Foreign Trade

The Documentary Credit and Collection Department handles the foreign trade transactions of our customers through a network of Correspondent banks.

The activities of the department include: 

• Processing of Import Documents 

• Letters of Credit Establishment 

• Payments of Imports under Bills for Collection Arrangement 

• Invisible Transactions 

• Export 

The department liaises with the Nigerian Customs, Scanning Companies and other relevant Authorities in the processing of Import Documents. 

• Form M 

• Proforma Invoice 

• Insurance

• Customer's Letter authorizing us to do such transaction in line with    the company's signature mandate.

•  
• The Routing of Shipping Documents
•  
• Bills for Collection
• One set of document form the supplier directly to the importer's bank (Zenith Bank)
• Two sets from the supplier's bank to the importer's bank

Not valid for foreign Exchange Transactions

One set of document from the supplier to the customer.

Two sets of document directly from the supplier to Importer's bank

Letter of Credit

One sets of document form the supplier to the issuing bank. (Zenith Bank)

Two sets of document submitted to overseas bank for payment (the document will later be forwarded to the bank)

The document required for processing or Risk Assessment Report (RAR):

Copy of Form M

Transport document

Commercial Invoice/Final Invoice

Packing List

Standard combined Certificate of value and Origin (CCVO) (form        C16)

Manufacturer Certificate/Certificate of analysis/Photosanitary        Certificate

NB: All Shipping documents must be issued after Form M approval date and Letters Credit issuing date. That is shipping Document must not predate Form M and Letter of Credit.

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• Processed Form M
• Bill History
• Bill of lading/Airway Bill/ Way Bill
• Original Combined Certificate of Value and Origin (CCVO)
• Manufacturers Certificate/ Certificate of Analysis/Photosanitary        Certificate
• Customs clearing document (Exchange Control Document)
  1. -- Single Goods Declaration
  2. -- Used RAR
  3. -- Payment schedule
  4. -- Terminal Delivery Order/Gate Pass
  5. -- Duty receipt

• Authority letter from Customer to buy foreign exchange in line with     the company's signature mandate.

Invisible Transaction

Invisible transactions involve payment for various services, which    include;

Medical expenses

Dividend & Royalty Payment

Management Fees

Technical Services

Travel allowance- Business, Personal & Pilgrimage

Personal Home Remittance

School Fees

Demurrage

Net proceeds of International Air- Tickets sales

Loan repayment

Expatriate personal home remittance

Payment are by either SWIFT or by Foreign Drafts. However, for Travel allowances, payment is by Traveler's cheque or Cash.

Export

Processing of commercial export is through Letter of Credit, Bills for Collection, and Advance payment. We negotiate Export documents, process export levy draft and certify export proceeds repatriation to the CBN on behalf of our customers.

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E-Products

E- LC Application

Trade finance On-line

The Followings are available on our Trade Finance On-line:

Form M

The Scanning Company that processed your Form M

The Status of Form M (Accepted/Rejected)

The Approval date of the Form M

The Amount of the Form M

The Currency of the transaction

Letter of Credit:

The Letters of Credit number

The Beneficiary

The Expiry date

The Type of Letters of Credit (Confirmed/Unconfirmed/Usance)

Status of Unconfirmed Letters of Credit (Confirmed/Outstanding    unconfirmed balance.)

Payment of Letters of Credit (Paid/Outstanding balance)

Status of Letters of Credit (Expired/Active)

Status of your shipping documents

Shipping document received

Bill of Lading Number

Amount of Shipping documents

Availability of Risk Assessment Report (RAR)

Risk Assessment Report number

In addition to the above you can equally receive the followings via your e-mail address:

Notification of Form M batched to Scanning Companies.

Notification of Acceptance and Rejection of Form M

Notification of receipt of Risk Assessment Report

Notification of document batched to Scanning Companies

Notification of Rejection of Shipping Document form Scanning      Companies

Notification of Bills for Collection payment

Notification of Established Letters of Credit and amendment of Letters of Credit. In addition to this notification copies of the established Letters of Credit and any amendment are attached to such notification to enable you have them in soft copies.

Notification of discrepancies on Letters of Credit

Notification of Matured Usance and Deferred payment Letters of    Credit.