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1. EFML is an institution specializing in consumer finance products targeted at the low-middle class consumer segmented market of salaried and self-employed individuals.
2. The Investment Loan Note (ILN) is a product developed and operated by EFML for the purpose of expanding and growing the business and with the multi-purpose aim of enabling investors access a stable and consistent yield on their investment.
3. Pursuant to recital 2, the Investor is desirous of investing in the ILN and EFML has agreed to take on the Investor’s funds in accordance with the terms and conditions herein contained.
4. EFML and the Investor desire to enter into this formal written agreement to set forth the rights and responsibilities of each party with respect to the relationship.

 

NOW THEREFORE, in consideration of the mutual agreements, covenants and other provisions herein contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto agree as follows:

1. General Terms

• EFML will not open or operate the requested Investment account unless and until it has received the required supporting documentation for the account
• EFML hereby authorized to undertake all “Know your Investor” (KYI) procedures specified by applicable laws and/or regulations and/or regulatory policies.
• The Parties agree that there shall be a minimum investment amount to be invested by the Investor and whereby the Investor decides to invest an amount lower than the minimum threshold amount, EFML reserves the right to amend the rate(s) of interest payable on the investment.
• Where instructions are not received prior to the date of maturity, EFML renews the Investment for the same investment term as before at the interest rate then applicable to that term and on the terms and conditions then applying to new standard Investments. The interest rate applicable to the new Investment may be significantly different, higher or lower, to the interest rate applied in the previous term as a consequence of market rate movements. Also, the investment terms giving the best interest rates may change from time to time. It is recommended that the Investor contact EFML on or before the maturity date to determine if the rate that applies to the renewed plan meets their needs.
• Where the Investor has previously given EFML instructions that all or part of their Investment should be paid to a nominated account at EFML on maturity, the Investor is not able to change or cancel those instructions on or after the maturity date.

 

2. Termination in advance of maturity

• Where the Investor requests to cancel the investment contract prior to the maturity date, the Investor must give EFML a written notice) of no less than, Ninety or One Hundred and Eighty Days; dependent on the frequency in which cumulative interest is paid on the investment.
• EFML may, in its absolute discretion approve a request for early termination in which case a prepayment adjustment will be effected and an early withdrawal fee levied on the interest.
• Where an early termination fee is deemed applicable due to termination in advance of maturity, such fee shall be calculated at the rate of fifty per cent (50%) of the accrued interest that would have been payable on the Investment as of the date the early termination request is processed by EFML.
• The amount of the prepayment adjustment is calculated by EFML taking into account the amount withdrawn, the length of time since the funds were lodged as a percentage of the original term, and the application of an adjusted rate of interest.

 

3. Investor Representations

• The Investor has full legal capacity, power and authority to execute and deliver this instrument and to perform its obligations hereunder. This Investment Contract constitutes a valid and binding obligation of the Investor, enforceable in accordance with its terms, except as limited by bankruptcy, insolvency or other laws of general application relating to or affecting the enforcement of creditors’ rights generally and general principles of equity.
• The Investor has been advised that this Investment and the underlying securities have not been registered under the ISA 2007, and, therefore, cannot be resold unless they are registered under the ISA 2007 or unless an exemption from such registration requirements is available. The Investor is purchasing this investment and the securities to be acquired by the Investor hereunder for its own account for investment, not as a nominee or agent, and not with a view to, or for resale in connection with, the distribution thereof, and the Investor has no present intention of selling, granting any participation in, or otherwise distributing the same. The Investor has such knowledge and experience in financial and business matters that the Investor is capable of evaluating the merits and risks of such investment, is able to incur a complete loss of such investment without impairing the Investor’s financial condition and is able to bear the economic risk of such investment for an indefinite period of time.

 

4. Breach of prevailing laws

If it appears to EFML that the Investor may:

• be in breach of the laws of Nigeria and of any other jurisdiction relating to money laundering or counter-terrorism; or
• appear in a list of persons with whom dealings are proscribed by the government or a regulatory authority of any jurisdiction;

EFML may immediately do one or more of the following:

• Refuse to process any transaction of the Investor’s;
• Suspend the provision of a product or service to the Investor;
• Freeze the Investor’s investment; or
• Terminate the investment contract.

The Investor accepts that EFML will be under no liability to them if they do any or all of the above things.

 

5. EFML’s Limitation of Liabilities

• The Investor agrees to hold EFML free of any responsibility for any loss or damage of funds Invested with EFML due to any future Government order, law, tax, embargo, moratorium, exchange restriction and/or all other causes, force majeure/ act of God, beyond EFML’s control.
• The Investor agrees to be bound by any notification of change in the conditions governing the contract directed to the Investor’s last known address and any notice or letter (electronic or physical) sent to the Investor’s last known physical or electronic address shall be considered as duly delivered and received by the Investor at the time it would be delivered in the ordinary course of post or electronically.
• The Investor agrees that EFML will accept no liability whatsoever for funds handed to members of staff at any point in time outside official work hours or outside EFML’s premises. All Investment funds must be handed over to a duly appointed representative of EFML through one of the acceptable modes/channels of funds transfer.
• The Investor accepts that any disagreements with entries on their bank statements will be made by them within fifteen (15) working days of the dispatch of EFML’s statement. Failure to receive any such notice of disagreement with the entries inputted therein within the stipulated timeframe shall amount to acquiescence that all entries in the statements have been rendered correctly.

 

6. Communications

• Any communications by EFML shall be deemed to have been made as soon as it is sent to the most recent address provided by the Investor and the date indicated on the duplicate copy of such letter or on EFML’s mailing list will constitute the date on which the communication was sent.
• EFML is hereby authorized to honour for and to the debit of the Investor’s account (s) any and all payment instructions issued in accordance with the mandate for the Investor’s account(s) which bears or purports to bear the facsimile or electronic mail signature of the person(s) whose specimen signatures have been provided to EFML by the Investor.

 

7. Severance

• If any part of this Terms and Conditions is found to be void or unenforceable for unfairness or any other reason, the remaining parts of these Terms and Conditions will continue to apply to the extent possible as if the void or unenforceable part had never existed.

 

8. Miscellaneous

• The terms of this Agreement stated herein shall be governed and construed in accordance with the laws of the Federal Republic of Nigeria. The Investor agrees that any disputes arising out of or in connection therewith may be brought in the Courts of the Federal Republic of Nigeria.