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Legal Terms

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I/We confirm and agree that my/our account(s) and all banking transactions between me/us (*the Customer”, “I”, or “me”, or “us” or “we”) and Girei MFB (“the Bank”) shall be governed by the conditions specified below and/ or the terms of any specific agreement between me/us and the Bank or where not regulated by either the conditions or such agreement, by customary banking in Nigeria:

Legal Terms and Conditions:

1. The Bank will not establish or operate the requested account(s) unless and until it has received the required supporting documents for the account, a list of which has been provided to us and is included with this application form.

2. The Bank is hereby authorized to undertake all “know Your Customer” (KYC) procedures specified by applicable law and/or regulations and/or Bank policies including the confirmation of our details and legal status at the appropriate government registry. We hereby authorize you to debit my/ our account without further notice to me/us for the costs attendant to such KYC procedures.

3. The bank may, due to changing money market conditions, alter the applicable interest rate(s) on my/ our account(s) which will be published on the bank’s official website and/or in the banking hall. The bank may also, with 3 days prior notice via email and/or our website, impose or change the minimum balance requirements for my/our account(s).

4. The Bank is authorized, where the balance standing to the credit of my/our account is below the require minimum balance, to either amend the rate(s) of interest payable or close the account(s).

5. The Bank is authorized to transfer money from any deposit account, I/We maintain to any other account(s), I/We maintain with the Bank whose balance is below the require minimum.

6. The Bank shall, in addition to any right of set-off or similar right prescribed by law, be entitled, without notice, to combine and consolidate all or any of my/our or Accounts with the Bank(without any liabilities to the Bank) and/or to set off or transfer any or all amounts owed by me/us or either of us or a related party to the bank against any and all money which the Bank may hold for my/our account or any other credit be it cash, cheques, valuables, deposits, securities, negotiable instruments or any other assets belonging to me/us whether held on currency (hereinafter referred to as “foreign currency”).

7. The Bank shall be entitled to retain and not repay any amount whatsoever that It owed to me/us or which it holds on my/our behalf and until all amounts owed by me/us or the related party to the Bank have been repaid or discharged in full and, for so long as such amount have not been discharged or repaid in full and, the Bank shall be entitled to appropriate any amounts so owed to me/us or held on my/our behalf in or towards the payment and discharge of the amounts owed by me/us or either of us or the related party to the Bank. “Related Party” means an entity in which the Customer is a director/shareholder; or the Customer’s spouse(s), sibling(s), child/children, and/ or parent; or an entity in which the Customer’s spouse, sibling, and/or parent is a director/shareholder.

8. When effecting any set-off the Bank shall be entitled at its absolute discretion, without notice to us to convert any Naira or foreign currency into the currency in which the amount owed was incurred at the applicable official exchange rate for the currencies in question prevailing in Nigeria at the time of such conversion.

9. I/We shall be responsible for all costs, expenses and liabilities arising from the purchase, retention and sale of investments made on our behalf by the Bank which include but are not limited to all taxes, statutory fees, duties and levies.

10. The Bank is hereby authorized in the absence of any written instruction to the contrary, to place my/ our funds in any appropriate investment (which for the purpose of this clause shall include but not be limited to investments in commercial paper whether guaranteed by the Bank or Otherwise) or on deposit and to renew/reinvest at maturity any investments or deposit made in my/our name(s) on the same terms and conditions that applied to such investment/deposit immediately discretion, consider appropriate under the circumstances.

11. The Bank may, unless otherwise instructed by me/ us, retain on my/our behalf, on a safe custody basis, any investment instruments issued in respect of an investment made on my/our behalf and unless otherwise specifically agreed. I/We not have recourse to the Bank for the value or worth of such investments.

12. Where the Bank, in the absence of any previous agreements as to rate of interest and costs and charges that all apply if my/our accounts or any of them becomes overdrawn, in its absolute discretion allows us to make any drawing that results in my/our account(s) or any of them becoming overdrawn, the Bank shall be entitled to charge such rate of interest and impose such charges as, in its absolute discretion, it considers appropriate in the circumstances and I/We agree to pay such interest and charges to the Bank on demand.

13. I/We agree that where I/We give any instruction for a payment(s) that in aggregate exceed(s) the amounts standing to the credit of my/our account(s) against which payment is to be made, the Bank reserves the right to decline to carry out such instruction or where there is more than one transaction, t select transaction that shall be executed without reference to the date of dispatch or time or receipt of my/our account is not funded we/I confirm our obligation to repay the Bank whether or not the Bank makes a demand, any outstanding sum in addition to charges and interest accrued thereon.

14. I/We agree to protect and fully indemnify the Bank against all claims, liability, damages, expenses and cost, including but not limited to the cost of litigation of any third party claims arising from my/our operating any account with the Bank. Pursuant to my/ our aforestated indemnity, we whereby authorise the Bank to debit my/our account with the value of any such claims, liability, damages, expenses and cost arising from my/our operating any account with the Bank. Credit Bureau The Customer acknowledges that the Bank consults with various credit bureaus and reference agencies, and may be required to disclose the Customer’s information to these credit bureaus for the purpose of conducting checks on the Customer. The Customer hereby irrevocably and unconditionally grants his/her/its consent to the Bank and expressly authorizes such disclosure of any or all information on his / her/its account(s) transaction(s) with the Bank, to such credit bureau and reference agencies whether based locally or abroad, including information on the Customer’s Director and other personnel, transactions and conduct on the Customer’s account together with details of any non-payment or delayed payments as the Bank may deem necessary. The consent herein given discharges the Bank from all liabilities, claims, and damages for such disclosure made by the Bank to any credit bureau pursuant to the consent herein granted.