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1 Graham Thorpe Trade Finance Manager (A UK incorporated and UK FSA regulated Bank) Nigerian Trade Finance -Impact of Changes.

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Presentation on theme: "1 Graham Thorpe Trade Finance Manager (A UK incorporated and UK FSA regulated Bank) Nigerian Trade Finance -Impact of Changes."— Presentation transcript:

1 1 Graham Thorpe Trade Finance Manager (A UK incorporated and UK FSA regulated Bank) Nigerian Trade Finance -Impact of Changes

2 2 Number of LCs issued SWIFT

3 3 Correspondent Banker to Intercontinental Zenith United Bank for Africa Guaranty Trust Access Oceanic DiamondIBTC Chartered Equitorial TrustFirst City Monument PlatinumSterling FidelityFirst Bank

4 NIGERIA CUSTOM SERVICE SCANNING COMPANY NIGERIAN BANK IMPORTER NPA/FAAN TERMINAL EXPORTER FBN BANK (UK) LTD a12 11b LC ADVISE DOCS LC ISSUANCE SUBMISSION TO BANK ENDORSE DOCS REQUEST FOR CLEARANCE ACCEPT /NOTIFY REJECT APPROVAL/ SUBMISSION FORWARD DOCS SHIPMENT FORWARD FORM M GENERATE RAR & SEND TO NCS EXAMINATION (GREEN, YELLOW OR RED). EXTENT DEPENDS ON RAR RELEASE OF GOODS The Destination Inspection Process

5 5 Issues Manufacturers Certificate / Lab Test Certificate 14 days CCVO Direct documents / Document Control Form M Old transactions

6 6 Manufacturers Certificate & Lab Cert 3 original(s) of Manufacturer/Supplier's Certificate with standards adopted of goods 3 original Manufacturers Certificate of Production confirming the standard used for production One original Manufacturer's Certificate of Production (stating the manufacturing standards adopted e.g. ISO,IES etc.) and 2 copies Manufacturer's Certificate stating the standards adopted thereon i.e. British Standard –PD ISO, NIS, DIN ETC. Laboratory Test Certificates (for chemicals, foods beverages pharmaceuticals electrical appliances and other regulated products

7 7 14 Days….examples Certificate is required from the beneficiary confirming that …………….documents have been sent by their bankers directly by courier to x bank …….documents to be sent directly by courier to x bank within 14 days of shipment and a beneficiary certificate to that effect is required ……...to be dispatched by courier to x bank within fourteen days of shipment. A copy of the courier way bill for the dispatch of the documents is required. One original beneficiary certificate, with original courier service airway bill attached certifying that documents in Field 47a (2) have been forwarded directly to X bank within14 days after shipment date Form M no …… and the above LC number are to be quoted on all documents

8 8 Good News ?? We wish to clarify that the Manufacturer Certificate was deleted because the product being imported is not a manufactured product Please note that items of import on these LCEES are non regulated items and do not require Laboratory Test Certificate 3/3 Original Bill of Lading to be presented

9 9 CCVO ….examples 3 original (s) and 1 copy(s) of Combined Certificate of Value and Origin (C.C.V.O.) as required for import into the Federal Republic of Nigeria 1original Combined Certificate of Value and Origin (CCVO) and 3 copies. The Combined Certificate of Value and Origin (CCVO) must state the adequate description of goods, port of destination, shipment identification, date of shipment, country of origin, country of supply. 3 original and 3 copies CCVO (form C16) 1 original Combined Certificate of Value and Origin (CCVO) and 3 Copies.

10 NIGERIA CUSTOM SERVICE SCANNING COMPANY NIGERIAN BANK IMPORTER NPA/FAAN TERMINAL EXPORTER FBN BANK (UK) LTD a12 11b LC ADVISE DOCS LC ISSUANCE SUBMISSION TO BANK ENDORSE DOCS REQUEST FOR CLEARANCE ACCEPT /NOTIFY REJECT APPROVAL/ SUBMISSION FORWARD DOCS SHIPMENT FORWARD FORM M GENERATE RAR & SEND TO NCS EXAMINATION (GREEN, YELLOW OR RED). EXTENT DEPENDS ON RAR RELEASE OF GOODS Direct Docs / Doc Control / Form M

11 11 Direct docs..a suggestion These documents may not be released to the Applicant unless you hold their Irrevocable authority to pay documents presented under your LC ref XXXXXXXXXXXXXX despite any discrepancies. Please also give your specific approval by authenticated SWIFT to the advising / confirming / negotiating/ paying bank to effect payment despite any discrepancies.

12 12 Evolution of Nigerian LCs 100% cash covered Non operative unconfirmed Clean Line Usance Terms e.g. 90 days blading Refinancing / discounting UCP 600 July 2007 ?


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