2 Number of LCs issued 2005 ..SWIFT South A frica 46154 Uganda 1406 Niger 342 Nigeria 33380 A ngola 1392 Mali 324 M orocco 29288 Djibouti 1212 Togo 291 Tunisia 25828 Burundi 1211 Eritrea 228 Algeria 25383 Mozam bique 1004 Gam bia 220 Ethiopia 16815 M alawi 995 Namibia 211 Mauritius 12346 Cam eroon 972 Guinea 146 Sudan 10682 R ep.D em ocratique du C ongo 937 C ape Verde 134 K enya 8727 Seychelles 751 Sierra Leone 104 Libyan Arab Jam ahiriya 5267 B urkina Faso 749 EquatorialGuinea 101 G hana 3950 Mauritania 743 Zim babwe 86 M adagascar 2999 R w anda 712 Swaziland 64 Reunion 2865 Benin 708 C had 54 Tanzania 2198 Zam bia 702 CentralAfrican R epublic 24 Senegal 1570 G abon 535 Lesotho 23 C ote d'Ivoire 1439 Botsw ana 388 C ongo 22
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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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Number of LCs issued 2005 ..SWIFTNumber of LCs issued 2005 ..SWIFT
Intercontinental Zenith United Bank for Africa Guaranty Trust Access Oceanic Diamond IBTC CharteredEquitorial Trust First City MonumentPlatinum SterlingFidelity First Bank
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3
4
6 10
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NIGERIA CUSTOM SERVICE
SCANNING COMPANY
NIGERIANBANK
IMPORTER
NPA/FAAN TERMINAL
EXPORTERFBN BANK (UK) LTD
1 2
11a 12
11b11b
13
5
14
78 15
LC ADVISE
DOCS
DOCSLC ISSUANCE
SUBMISSION TO BANK
ENDORSE DOCS
REQUEST FOR CLEARANCE
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
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
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14 Days….examples14 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
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Good News ??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
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CCVO ….examplesCCVO ….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.
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3
4
6 10
9
NIGERIA CUSTOM SERVICE
SCANNING COMPANY
NIGERIANBANK
IMPORTER
NPA/FAAN TERMINAL
EXPORTERFBN BANK (UK) LTD
1 2
11a 12
11b11b
13
5
14
78 15
LC ADVISE
DOCS
DOCSLC ISSUANCE
SUBMISSION TO BANK
ENDORSE DOCS
REQUEST FOR CLEARANCE
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
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Direct docs..a suggestionDirect 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.”
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Evolution of Nigerian LCsEvolution of Nigerian LCs