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The Account Management Agreement serves as the primary contractual framework for establishing and managing professional banking relationships in Nigeria. It is essential for financial institutions providing account management services to corporate, individual, or institutional clients under Nigerian banking regulations. The agreement ensures compliance with key legislation including BOFIA 2020, Central Bank of Nigeria directives, and the Nigeria Data Protection Regulation (NDPR), while defining service levels, operational procedures, and risk management protocols. This document is typically used when establishing new account management relationships or updating existing arrangements to reflect current regulatory requirements and business practices. It includes comprehensive provisions for service delivery, fee structures, compliance obligations, and risk allocation between parties.

1. Parties: Identification of the account manager and the client, including their full legal names, registration numbers, and addresses

2. Background: Context of the agreement and brief description of the services to be provided

3. Definitions and Interpretation: Definitions of key terms used throughout the agreement and rules of interpretation

4. Appointment and Scope of Services: Formal appointment of the account manager and detailed description of core services to be provided

5. Account Manager's Obligations: Key responsibilities and duties of the account manager, including regulatory compliance requirements

6. Client's Obligations: Client's responsibilities, including providing accurate information and maintaining minimum balances

7. Fees and Charges: Fee structure, payment terms, and calculation methods

8. Anti-Money Laundering Compliance: AML procedures, KYC requirements, and compliance obligations

9. Confidentiality and Data Protection: Provisions for handling confidential information and personal data in compliance with NDPR

10. Reporting and Communications: Requirements for account statements, reporting frequency, and communication methods

11. Term and Termination: Duration of agreement, renewal terms, and termination provisions

12. Liability and Indemnification: Limitations of liability, indemnification obligations, and force majeure provisions

13. Governing Law and Jurisdiction: Specification of Nigerian law as governing law and jurisdiction for disputes

14. General Provisions: Standard boilerplate clauses including notices, amendments, and assignment