable law.
10.12 The client has the right to access his personal information held by Venerate. Venerate shall grant the client access during office hours within a reasonable time after receiving a written request for access.