CIF Transaction Procedures

1. Seller issues contract (SPA) enclosed with agreed procedures, for monthly quantity after first 2,000,000 (Two Million Barrel) spot delivery, signed and sealed by seller to the buyer Business Certificate and Signatories Passport Copy.

2. Buyer sign, seal and return contract to Seller. SPA lodged in Buyer's and Seller's Bank respectively. The electronically signed and sealed contract is legally binding and enforceable.

3. Buyer e-mail Ready, Willing and Able (RWA) letter from his bank on bank letterhead and corporate RWA to Seller. Seller shall issue an acceptance Letter to buyer. Within 24 hours buyer shall provide Client Information Sheet (CIS), Signatory Passport, Corporate Resolution and Authority to Verify (ATV.) fund.

4. Within TEN (10) banking days from confirmation of RWA AND ALL COMPLIANCE DOCUMENTATION registered with seller’s legal department, seller through NNPC shall issue the initial cargo documentation directly from NNPC’s official email to Buyer’s email address. The verifiable Vessel NOR/ETA/ATS Shall be sent to Buyer. (NOTE: THE NNPC ASSURANCE OF CARGO REASSIGNMENT Letter for the confirmation of Vessel product documentation to be assigned to buyer SHALL BE ISSUED after receipt and confirmation of MT760 Admin Hold, from Buyer’s top 50 Bank.)

5. Within three (3) banking days Buyer’s Bank shall issue an Admin Hold communicated via MT760 valued at USD $150,000,000.00 (One Hundred Fifty Million Dollars) from a top 50 bank valid for ONE YEAR AND ONE DAY to Sellers Bank as SHALL BE ADVISED for the 2,000,000 (Two Million) Barrels cargo every MONTH covering the 110% value of monthly shipment valid for EACH MONTH as one year contract payment guarantee to Seller Bank. Buyer submits buyer preferred POD and shipping agency details to Seller.

6. Within SEVEN (7) banking days AFTER CONFIRMATION OF MT760, NNPC SHALL REASSIGNED ALL CARGO DOCUMENTS AS APPLIED TO THE TRANSACTION IN BUYER'S NAME AND SEND TO BUYER DIRECTLY. Buyer submits tank details for discharge and inspector's detail for DTA.

7. Upon vessel arrived at port and moored AND berth AT ANCHORAGE OUTSIDE THE PORT. The Buyer's Inspection Company conducts DIP test for Q&Q IN THE VESSEL at Buyer's expense and the Q&Q inspection report/RESULT issued to both buyer and seller.

8. UPON RECEIPT OF Q&Q RESULT, BUYER SHALL PLACE MT103 BASE ON Q&Q AND COMMERCIAL INVOICE. SELLER CONFIRMS MT103 AND VESSEL SAILS INTO THE PORT AND DISCHARGE INTO TANKS

9. Within THREE (3) international banking days AFTER DISCHARGE, BUYER'S bank makes payment via wire Transfer. NNPC issues the title transfer for the cargo IN Buyer's name.


TTO Transaction Procedure:

1. SELLER SIGNS AND SEALS THE CONTRACT (SPA) AND DISPATCHES TO THE BUYER THROUGH EMAIL BUYER COUNTERSIGNS THE CONTRACT (SPA) AND
DISPATCHES A COPY TO THE SELLER THROUGH E-MAIL. BUYER AND SELLER DEPOSIT SAME AT THEIR RESPECTIVE BANKS.

2. BUYER WHEN RETURNING SIGNED SPA SHOULD INCLUDE NOR/ETA FORMAT AND INSPECTOR'S IDENTIFICATION.

3. BUYER THROUGH HIS BANK OFFICER ISSUE A BCL LETTER, CORPORATE(RWA) CONFIRMATION WITH SIGNATORY PASSPORT AND SEND TO SELLER VIA EMAIL. UPON SUCCESSFUL CONFIRMATION, VERIFICATION AND ACCEPTANCE, BUYER SHALL PROVIDE THE BELOW FINAL COMPLIANCE DOCUMENTS BELOW· CLIENT INFORMATION SHEET (CORP)· CORPORATE RESOLUTION· AUTHORITY TO VERIFY FUND.

4. SELLER UPON 3 ABOVE, NOMINATE NNPC PRE-QUALIFIED VESSEL, LOAD VESSEL AND ISSUE NOR/ETA TO BUYER ALONG WITH INITIAL POP OF THE VESSEL WITH ATS. UPON CONFIRMATION OF NOR/ETA AND POP, BUYER SHALL PLACE VIA SWIFT MT760 (ADMIN HOLD) SUBJECT TO ICC’s UCP FOR TOTAL CARGO IN FAVOUR OF SELLER'S FIDUCIARY ACCOUNT.

5. SELLER UPON CONFIRMATION OF BUYER’S MT760 ADMIN HOLD BLOCK FUND,SHALL CLEAR VESSEL, AND MOVE VESSEL TO GHANA WATERS FOR QUANTITY AND QUALITY (Q&Q) BY



TTO Transaction Procedure:

1. SELLER SIGNS AND SEALS THE CONTRACT (SPA) AND DISPATCHES TO THE BUYER THROUGH EMAIL BUYER COUNTERSIGNS THE CONTRACT (SPA) AND
DISPATCHES A COPY TO THE SELLER THROUGH E-MAIL. BUYER AND SELLER DEPOSIT SAME AT THEIR RESPECTIVE BANKS.

2. BUYER WHEN RETURNING SIGNED SPA SHOULD INCLUDE NOR/ETA FORMAT AND INSPECTOR'S IDENTIFICATION.

3. BUYER THROUGH HIS BANK OFFICER ISSUE A BCL LETTER, CORPORATE(RWA) CONFIRMATION WITH SIGNATORY PASSPORT AND SEND TO SELLER VIA EMAIL. UPON SUCCESSFUL CONFIRMATION, VERIFICATION AND ACCEPTANCE, BUYER SHALL PROVIDE THE BELOW FINAL COMPLIANCE DOCUMENTS BELOW· CLIENT INFORMATION SHEET (CORP)· CORPORATE RESOLUTION· AUTHORITY TO VERIFY FUND.

4. SELLER UPON 3 ABOVE, NOMINATE NNPC PRE-QUALIFIED VESSEL, LOAD VESSEL AND ISSUE NOR/ETA TO BUYER ALONG WITH INITIAL POP OF THE VESSEL WITH ATS. UPON CONFIRMATION OF NOR/ETA AND POP, BUYER SHALL PLACE VIA SWIFT MT760 (ADMIN HOLD) SUBJECT TO ICC’s UCP FOR TOTAL CARGO IN FAVOUR OF SELLER'S FIDUCIARY ACCOUNT.

5. SELLER UPON CONFIRMATION OF BUYER’S MT760 ADMIN HOLD BLOCK FUND,SHALL CLEAR VESSEL, AND MOVE VESSEL TO GHANA WATERS FOR QUANTITY AND QUALITY (Q&Q) INSPECTION BY BUYER NOMINATED INSPECTOR. SELLER THROUGH NNPC REASSIGNED CARGO DOCUMENT IN BUYER’S NAME TO SEND DIRECTLY TO BUYER.

6. ON ARRIVAL IN GHANA WATERS, BUYER'S INSPECTOR(S) BOARD AND TAKESAMPLE FOR QUANTITY AND QUALITY (Q&Q) ANALYSIS


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