This policy applies to the Oceanic membership application administered by Port Harcourt Eco-Bizwallet Multi-Purpose Co-operative Society Ltd.
01
About this agreement
These Membership Terms form an agreement between Port Harcourt Eco-Bizwallet Multi-Purpose Co-operative Society Ltd (the “Co-operative”) and each person whose membership application is accepted (a “Member”). Oceanic Grains of Wealth is the member-facing platform through which the application may be presented.
The agreement includes these Terms and any applicable by-laws, policies, procedures, contribution schedules, compensation plans, loan or asset documents, and programme rules provided to the Member in writing. If a specific signed agreement conflicts with these general Terms, the specific agreement will apply to that transaction.
02
Eligibility and application information
An applicant must be at least 21 years old, have legal capacity to enter a contract, and provide complete and accurate information. The Co-operative may verify information, request supporting documents, and accept or reject an application in accordance with applicable law and its membership criteria.
False, forged, misleading, or materially incomplete information may invalidate an application or lead to suspension or termination of membership. Submission does not itself create membership or guarantee approval.
03
Contributions and membership slots
A Member may choose a weekly or monthly contribution frequency. Subject to the Co-operative’s current rules and an affordability assessment, a Member may hold more than one contribution slot where the Member can meet every commitment when due.
Members must contribute only through approved payment channels and must not commit funds they cannot reasonably afford. Current amounts, due dates, allocation rules, missed-payment consequences, and any applicable charges should be confirmed in the relevant written schedule before payment.
The source agreement also requires a monthly contribution of ₦1,000 toward the Co-operative’s funding activities. The Co-operative must confirm whether this charge applies to the Member and provide the applicable payment terms before collecting it.
04
Conditional interest, bonuses, and commissions
The source agreement states that a Member who contributes for eleven months may be eligible for an addition equal to 10% of contributed capital, but only where the Co-operative deployed the funds for business and generated sufficient gains. Any such amount is conditional, is not guaranteed, and is expected to be accounted for around the annual general meeting period.
Bonuses, commissions, rewards, and other benefits are not automatic earnings or investment returns. Eligibility depends on the applicable written plan, qualifying activity, good standing, verified performance, available funds, and all required approvals. Past payments or examples do not promise future results.
05
Loans and asset purchases
Membership may provide an opportunity to apply for a loan or an asset-purchase arrangement. Access is never guaranteed and remains subject to a separate application, affordability and eligibility checks, available funds or assets, repayment terms, documentation, and approval.
Before purchasing an item, the Member must confirm whether it qualifies for any arrangement requiring a 50% upfront payment with the balance payable over twelve months. An item will not be released until the applicable upfront amount or other required threshold has been met.
Where repayment is collected through a Remita standing order, the source agreement limits eligibility to qualifying state or federal civil servants receiving regular salary. The exact repayment authority and transaction terms must be accepted separately before any facility is granted.
06
Fees, payment records, and processing charges
Any entrance or application-processing fee identified before payment is non-refundable, except where applicable law requires otherwise. Contributions, purchases, or fee payments may attract a Remita processing charge stated in the source agreement as 1.5%, subject to a minimum of ₦100 and a maximum of ₦2,000. The amount shown at payment is the amount that applies.
Members should retain each approved receipt or invoice as evidence of payment and provide a copy to the authorised account officer or coordinating agent when required. Payments made to an unapproved account or person may not be credited until verified.
07
Member conduct and participation
Members must comply with the Co-operative’s by-laws, code of conduct, lawful decisions, policies, and reasonable instructions. Members are expected to attend relevant Co-operative and zonal meetings where practicable and contribute constructively to service improvement.
A Member must not incur debt, expense, liability, or obligation in the Co-operative’s name without prior written authority. A Member must not misrepresent the Co-operative, its programmes, products, compensation arrangements, likely outcomes, or the Member’s authority.
08
Confidentiality and authorised communications
Members must protect confidential information received through membership and must not disclose non-public information unless authorised or legally required. This obligation does not prevent a Member from reporting unlawful conduct, obtaining professional advice, or exercising a legal right.
Official notices may be sent through an authorised coordinating agent, email, telephone, text message, approved social channel, or the Co-operative’s website. Members should verify unusual payment or account instructions through an official contact route before acting.
09
Name, photograph, story, and likeness
By accepting these Terms, the Member authorises the Co-operative and Oceanic Grains of Wealth to use the Member’s name, photograph, personal story, voice, and likeness in truthful advertising, educational, documentary, and promotional material relating to the Co-operative or its programmes, without additional remuneration.
Material must not be materially misleading or presented as a guarantee that another person will achieve the same result. Privacy and dignity must be respected. A Member may contact the Co-operative to object to future use; withdrawal will not require the recall of material already lawfully produced or distributed, subject to applicable law.
10
Breach, discipline, and termination
Failure to comply with this agreement may lead to a proportionate disciplinary response under the applicable policies and procedures, including a request for correction, suspension, loss of eligibility for unpaid benefits, or termination. Where appropriate, the Member should receive notice and an opportunity to respond.
A Member in breach, default, or violation may lose eligibility for bonuses or commissions that have not become due under the applicable written plan. This does not remove accrued rights that cannot lawfully be forfeited.
11
Withdrawal and cancellation
A Member may cancel participation or apply to withdraw by giving written notice. The source agreement calls for at least one month’s advance notice. Refund timing, deductions, outstanding obligations, and any conditional gain will be determined under the applicable by-laws and service-year rules provided to the Member.
Withdrawal does not cancel an outstanding loan, asset repayment, fee, liability, confidentiality duty, dispute provision, or other obligation intended to continue after membership ends.
12
Responsibility and limits of liability
Each Member is responsible for the Member’s own unauthorised statements, promotion, expenses, facilities, and business activities. To the extent permitted by law, the Co-operative and its lawful officers, employees, and affiliates are not responsible for loss caused by a Member’s unauthorised conduct, breach, misrepresentation, or independent business decision.
Nothing in these Terms excludes liability that cannot lawfully be excluded, including liability arising from fraud, wilful misconduct, or a duty imposed by applicable law. Nothing promises a profit, loan, commission, business-support award, asset, or particular commercial result.
13
Changes to these Terms
The Co-operative may amend these Terms, policies, procedures, or programme rules for legal, regulatory, operational, or member-protection reasons. Material changes will be communicated through an approved channel before they take effect where reasonably practicable.
Continued participation after the effective date may indicate acceptance where permitted by law. A change that materially increases an existing payment or repayment obligation should be expressly accepted where required. No informal statement or promise changes this agreement unless confirmed in writing by an authorised officer.
14
Complaints, mediation, and arbitration
A Member should first raise a complaint through an official Co-operative contact route so the parties can attempt a good-faith resolution. If unresolved, the parties may pursue non-binding mediation and, where the applicable policy or a separate agreement requires it, arbitration in Nigeria.
These Terms are governed by the laws of the Federal Republic of Nigeria. Any contractual time limit, including the one-year period stated in the source agreement, applies only to the extent that it is lawful and enforceable and does not override a mandatory statutory right.
15
General provisions and electronic acceptance
These Terms and the incorporated documents form the entire agreement about general membership. A waiver is effective only when made in writing by an authorised officer and does not waive a later breach. If a provision is invalid or unenforceable, it will be adjusted only as necessary, and the remaining provisions will continue.
An online, scanned, or electronic copy and an electronic acceptance may be treated as an original to the extent permitted by law. The date and record of acceptance may be retained as evidence of agreement.
16
Questions and official contact
Questions about these Terms, contribution obligations, withdrawal, complaints, or a specific transaction should be submitted through the official channels on the Oceanic Contact page. Do not send identity documents or payment credentials through an unverified channel.