Terms & Conditions
El-Elyon Alliance & Securities Limited working hours are between the hours of 8am to 5pm from Monday to Friday, excluding Public Holidays.
1. MANDATE
- Stock purchase mandate, stock sale mandate and advice can be done via email
- Non-Business Days (Weekends or public holiday) will be as received on the business day following the weekend or public holiday.
2. TRANSACTION
- The execution of purchase mandate will be dependent on sufficient cleared funds.
- A stock purchase mandate which is dependent on a sale proceed of stock will be executed until after the execution of the sale transactions.
- Where a stock to be purchased is unavailable on the date of purchase order, the stock purchase mandate will be executed within five business days subsequent to the actual date of the order.
- The stock mandate will be set aside and the client advised accordingly, where the stock is still not available within those five business days.
3. EXECUTION
- El-Elyon Alliance & Securities Limited, with respect to client’s mandate, act as stockbrokers and financial advisors therefore Buys and Sells stocks on Client’s behalf at the Nigerian Stock Exchange.
- Transactions will be executed based on the current market price of the stock at the Nigerian Stock Exchange on the date of execution.
- Professional Expertise and utmost best effort will be applied in the execution of mandates.
- The acceptable standard formats for mandates can be downloaded from our website or may be forwarded to client’s mailbox.
- An e-mail will be sent notifying clients of a transaction once their mandate is executed.
4. TRANSFER OF ACCOUNT FROM ANOTHER HOUSE
- A client who purchased stocks through another stock broking firm before the transfer of his/her account to El-Elyon Alliance & Securities Limited should ensure that the resident stock broking firm sends his/her specimen signature on transfer forms to the respective registrars.
5. VERIFICATION OF CERTIFICATES
- Copies of application forms, dividend warrants and banker’s confirmation of the client’s signature should be attached, to facilitate prompt verification of certificates.
- El-Elyon Alliance & Securities Limited will not be held responsible for delays in verification as a result of incomplete documentation and/or irregular signature.
6. ORDER OF PAYMENT
- Transaction settlement on the Nigerian Stock Exchange is done on a trading day plus three days. In compliance with this regulation, the earliest payment date for consummated sales mandate is trading day plus three business days.
- Payments are made in crossed cheques written in the name of the beneficiary whose name appeared on the share certificate or deposit instrument or Account holder. The only acceptable means of identification are Driver’s License, National Identification Card and Valid International Passport.
- All deposits for Stock transactions must be made by cheques/bank drafts payable to El-ELYON ALLIANCE & SECURITIES LIMITED/Client’s name.
7. FEES
- Verification charges on shares and revalidation charges/fees on stale dividend warrants to be determined.
