This Policy explains how Eanvest Ltd ("Eanvest") handles orders that customers place through its platform. It is published to give customers a clear understanding of what happens between clicking "Buy", "Invest" or "Redeem" and seeing the result on their statement.
1. Our Role
Eanvest is not an executing broker. We do not directly trade on the Nigerian Exchange, FMDQ, or any other regulated market, and we do not directly redeem mutual fund units with fund administrators. We route every customer order to a licensed Capital Market Operator (CMO) under arrangements that meet SEC requirements.
2. The CMOs We Work With
Eanvest has an arrangement with UIDC Securities Limited, a licensed Capital Market Operator (subject to update from time to time). UIDC Securities Ltd is licensed by the SEC and is the executing party for the orders it handles. Customers may receive contract notes, confirmations, and statements directly from the relevant CMO as well as from Eanvest.
3. Order Routing
When a customer places an order, the routing logic depends on the product:
- Mutual funds - routed to the CMO that has the distribution arrangement with the fund manager.
- Listed equities - routed to a CMO that is a Dealing Member of the Nigerian Exchange.
- Treasury Bills, Commercial Paper, FGN Bonds - routed to a CMO with access to the relevant primary or secondary market.
- USD-denominated instruments - routed under the dedicated arrangement governing those products.
Where more than one CMO can handle a product, routing is determined by execution quality, settlement reliability, customer eligibility, and operational factors. We do not route to maximise our own commercial outcome at the expense of the customer's execution quality.
4. Order Types and Timing
The platform supports the following order types (availability varies by product):
- market orders;
- limit orders;
- recurring orders (standing instructions to invest on a regular schedule); and
- redemption orders, subject to product-specific rules.
Cut-off times apply. Orders placed before the relevant cut-off are processed on the same business day; orders placed after the cut-off are processed on the next business day. Cut-off times are published on the platform and on each product page and may change with notice.
5. Settlement Timelines
Settlement timelines vary by product:
- Mutual funds (Money Market and similar) - depends on the fund manager's rules.
- Listed equities - T+1, in line with the rules of the Nigerian Exchange and the Central Securities Clearing System.
- Treasury Bills and Commercial Paper - typically T+0 to T+1.
- FGN Bonds - typically T+2.
- USD-denominated products - timelines governed by the dedicated arrangement and the relevant market.
Settlement may be delayed by market or public holidays, third-party outages, or operational issues at the CMO, custodian, or fund manager. Where a delay occurs, we will keep affected customers informed.
6. Cancellations and Modifications
Once an order has been transmitted to a CMO, it may not be cancellable, depending on the state of the order at the CMO. Where cancellation is possible, customers should request it through the platform or through customer support as soon as possible. Modifications follow the same logic.
7. Failed Orders
Orders may fail for reasons including insufficient funds, customer eligibility issues, product closure, market suspension, CMO outage, or other operational issues. Where an order fails, we will:
- notify the customer through the platform;
- where funds were debited, return them to the customer's funding source within the timeline set by the relevant payment rail; and
- where appropriate, advise the customer of the reason and suggest a remedy.
8. Pricing
Mutual fund subscriptions and redemptions are executed at the price (Net Asset Value) determined by the fund manager in accordance with the fund's rules. Equities are executed at the prevailing market price, subject to any limit set by the customer. Bond and money-market instruments are executed at prices agreed by the CMO with the relevant counterparty. Indicative prices shown on the platform may differ from actual execution prices.
9. Best Execution
Where best-execution obligations apply to the CMO under the SEC Rules, the CMO is responsible for complying with them. Where best-execution principles inform our routing logic, we consider price, costs, speed, likelihood of execution and settlement, size, nature, and any other relevant factor.
10. Confirmation and Statements
Customers receive execution confirmations within the timeline required by the SEC and the relevant market rules, both through Eanvest and directly from the executing CMO. Account statements are available in-app and are dispatched periodically as set out in our Terms and Conditions.
11. Complaints About Execution
Concerns about execution should be raised through our Complaint Resolution Policy. Where the matter falls within the CMO's direct responsibility, we will coordinate with the CMO to investigate and respond.
12. Review
This Policy is reviewed at least annually and updated when CMO arrangements or market rules change.