Terms of Service

01

Agreement to these terms

By creating an account or otherwise accessing Aruan Research, you agree to these Terms of Service. If you are entering into them on behalf of a firm, you confirm you have authority to bind that firm, and “you” refers to it. If you do not agree, do not use the service.

02

Eligibility and your account

You must be at least 18 years old and legally capable of entering a contract. You are responsible for the accuracy of your registration details, for keeping your credentials confidential, and for all activity under your account. Accounts are personal: you may not share access, and we may require verification before restoring access to an account we believe has been compromised.

03

What the service is

Aruan Research produces quantitative valuations of listed securities, including discounted cash flow models, financial-health metrics, peer comparisons and AI-generated commentary. Coverage, data sources and model parameters change over time, and we may add, alter or withdraw any part of the service.

Valuations are model outputs. They depend on assumptions that you can, in most cases, change yourself, and different assumptions produce different results.

04

No investment advice

Nothing on Aruan Research is financial, investment, legal or tax advice, a solicitation, or a recommendation to buy, sell or hold any security. We are not your broker, adviser or fiduciary, and no communication through the service creates an advisory relationship.

You are solely responsible for your investment decisions and for obtaining independent professional advice appropriate to your circumstances.

05

Data sources and accuracy

Market and fundamental data is obtained from third-party providers and, for Nigerian Exchange listings, extracted from published filings. We take reasonable care in sourcing and processing that data but do not warrant that it is accurate, complete, current or uninterrupted. Extraction confidence is displayed where a figure was derived from a filing rather than a structured feed.

06

AI-generated commentary

Parts of the service, including bull and bear cases, risk profiles and the conversational analyst, are generated by large language models operating on the quantitative output described above. Such commentary may contain errors, omissions or statements that do not follow from the underlying figures, and it is not reviewed by a human analyst before you see it.

Where AI-generated content conflicts with the model output it describes, the model output governs.

07

Acceptable use

You may not:

• scrape, mirror, or systematically extract data from the service;
• redistribute, resell or publish valuations, memoranda or exports, whether or not for a fee;
• remove, obscure or alter any watermark, attribution or licensing stamp;
• use the service to build a competing product, or to train a model;
• circumvent rate limits, access controls or usage allowances.

08

Intellectual property

The service, its models, its interface and its written output are owned by Aruan Research or its licensors. We grant you a limited, non-exclusive, non-transferable, revocable licence to access the service and to use its output for your own internal analysis for as long as your account is in good standing. All rights not expressly granted are reserved.

09

Fees and billing

Paid plans are billed in advance for the period you select and renew automatically until cancelled. Fees are stated exclusive of applicable taxes. Cancellation takes effect at the end of the current period; we do not refund part-periods except where required by law.

10

Suspension and termination

We may suspend or terminate access where we reasonably believe these terms have been breached, where required by law, or where continued access presents a security or legal risk. You may close your account at any time. Sections that by their nature should survive termination, including intellectual property, disclaimers, liability and governing law, will do so.

11

Disclaimers

The service is provided on an “as is” and “as available” basis. To the fullest extent permitted by law, we disclaim all warranties, express or implied, including merchantability, fitness for a particular purpose, accuracy and non-infringement. We do not warrant that the service will be uninterrupted, error-free or that any valuation will prove correct.

12

Limitation of liability

To the fullest extent permitted by law, we are not liable for any investment loss, lost profit, lost opportunity, or indirect or consequential damage arising from your use of the service. Our aggregate liability in any twelve-month period is limited to the fees you paid us in that period. Nothing here limits liability that cannot lawfully be limited, including for fraud or death or personal injury caused by negligence.

13

Changes to these terms

We may amend these terms. Where a change materially affects your rights we will give at least 30 days’ notice by email and on this page before it takes effect. Continued use after the effective date constitutes acceptance. Every prior version remains available under Version history.

14

Governing law and disputes

These terms are governed by the laws of the Federal Republic of Nigeria. The courts of Lagos State have exclusive jurisdiction, save that consumers resident in the European Union or the United Kingdom retain any right to bring proceedings in their country of residence. Before commencing proceedings, please contact us at [email protected] so that we can attempt to resolve the matter.