Africa Exchange (the "Platform") is a trading and investment platform provided and operated by AFEX Commodities Exchange Limited. References in these Terms of Service (“Terms”) to “AFEX”, "Exchange," "Company," "we", "our" or "us", are to AFEX Commodities Exchange Limited depending on the context, and references to "you" or "your" are to the persons with whom the Exchange enters into these Terms.

All your dealings on the Platform shall be in strict compliance with the policies, regulations, codes of conduct, and ethics of AFEX Commodities Exchange Limited (the "Exchange Rules").

Please read the terms and conditions very carefully as they affect your rights and liabilities under the law. By accessing this Platform, you are indicating your acceptance of these Terms and Conditions and the Privacy Policy. If you do not agree to these Terms and Conditions, please do not access and or use the Platform. If You have any questions on the Terms and Conditions, please contact ([email protected])


These Terms may be updated from time to time for legal or regulatory reasons or for the proper operation of the site without any recourse to you whatsoever. Any changes will be notified to you via the e-mail address provided by you on registration or via a suitable announcement on the site. The changes will apply to the use of the site after we have given such notice.

Your continued use of the Exchange's services and the Platform after any such amendment, modification or substitution shall signify your acceptance of any new terms and conditions. It is recommended that you visit the Exchange's website regularly to check for any updates or amendments to these Terms & Conditions.

General Conditions

By agreeing to these Terms, you represent that you are at least of the age of consent in Nigeria.

You understand that these Terms form a valid and binding contract between you and the Exchange.

You may not use the Platform for any illegal or unauthorised purpose nor may you, in the use of the Platform, violate any laws of Nigeria (including but not limited to copyright laws). You must not transmit any worms or viruses or any code of a destructive nature.

You understand that your personal information may be transferred, unencrypted and involve (a) transmissions over various networks; and (b) changes to conform and adapt to technical requirements of connecting networks or devices. For further information on how we use your personal data, please see our Privacy Policy Here.

You agree not to reproduce, duplicate, copy, sell, resell or exploit any portion of the Platform or our services without the express written permission by us.

You understand that in order to withdraw money deposited to the Platform, a transaction must have occurred.

Permissions And Warranties

You are not permitted to link any other website to the Platform without obtaining the express prior written consent of the Exchange.

Access to the Platform is at your own risk. The Exchange does not represent or warrant that the use of the Platform or any material downloaded from it will not cause damage to property, including but not limited to loss of data or computer virus infection.

The Exchange shall not be responsible for any loss, omission or damage that may arise in connection with your use of the Platform due to IT or network downtime. The responsibility for the security of your password associated with the Platform shall solely be yours at all times.

The Exchange will make all reasonable attempts to ensure that the Platform is fully operational at all times. However, the Exchange makes no guarantees as to fitness for purpose of the Platform.

The Exchange will use every reasonable endeavor to ensure the integrity and security of the server associated with the Platform, however, the Exchange does not guarantee that the server will be free from unauthorized users or hackers.

When you register to use the Platform, you will be asked to create a password; to prevent fraud, you must keep this password confidential and must not disclose it or share it with anyone. If you know or suspect that someone else knows your password, you should immediately change the password.

Under no circumstances shall the Exchange be liable directly or indirectly for special, punitive, or consequential damages that result in any way from your use of or inability to use the Platform We supply or are associated with, to access the Platform or any part thereof, or you or any third parties reliance on or use of information, or services provided on or through the Platform or that result from interruptions, delays in operation or transmission or any failure of performance in connection with the Platform.

If you are dissatisfied with the Platform or any of these Terms and Conditions, or other rules, policies, guidelines, or regulations applicable to use of the Platform, such as the Exchange Rules, your sole exclusive remedy is to discontinue using the Platform.

Third Parties

Where our site contains links to other sites and resources provided by third parties, these links are provided for your information only. Such links should not be interpreted as approval by us of those linked websites or information you may obtain from them.

Refusal Or Discontinuance Of Service

The Exchange reserves the right to refuse or discontinue service to you at the Exchange's sole discretion. The Exchange may deny you access to all or part of the Platform without notice if you engage in any conduct or activities that The Exchange in its sole discretion believes violates any of these Terms and Conditions. The Exchange shall have no responsibility for any consequences resulting from such discontinuance or lack of notification.

You agree that the Exchange has the right to monitor use of the Platform from time to time and to disclose any information as necessary to satisfy any applicable law or to protect itself.


You agree that the security of your account password is solely your own responsibility. You further agree that if you believe that your account password has been compromised in any way, you will notify the Exchange immediately via email to [email protected].

You shall be held responsible for any misuse or compromise to your account of which the Exchange is not properly notified. You agree that if any security violations are believed to have occurred in association with your account, the Exchange has the right to suspend all access to your account pending an investigation and resolution. You also agree that the Exchange has the right to cooperate in any government, legal or other investigation regarding any aspect of its services or your use of the Platform.

We have the right to disable any user identification code or password, whether chosen by you or allocated by us, at any time, if in our reasonable opinion you have failed to comply with any of the provisions of these terms of use.

Authorization Of Electronic Mandates

In consideration of The Exchange (and its owners, suppliers, consultants, advertisers, affiliates, partners, employees, or any other associated entities, all collectively referred to as'associated entities' hereafter) acting on any mandates given via the Platform and all other approved electronic channels regarding Your trading account with the Exchange (the "Services"), you hereby confirm and accept that:

Terms of Use

It is your responsibility to keep your profile details, including but limited to, your username, password, and other electronic channel details, private and confidential in order to prevent unauthorized access to your account with the Exchange.

You shall notify the Exchange of any suspicious or compromising email, message or notification regarding your account before taking any action in respect of that notification. Any transaction executed on your account before the Exchange Securities is notified of such compromise will be binding on you.

The Exchange is authorized by you to act on your mandates, transmitted via any of the referenced electronic channels registered under your name and recorded with the Exchange, without bearing your signature or handwriting; and is under no obligation to verify the identity of the individual sending the mandate or the origin of the mandate in your name, so that any transaction made pursuant to the mandate shall be binding upon you.

You are bound by every mandate sent via any of the referenced electronic channels which have been acted upon by the Exchange, where a subsequent mandate issued by you to revoke the previous one has not been received by the Exchange or where the previous mandate has been acted upon by the Exchange.

It is your responsibility to confirm that a mandate sent by you has been successfully submitted on the Exchange's database and has been reflected on your account.

Proprietary Rights to Content

You acknowledge that the content, service and software (including but not limited to text, sound, photographs, graphics or other material contained in any communication, sponsor advertisements or messages, whether by its owners, its advertisers, affiliates or partners) of the Exchange are protected by copyrights, trademarks, service marks, patents and/or other proprietary rights and laws; therefore, You are only permitted to use content, service or software as expressly authorized by the Exchange, its advertisers, affiliates and partners.

Ownership of Data:

Title to, and all intellectual property rights in the data you provide will remain your property. By accepting these Terms, you are granting the Exchange, the permission to use, copy, transmit, store, and back up your information and data to ensure your access and use of the Platform, and for any other purpose related to the provision of services to you.

Third-Party Applications and your Data:

You acknowledge that by enabling third-party applications for use in conjunction with the Platform, you are allowing the Exchange to provide access to your data to those third parties as required. The Exchange shall not be responsible for any disclosure, modification or deletion of your data resulting from any such third-party access.

Disclaimer of Warranties

To the maximum extent permitted under applicable law, AFEX services, AFEX materials and any product, service or other item provided by or on behalf of AFEX are offered on CUDIE and are offered on an "as is" and "as available" basis, and AFEX expressly disclaims, and you waive, any and all other warranties of any kind, whether express or implied, including, without limitation, warranties of merchantability, fitness for a particular purpose, title or non-infringement or warranties arising from course of performance, course of dealing or usage in trade. Without limiting the foregoing, AFEX does not represent or warrant that the Platform, AFEX services or AFEX materials are accurate, complete, reliable, current, error-free, or free of viruses or other harmful components. AFEX does not guarantee that any order will be executed, accepted, recorded or remain open. Except for the express statements, agreements and rules set forth in these terms, you hereby acknowledge and agree that you have not relied upon any other statement or agreement, whether written or oral, with respect to your use and access of the Exchange. without limiting the foregoing, you hereby understand and agree that AFEX will not be liable for any losses or damages arising out of or relating to:

  • any inaccuracy, defect or omission of commodities price data,
  • any error or delay in the transmission of such data,
  • interruption in any such data,
  • regular or unscheduled maintenance carried out by AFEX and service interruption and change resulting from such maintenance,
  • any damages incurred by other users' actions, omissions or violation of these terms,
  • any damage caused by illegal actions of other third parties or actions without authorized by AFEX; and
  • other exemptions mentioned in disclaimers and platform rules issued by AFEX.

Disclaimer Of Damages And Limitation Of Liability

To the maximum extent permitted by applicable law, in no event will AFEX, its affiliates and their respective shareholders, members, directors, officers, employees, attorneys, agents, representatives, suppliers or contractors be liable for any incidental, indirect, special, punitive, consequential or similar damages or liabilities whatsoever (including, without limitation, damages for loss of data, information, revenue, profits or other businesses or financial benefits) arising out of AFEX services, any performance or non-performance of AFEX services, or any other product, service or other item provided by or on behalf of AFEX and its affiliates, whether under contract, statute, strict liability or other theory even if AFEX has been advised of the possibility of such damages except to the extent of a final judicial determination that such damages were a result of AFEX's gross negligence, fraud, willful misconduct or intentional violation of law. Some jurisdictions do not allow the exclusion or limitation of incidental or consequential damages, so the above limitation may not apply to you.

Notwithstanding the foregoing, in no event will the liability of AFEX, its affiliates and their respective shareholders, members, directors, officers, employees, attorneys, agents, representatives, suppliers or contractors arising out of services offered by or on behalf of AFEX and its affiliates, any performance or non-performance of AFEX services, or any other product, service or other item, whether under contract, statute, strict liability or other theory, exceed the amount of the fees paid by you to AFEX or on the Exchange under these terms in the twelve-month period immediately preceding the event giving rise to the claim for liability.


You shall indemnify, defend, and hold the Exchange harmless from all liabilities, penalties, losses, damages, costs, expenses, attorney's fees, causes of action or claims caused by, arising out of or related to or resulting directly or indirectly from (i) your use of, or conduct in connection with, the Platform (ii) your breach or our enforcement of these Terms, or (iii) your violation of any applicable law, regulation, or rights of any third party during your use of the Platform. If you are obligated to indemnify AFEX operators, their affiliates, contractors, licensors, and their respective directors, officers, employees or agents pursuant to these Terms, AFEX will have the right, in its sole discretion, to control any action or proceeding and to determine whether AFEX wishes to settle, and if so, on what terms.

Your Acceptance af These Terms and Conditions

By using this Platform, you are stating and acknowledging that you have read the Terms and Conditions above and that you understand these Terms and Conditions and agree to be bound by them.


Any Term or Condition or part of any Term or Condition herein is found by any court or administrative body of competent jurisdiction to be invalid, unenforceable or illegal, the other provisions shall remain in force. If any invalid, unenforceable or illegal provision is deleted, the provision shall apply with whatever modification is necessary to give effect to the commercial intention of the parties.

Governing Law

These Terms shall be governed by and construed by the laws of the Federal Republic of Nigeria and shall be enforced therein.

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