Account Opening Form - Corporate

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Terms and Conditions - Step 1 of 6

Radix Asset Management Company Limited is Radix Group.


These terms and conditions shall apply to the operation of all Radix Asset Management Limited (Radix Asset) Investment Accounts (the Accounts) and form an integral part of the Agreement with the client.


The client has irrevocably requested and Radix Asset has agreed to open an investment Account (the Account) on behalf of the client.


The client agrees to assume full responsibility for the genuineness, correctness and validity of all endorsement appearing on all cheques, orders, bills, notes, negotiable instruments, share warrants, receipts and other documents deposited for investment purposes.


    1. The client agrees to safely operate the account.
    2. The client agrees to assume full responsibility and ensure safe custody of all print and electronic correspondence issued to/or by Radix Asset regarding the account.
    3. The client agrees to notify Radix Asset immediately whenever he/she knows or has any reason to suspect that an unauthorised person has access to any print or electronic correspondence issued to or by Radix Asset regarding the account.
    4. The client agrees to indemnify Radix Asset against any loss, damage or liability resulting from his/her non-compliance to the above.

    • The client authorises Radix Asset to honour all written instructions issued on the Account provided such orders are executed in accordance with the Account mandate. The client agrees that Radix Asset may refuse to act on any instruction if:

    1. It doubts the authenticity of the instruction or does not consider it to be sufficiently clear.
    2. It believes that doing so might cause a breach of any law, regulation, code, order or contractual obligation binding on Radix Asset or the client.

    • The client agrees and authorises Radix Asset without reservation to make third-party enquires about his/her person and business now or at any time in the future prior to considering any request of the client for investment services or credit facilities. The client agrees and authorises Radix Asset without reservation to make third-party enquiries about him/her person and business now or at any time in future in order to satisfy all required Know your Customer (“KYC”) obligations statutorily imposed from time to time on Financial Institutions in the Federal Republic of Nigeria.


    The client agrees that Radix Asset in its sole discretion may at any time suspend or vary the terms and conditions of the operation of the Account. Radix Asset will however promptly notify the client of any suspension of service, changes regarding the operation of the Account of applicable charges and tarrifs payable by the client.


    These terms and conditions agreed between the client and Radix Asset shall be read and interpreted in accordance with the laws of the Federal Republic of Nigeria.


    It is agreed that Radix Asset shall terminate the operation of the Account upon receipt of the client’s written instruction. Either the client or Radix Asset may terminate the operation of the Account upon receipt of 72 hours prior written notice.


    The client agrees that Radix Asset may use the information disclosed to it by the client in connection or as a result of operating the Account (Data) for assessment and analysis and to identify products and services (including those supplied by third parties) which may be relevant to the client. We may disclose data:

    1. To credit reference agencies, any person who may assume our rights under this Agreement, a member of Radix Group, or
    2. If we have a right or duty to disclose or are compelled to do so by law.


    • The client agrees that Radix Asset will use the address and any other details given on the Account opening documentation to contact the client. The client agrees to immediately inform Radix Asset of any changes or additions to those details. All notices and correspondence required to be provided by Radix Asset to the client will be forwarded to that address until Radix Asset receives a written notification of the clients change of address.


    1. The Client acknowledges and accepts that the following KYC documentation has been provided, (or will be provided prior to opening the Account) to its relationship manager or other representative of Radix Asset:
      1. Duly completed and signed account opening form (all relevant fields must be completed).
      2. Board or Partnership Resolution/Mandate letter.
      3. Two (2) clear passport-size photographs of each signatory, with names written on the reverse side.
      4. The Sighted, Notarised or Certified copy of the Certificate of Registration.
      5. The Sighted, Notarised or Certified copy of the Memorandum & Articles of Association (MEMART) or its equivalent, Partnership Deed (Partnership constitution), the club, society, association or charity’s Constitution or its equivalent.
      6. The copy of the enabling Act/Decree (where applicable).
      7. The Sighted, Notarised or Certified copy of the regulatory or supervisory license to operate, if any.
      8. The Sighted, Notarised or Certified copy of the Particulars of Shareholders or its equivalent.
      9. The Sighted, Notarised or Certified copy of the Particulars of Directors or its equivalent.
      10. The Sighted, Notarised or Certified copy of the proof of registered address of the company.
      11. The Sighted, Notarised or Certified copy of the means of identity and proof of address of all signatories to the account, at least two (2) Directors and each individual shareholder with at least 5% interest, or partner as applicable.
      12. The Sighted, Notarised or Certified copy of the incorporation documents of corporate shareholders with at least 5% interest.
      13. The Sighted, Notarised or Certified copy of the valid residence permit of a resident non-Nigerian signatory, director and/or shareholder with at least 5% interest.
      14. The Sighted, Notarised or Certified copy of the Certificate.
      15. Tax Identification Number (TIN), if any.
    2. The Client understands and agrees that if ALL of the relevant KYC documents indicated in 11.1 above together with the duly completed and signed application form are not provided to Radix Asset within fifteen (15) days of receipt of payment by Radix Asset in any of its stipulated account(s), RadixAsset shall:
      1. in the case of payments made electronically into Radix Asset account(s), return all funds paid into its account(s) into the same account from which the funds originated without any obligation to pay any interest on the funds returned.
      2. in the case of payments which were made by cheque or cash deposits over the counter, issue cheques in the name of the issuer of the cheque, or the name of the depositor as the case may be, which cheques shall be retained in Radix Asset possession until picked up by the Client.

      For the avoidance of doubt, no returns or interests shall be earned on the funds in respect of (1) and (2) above.

    3. The Client understands and agrees that no Account shall be opened where incomplete KYC documentation has been provided by the Client. For the avoidance of doubt, the Account shall only be opened,upon receipt of COMPLETE KYC documentation.

    • The client agrees that Radix Asset shall set-off against the account any preadvised charge(s), tariff(s), deductions or costs associated with the operation of the account by the client.


    1. The client agrees that the operation of the account is subject to compliance by Radix Asset with all laws, regulations, administrative rules and orders which may from time to time be authorised by the Federal Government of Nigeria and/or any other regulatory authorities in Nigeria.
    2. In consideration of Radix Asset allowing the client to operate the account from time to time, the client hereby undertakes to hold Radix Asset harmless and keep Radix Asset indemnified from all losses, costs, or damages Radix Asset may sustain or be put to.
    3. The client agrees that Radix Asset is under no obligation to honour any withdrawal order on the account unless there are sufficient funds in the account to cover the value of the said withdrawal thereby rendering such instruction or order invalid and of no effect.
    4. The client agrees that Radix Asset will accept no liability whatsoever for funds handed to members of its staff outside office hours or outside the Radix Asset office premises, except those officers have been pre-authorised by Radix Asset. Radix Asset shall from time to time communicate in writing to the client the names of officers authorised to receive funds on its behalf.
    5. The client agrees that in the absence of clear disposal instruction, the invested principal amount and interest/income at maturity will be liquidated and Radix Asset may at its discretion hold the funds in a non-interest bearing account pending further instructions from the client.
    6. The client agrees that Radix Asset shall not be liable for any loss or damages sustained by him/her by reason of the operation of the investment provided such loss or damages was not caused or facilitated by Radix Asset or any of its staff action on its instruction.

    • The client agrees that in consideration of Radix Asset issuing or accepting third-party Bank cheques, Bank drafts and/or other negotiable instruments from time to time, the client hereby irrevocably undertakes to fully indemnify Radix Asset against all losses, expenses, costs, damages or otherwise, that may occur as a result of the issuance or acceptance of the said third-party cheques, draft and/or negotiable instrument.


    The client agrees that in addition to any general lien or similar right to which Radix Asset may be entitled by law, Radix Asset may at any time and without prior notice to the client combine or consolidate all or any of the client’s accounts without liabilities to Radix Asset or any other account or in any other respect whether such liabilities be actual or contingent, primary or collateral and several or joint.


    1. The client agrees that Radix Asset shall have no responsibility or any liability to the client for any diminution of the client’s investment due to any future governmental order, levy, law, tax, embargo, moratorium or imposts or depreciation in value of funds due to inflation or the unavailability of funds due to exchange restrictions on convertibility, requisitions, involuntary transfers, seizure of any character, exercise of military or usurped powers, or other similar causes beyound the control of Radix Asset and that any or all funds standing to the credit of the account will be payable only in such local currencies as may then be as in circulation in the Federal Republic of Nigeria.
    2. The Client by entering into this agreement hereby understands the risks inherent in investments of this nature and that the value of investments may fall as well as rise and the past performance of investments is not a guide to future performance.

    • The client agrees that all instructions on the account shall be duly signed according to the account mandate. The client hereby acknowledges that the use of facsimile, untested telexes, photocopied letters, electronic mails (on the letter head or otherwise) or other unsecured means of communication to convey instructions for funds transfers of any other such instructions not backed by a duly signed original letter from the client, whatever the case may be, is associated with additional risks of fraud exposure.


    The client shall execute an indemnity form in consideration of Radix Asset agreeing to accept and act upon any such instructions, communication and documents by facsimile, untested telexes, electronic mails or photocopied letters issued according to the account mandate unaccompanied by an original copy of the clients duly signed letter, irrevocably undertaking to indemnify Radix Asset and hold it harmless from and against all cost (including but without limitation to legal fees and expenses, claims, losses, liabilities and damages).


    Radix Asset shall have absolute discretion, for any reason whatsoever, to act or not to act, upon documentation received by facsimile, untested telex, electronic mail or photocopied letter unaccompanied by a duly signed original copy of a letter issued by the client and / or to request verification of documents received by such means.


    The client agrees that Radix Asset shall have no liability for failure to provide any agreed service(s) due to reasons beyond its reasonable control. These reasons include but are not limited to industrial action, failure of electricity supply, riots, civil commotion, political unrest or armed insurrection.


    The Client agrees and authorises Radix Asset to disclose any or all of its information in compliance with any regulatory disclosure obligations statutorily imposed from time to time on Financial Institutions operating in the Federal Republic of Nigeria.