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TERMS AND CONDITIONS FOR CID ACCOUNTS

1. For the purpose of these Terms and Conditions, the word “Bank shall refer to Afribank Nigeria Plc and Customers in Diaspora Banking accounts shall be referred to as CID accounts, its successors-in-interest and assigns:

2. Any person(s) opening or operating an account with the Bank will be deemed to have read, understood and accepted the Terms of the Account and the applicable Schedule of the Bank Charges issued and amended from time to time by the Bank.

3. No account shall be opened by the Bank unless account opening form is fully completed and attached documents are attested by the required authorities.

4. Upon submission of duly completed forms, bank will communicate account number to customer’s email address of choice to enable customer fund account with minimum balance.

5. “Welcome pack” (Cheque booklets, ATM card. Internet Banking PIN Mailers) will only be mailed to Account owner after account has bee funded with minimum balance.

6. A processing Fee will be charged to enable the bank securely mail the “Welcome Pack” to the customer’s Communication Address of choice.

7. A commission on Turnover” of N5 per mile (N1000) shall be charged on CID Current Account transactions.

8. A Transaction Charge will also be applied on domiciliary account charges in line with the bank’s fee schedule.

9. The Bank has a statutory responsibility to apply Value Added Tax (VAT) on all charges on customer’s accounts.

10. Only valid means of identification (International passport, Work Permit, Residence permit, or Driver’s license) issued by recognized authorities will be required before the Bank opens any account in its sole discretion. Each account shall posses a distinctive number, which shall be quoted in all correspondence with the Bank relating to the account.

11. Any change in the address or constitution of the account holder/depositor should be immediately communicated in writing to the Bank. The post office/courier firms and other agents for delivery shall be considered agents of the account holder(s) for delivery of letter etc., no responsibility shall be accepted by the Bank for delay, non delivery, etc, including any shortage of Cheque leaves of Cheque book sent by post/courier at the request of the account holder.

12. The Bank is authorized to make such disclosure in respect of the accounts as may be required by any court order or competent authority or agency under the provisions or applicable laws and/or otherwise to safeguard the interests of the Bank.

13. Domiciliary accounts (Foreign currency accounts) and time deposits may be established in U.S. Dollars, Pound Sterling, Euro and such other currency, as the Bank shall determine, as allowed by local regulations in force from time to time.

14. Interest on Savings and term deposit is paid at periodic intervals as determined by the Bank and/or upon respective maturity dates of such deposits at such rate as may be determined by the Bank from time to time.

15. Domiciliary (foreign currency) accounts/deposits re opened and maintained subject to Foreign Exchange Regulations and directives of the Government of Nigeria, or any of its organization/agencies and central bank of Nigeria from time to time.

16. Uncleared instruments though credited in the account, shall not be drawn against even if such instruments are credited and/or allowed to be drawn against the Bank shall have at all times the right to debit the account holder’s account, if these are not realized, without prior notice to account holder/depositor.

17. The bank will take due care to see that the credit and debit entries are correctly recorded in the accounts of the account holder/depositor but in case of any error, the Bank shall be within its right at all times to make the correct adjusting entries without prior notice and recover any amount due from the account holder/depositor without prior notice. The Bank shall not be liable for any damages, losses etc., and consequent upon such errors/adjustments.

18. In case a deposit matures on a public or bank holiday, then the bank shall pay the deposit and/or the interest/return/profit there on the next working day when the Bank is open for normal banking business.

19. Cheques may only be drawn on printed Cheques supplied by the Bank. The Bank reserves at all times the right to refuse payment of Cheques drawn otherwise.

20. Cheques should be signed by the account signatory (ies) as per specimen signature and mandate supplied to the bank and any alteration(s) thereon must be authenticated by drawer’s full signature.

21. Post dated, stale and defective Cheques shall not be paid by the Bank.

22. In case of the bank receiving notice of the demise of an individual customer, the Bank will not be obliged to allow any operation or withdrawal except on production of a death certificate and court order/letter of administration, from a court of competent jurisdiction.

23. Periodic statements of account shall be issued by the Bank to the account holder while a certificate (conveying key terms for the deposit e.g. Tenor, interest Rate) will be issued the account holder. Any discrepancy in the statement of account should be promptly brought to the notice of the Bank in writing within fourteen days of dispatch, failing which the statement of account shall be deemed to be final and conclusive, for all purposes whatsoever. In the case of any error, the Bank reserves its right, at all times to make adjusting entries to rectify the error without notice, and recover any amount wrongly paid or credited to any person together with any accrued interest/profit. However, the Bank shall not be liable for any loss or damage due to such error(s) or any consequential loss arising there from, to any party.

24. No account holder/depositor may annotate or delete any entries in the statement of account. Any discrepancy found should at once be brought into notice to the bank, as per clause 22 above.

25. If statement of account is lost or spoilt, a duplicate statement of account may be provided by the Bank, subject to such charge as is applicable under its Schedule of charges. Duplicate copies of statements) of account shall be provided by the bank upon the payment of relevant charges.

26. Minimum balance requirements will be notified by the Bank from time to time. Any failure or omission to maintain such deposit or balance criteria may result in the levy of penalty as deemed fit by the Bank.

27. The Bank in its sole discretion shall be constrained to close those accounts whose average balance during the half year is less than prescribed minimum balance and they show nil balance after deduction of service charges at the time of half yearly closings. Besides the Bank reserves to itself the right to close without prior notice, any account which in its opinion is not satisfactorily operated, or for any other reason whatsoever on the sole discretion of the Bank which shall not be incumbent on the Bank to disclose to the account holder/depositor.

28. The bank solely reserves the right to terminate any type of relationship with the account holder/depositor without assigning any reason.

29. The account holder/depositor wishing to close the account must surrender unused Cheques, ATM Cards if any. He will also be liable for account closing charges as in force, at the Bank before he can be paid or save the last remaining credit balance, if any

30. The Bank shall have discharged its liability with respect to an account s closed by processing a transfer instruction from the customer, in the currency of such account, payable to the order of the account holder/depositor in the amount of the then credit balance of such account less deduction(s) in respect of the amount of any claim that the Bank may have on such funds constituting the credit balance.

31. The Bank shall determine from time to time the rate of interest payable on the account/deposit in accordance with the prevailing rules and regulations of the Central Bank of Nigeria and the policies of the Bank which are subject to change from time to time and the account holder/depositor agrees to accept such rates of interest.

32. The Bank may from time to time and at any time revise, amend, delete or supplement any of these terms and conditions, whether in whole or part including without limitations the charges leviable in respect to its services. Such charges shall be effective from the date specified by the Bank for such modification. These amendments/alterations shall be notified to the account holder/depositors and/or displayed at the Bank’s premises/website from time to time and shall be binding on the accountholder/depositor. The Bank reserves the right at any time and without notice to impose charges for the use of its services at any point in time.

33. The Bank reserves the right without prior notice to the account holder/depositor to debit the account for any expenses, fees, commission, interest, withholding tax, stamp duty, tax, duty, or any other costs, charges or expenses arising out of any transactions or operation of the account or term deposit with the Bank as may be payable to the Local, State or Federal Government as may be levied from time to time.

34. The Bank is subject to all applicable circulars, orders, directives, rules, regulations, laws, decrees and restrictions issued by competent governmental and other regulatory authorities in Nigeria and the liability of the Bank for payment is governed by applicable laws and regulations in force in Nigeria at the relevant time. Repayment of any deposits, account balances, or interest/profit thereon is subject to any acts of the Government of Nigeria or the Central Bank of Nigeria or any competent governmental and other regulatory authority in Nigeria.

35. On the request of Hold Mail service, the Bank will hold all mail, addressed to the account holder/depositor for maximum period of 3 months from receipt and such mail will be deemed to have been received by the account holder. The account holder will collect any mail so held personally or, through an authorized person, unless he advises the bank to the contrary in writing.   The Bank is authorized to charge a fee as per the Banks schedule of charges as revised from time to time, for this service and to hold, open and/or handle all such mail in such manner as the Bank deems fit. Any such fee charged by the Bank maybe debited by the Bank from the account of the account holder. If he fails to collect any such mail within a period of three months the Bank is hereby authorized to destroy the same at any time thereafter at my sole risk and responsibility, and in doing so the Bank shall be discharged from all responsibility or liability.

36. On the request of Hold mail service, notwithstanding the fact that the account holder may not have knowledge of the contents of the mail until he has collected such mail. In case such contents may have legal consequences or affect his right with the Bank. The account holder shall bear the sole risk of any such consequences and hereby indemnify the Bank for any losses, costs damages and expenses incurred by the Bank arising from such mail.

37. Account holders ignorance of any contents of any mail being held by the Bank is not, and will not, be a defense to the Banks claims against him for all purposes an in all courts of Law whether before or after termination of his banking relationship with the Bank

38. It is acknowledged that the request for the Hold Mails being made entirely for the account holder’s convenience and at his risk and responsibility and without any obligation on the part of the Bank. The account holder would assume full responsibility for any loss, adverse consequences or liabilities in any way arising to him or to any third party and would keep the Bank indemnified against claims, losses or consequences suffered in any way due to the Bank complying with his request. Account holder further waives any and all claims against the Bank and its officers and employees, for any consequences arising as a result of any mail inadvertently being dispatched to him in the ordinary course of business, or the Bank communicating with him in an emergency situation as perceived by the Bank, or for the purposes of serving or issuing and demand or notice to him by the Bank, or otherwise to protect the interest of the Bank.

ADDITIONAL TERMS AND CONDITIONS FOR OPENING CID ACCOUNTS

1. Whenever any CID account holder/depositor of the Bank (not a resident in Nigeria) opens or is in the process of opening a bank account[at any branch of] Afribank or on-line through the Banks web page for opening CID Accounts, the following additional terms and conditions shall apply (CID Terms)

2. Reference to these Terms and Conditions aforesaid shall include CID Terms and in case of a conflict or inconsistency between them, the CID Terms shall prevail.

3. CID Accounts are opened at Afribank Main Branch on 51/55 Broad Street- Lagos; however accounts can be operated from any of the Bank’s over 250 branches nationwide. The Validity, interpretation enforceability, and performance of NRN accounts shall be governed by and constructed in accordance with the laws of Nigeria. CID accounts are not subject to any foreign laws and are not insured by the Federal Deposit Insurance Corporation of the United States of America but by Nigerian Deposit Insurance Corporation.

4. In Relation to CID accounts, the Bank is subject to all applicable circulars, orders, directives, rules, decrees, and the liability of the Bank for payment is governed by applicable laws and regulations in force in Nigeria at the relevant time. Repayment of any deposits, account balances, or interest thereon is subject to any acts of the Government of Nigeria or the central Bank of any competent governmental and other regulatory authority in Nigeria.

5. For regulatory and/or risk management purposes, the Bank will require the CID account holder/depositor to secure attestation of all documents, passports and signature by his/her Banker. A Notary Public or the Nigerian Embassy/Consulate.

6. Although the Bank uses adequate security measures, the CID account holder/depositor understands, acknowledges and agrees that the mere use of electronic channels, couriers, or postal services entails various risks, including, but not limited to, the risk of piracy on the internet, interception of documents/data, hacking, e.t.c. The CID account holder/depositor agrees to bear all such risks.

7. The CID account holder/depositor further understands and agrees that given the use of internet for the purpose of opening CID accounts or use of courier/postal services for the purpose of mailing documents to the Bank, confidentiality of the information transmitted through any of the medium mentioned above cannot be guaranteed, and such account holder/depositor waives any right to such confidentiality.

8. In addition and without prejudice to the indemnity provided above, the CID account holder/depositor hereby releases the Bank from all liabilities and indemnifies the Bank from all actions, costs, suits, claims, demands expenses, losses and liabilities howsoever arising in consequence of or in any way related to use of internet or any other electronic means or courier/postal services for the purposes of opening CID accounts, including communication of any incorrect information or message supplied through the same.

9. The CID Terms are not intended to be terms and conditions for the purpose of generally availing the Bank’s electronic Banking Services, and is limited to matters relating to opening CID accounts. Separate terms and conditions are prescribed for Electronic Banking Services should you desire to avail of the same.