Terms of Use
FORESIGHT SECURITIES & INVESTMENT LTD BROKERAGE ACCOUNT AGREEMENT: STOCKBROKING TERMS AND CONDITIONS

Below are the terms and conditions that are binding on all clients who maintain a stock broking account with Foresight Securities & Investment Ltd (‘FORESIGHT’) and use its online trading portal:

  1. Mandates can be forwarded to FORESIGHT through our on-line stock broking portal (E-Biz) which can be accessed via www.foresightsecuritiesltd.com Mandates can also be sent via e-mail to the dedicated e-mail address: info@foresightsecuritiesltd.com
  2. The client hereby indemnifies FORESIGHT against any loss, omission or damage that clients may incur when FORESIGHT executes any mandate, instructions, or other communications furnished by client by any electronic media or means. This indemnity subsists whether such electronic mandates are transmitted directly through a computer owned by client or otherwise, at any time, and in relation to any business or transactions, which client may have with FORESIGHT, or in which FORESIGHT may be acting on client’s behalf or in accordance with client’s instructions.
  3. Mandates sent using the dedicated email address or online trading portal should be explicit in stating price limits (or at market) and duration for which the mandate is valid. For mandates sent via the online trading portal, they would be valid for one day only (i.e. between 11.00am- 2.00pm Where the mandate cannot be executed due to market conditions, it would be expunged from the system at the end of the business day. Where a client still wishes to execute such mandates, he/she would be required to resend the mandate the next business day.
  4. FORESIGHT will endeavour to execute all mandates; however, execution of mandates cannot be guaranteed as this largely depends on market conditions. It is therefore possible for a mandate not to be executed even if the instruction received was to carry out the transaction at market price.
  5. Buy mandates will only be executed if the client’s in-house account is sufficiently funded to cover the cost of the transaction.
  6. Clients will receive a contract note at the close of every business day evidencing the execution of their mandates or can instantaneously download the contract notes from the E-Biz portal.
  7. Clients will receive daily emails confirming the status of their order (i.e. stating if the mandate has been fully or partially executed or cancelled).
  8. Proceeds from sales will only be transferred to clients after settlement. Settlement shall be three business days (T +3) after the mandate was executed and provided the clients had previously sent all outstanding Know Your Customer (KYC) documents requested by FORESIGHT. It should be noted that unless a request is received, the funds will remain in the clients non-interest bearing stock broking account.
  9. Mandates placed through the online portal are executed directly on the Nigerian Stock Exchange without any manual interference.
  10. Cancellation of mandates can be done on the online portal after trading hours while clients can forward their cancellation orders to info@foresightsecuritiesltd.com if they wish to cancel an open order during trading hours. Cancellation of mandates will depend on the status of the mandate i.e. cancellation can only be done if the order has not been executed on the Exchange.
  11. Redemption requests can be made via the online portal or by sending a mail to info@foresightsecuritiesltd.com or by completing the Redemption Form. Funds shall only be transferred to account details provided at account opening and in line with clients’ account opening documentation.
  12. FORESIGHT shall use its best endeavours to treat Redemption request within 24hours, provided they are business days. FORESIGHT shall not be held liable for delays experienced as a result of lapses or delays by any bank(s) as regards client’s redemption request.
  13. Redemption requests will only be processed if the balance in the client’s stock broking account is sufficient to cover the amount being requested.
  14. FORESIGHT shall not execute or attend to redemption requests on third party accounts
  15. FORESIGHT shall not accept pre-signed blank mandate from any client and clients are hereby prohibited from depositing such mandates.
CLIENT(S) ONLINE PORTAL INDEMNITY TO Mayfield Investments Ltd
  1. Access to and use of this website and portal is at the client’s own risk.
  2. FORESIGHT does not represent or warrant that the use of this site or any material downloaded from it will not cause damage to property, including but not limited to loss of data or computer virus infection.
  3. FORESIGHT shall not be responsible for any loss, omission or damage that may arise due to Information Technology or network downtime. The responsibility for the security of clients’ password shall solely be that of the client at all times.
  4. FORESIGHT would not be responsible for theft or divulgence of password leading to any liability on the clients’ account.
  5. FORESIGHT will make all reasonable attempts to ensure that the online portal system is secured and fully operational at all times. However, FORESIGHT makes no guarantees that its fully automated systems will correctly carry out all the functions they were set up to carry out.
  6. FORESIGHT will use every reasonable endeavour to ensure the integrity and security of the server, however, FORESIGHT does not guarantee that the server will be free from unauthorized users or hackers. FORESIGHT shall not be liable for non-receipt or misrouting of email or for any other failure of client(s) email.
  7. The client hereby indemnifies FORESIGHT against any loss, omission or damage that client(s) may incur when FORESIGHT executes any mandate, instructions, or other communications furnished by client through any means including electronic media or on its website and online portal. This indemnity subsists whether such electronic mandate are transmitted directly to a computer owned by client or otherwise, at any time, and in relation to any business or transactions, which client may have with FORESIGHT, or in which FORESIGHT may be acting on client’s behalf or in accordance with client’s instructions.

I/We hereby confirm that I/We have read and agree to the above terms and conditions and indemnity.