09Glossary

Cooperative / Society

Signature Private Cooperative is the trading name of Signature Private Multipurpose Cooperative Society Limited, registered under the Nigerian Co-operative Societies Act 98 of 2004. A cooperative society, not a fund or a brokerage.

Unit

The fractional ownership instrument. An asset is divided into a fixed number of units at a fixed, platform-computed price.

Holding

One line of a member's portfolio, their position in one asset: units held, the current market-anchor price, and their own real weighted-average cost basis.

Raise

The fundraising and allocation period for one asset. Ends when the last unit is committed, all or nothing, or when staff cancel it and refund everyone.

Resale window

A staff-scheduled, time-bounded window during which members may list units for sale. Outside a window, there is no trading.

Pro-rata distribution

Revenue split proportionally to units held, net of the platform fee, using a method that guarantees the total paid always sums exactly. VAT and withholding tax are not deducted; members handle those themselves.

Certificate of Unit Ownership

A personal record of units held, acquisition date, and cost basis in an asset. Not a title deed.

Trust / trustee

Signature holds legal title to each real asset as trustee for the members who capitalized it. A member's claim is a beneficial interest under that trust, not direct title.

Identity verification

Verification required before a member can contribute capital or withdraw. Deposits are allowed before approval; moving money out is not.

Politically exposed person

Self-declared at the time identity verification is submitted. Never automatically rejects a member; it gives staff something concrete to weigh at review.

Dual approval

Above a configurable amount, a second, different staff member must independently approve a withdrawal or revenue entry before it executes.

Walk-in candidate

An applicant admitted without a personal referrer, subject to a separate legal agreement and provisional status until formally sponsored by the Society's leadership.