Nigerian Stockbrokers Limited

Terms and Conditions

  1. Nigerian Stockbrokers Limited's (NSL) offices are open for business between the hours of 8 a.m. and 5 p.m. on each day that is designated a business day in Nigeria ("business day") except Public Holidays.
  2. The preferred channel for receiving clients mandates is physical presenceof the client or through the on-line brokerage account which can be accessed via www.nslng.com. Mandates can also be sent to the dedicated email address for mandates via nslmandates@nslng.com.
  3. The deadline for the receipt of clients' mandates via all channels is 8 a.m. (Nigerian time) on the prescribed business day of execution.
  4. In the absence of an express instruction as to a specific timeline for the expiration of clients' mandates, the mandate wilI be valid for a maximum of 60 days except cancelled.
  5. Amendments/cancellation of mandates can be done via either the online brokerage account or via e-mail to nslmandates@nslng.com. This is also subject to the deadline in (3) above.
  6. Where mandates/amendments/cancellations are submitted after the deadline stated in (3) above, the mandates/amendments/cancellations may not be treated until the next business day.
  7. Mandates / amendments /cancellation 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.
  8. Where a mandate consists of a purchase instruction, it can only be treated if sufficient funds are available in the client's Stockbroking Account to execute such instruction(s).
  9. Where a purchase mandate is dependent on the sale proceeds of stocks, the purchase mandate may not be executed until the sale transaction had been executed. The sale mandate will be executed even if the stocks to purchase are not available.
  10. A client's mandate will be executed strictly by NSL in line with the client's instruction and shall not be deemed to have been influenced by the opinion or advice of the Stockbrokers.
  11. NSL executes transactions based on the ruling market prices of stocks on the floor of The Nigerian Stock Exchange at the time of execution.
  12. NSL 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" on that day.
  13. Buy and sell mandates can only indicate one price and not a price range. A client will be advised of the outcome of his/her mandate via e-mail. Where this is not received by close of business on the next working day after the mandate was submitted, the client shall be expected to contact NSL.
  14. All sale proceeds shall be retained in the client's Stockbroking Account except otherwise advised in writing by the client.
  15. Funds deposited into client's Stockbroking Account with NSL including retained proceeds of sales is not interest bearing. A client's funds will remain in the client's Stockbroking Account pending further instructions from the client.
  16. Payments will be made to clients promptly upon receipt of instruction from the clients.
  17. Requests to withdraw funds from client's Stockbroking Account will only be honoured if there are adequate cleared and unencumbered funds in the client's Stockbroking account with NSL. Associated transfer charge(s) for interbank transfers will be borne by the client.
  18. NSL shall not make any payment from a client's Stockbroking Account to a 3rd party even if such payment has been authorized by the account holder.
  19. NSL has my (our) authority to maintain a minimum credit balance of ₦2,000.00 in my/our Stockbroking Account.
  20. NSL has my (our) authority to debit my/our Stockbroking Account with Annual Maintenance Fee which is subject to review.
  21. NSL can be contacted via e-mail: nslmandates@nslng.com or info@nslng.com, telephone: +234-1-2715754, 27199581 or 07053002999 (SMS only).
  22. NSL shall not be held responsible for any breach(es) in respect of transaction(s) conducted by Clients online. The client holds NSL harmless and without any liability in respect of such breach(es).
  23. I (We) have carefully read the conditions stated above with regard to my (our) transactions with NSL and concede to all the terms and conditions.