Terms of use

PennyTree Business Limited is licensed by the Securities and Exchange Commission of Nigeria as a crowdfunding intermediary. We operate a portal on which eligible micro, small and medium enterprises offer securities to the public. We are not a broker-dealer for your account, we do not give investment advice, and we do not recommend any offer.

You may not subscribe to any offer until you have affirmed each risk statement individually. That acknowledgement is captured as an electronic signature and stored separately from your acceptance of these terms. Accepting these terms is not an acknowledgement of risk and does not substitute for one.

If you invest as a retail investor you may not invest more than 10% of your net annual income across crowdfunding investments in any twelve-month period. You are responsible for the accuracy of the income and running-total figures you declare. We will block any amount that exceeds your limit.

Subscription monies are paid to a segregated trust account held by an independent custodian registered with the Commission. We do not hold your funds. Release is conditional on the offer meeting its minimum threshold, on there being no unresolved material adverse change, and on confirmation of the securities registration.

You may cancel your subscription for any reason up to 48 hours before an offer closes. Within the final 48 hours you may cancel only where a material adverse change has been notified and your funds have not been transferred. Where an offer fails to reach its minimum threshold, subscriptions are refunded within 48 hours of close.

A fundraiser warrants that its disclosures are true, complete and not misleading, must notify any material adverse change within 24 hours, and must meet its ongoing reporting obligations for as long as the instrument is outstanding.

You may not use the portal to make or promote any statement that an investment is guaranteed, safe, risk-free or capital-protected, or that promises a specific return. We screen submitted content and will remove material that breaches this clause.

We retain records for at least seven years in a non-alterable format and can produce them to the Commission within five working days. Personal data is processed in line with the Nigeria Data Protection Regulation and our privacy policy.

Our complaints and dispute resolution procedure is published on this site. These terms are governed by the laws of the Federal Republic of Nigeria. Where these terms conflict with the SEC Rules on Crowdfunding, the Rules govern.