Please i would like to get an articulated and constructive answers from Bankers in here. And also lets put sentiments apart we are all Nigerians so let tell ourselves the truth.

Folks into exportation of Raw material from Africa can agree with me that many foreign companies hardly accept  to advice their LC down to Africa, especially Nigeria when it comes to first time business. And many bank will warn you or probably refuse you each time you ask them to tranfer an LC down to Africa.
The main reason many gave was the corruption and fraud in Africa and mostly from Nigerian Banks.
So can an LC  be compromised or turned into an unlawful benefits to the receiver? Am meant to understand its jst a telegraphic advice which can be revoked or concelled if the terms in it are not being met.

Any other justified reason can be accepted.

This topic goes to the Business/Money section.

Well a confirmed, irrevocable LC is the only real thing that i am assured of, always make sure the bank has A or AA ratings, and make sure your own bank preferably Zenith Bank makes all necessary confirmation, incase you need more help contact me

Pls i ned more advice abt d lc, how can lc turn to money,cos most of nigeria bank are nt sactifice wit lc.even mt70,which international bank instrutment is workable in aftrican

@ajadex How many banks have you talked to? Check Zenith Bank they can help, if you need any help call me on 08037602631

because i av letter of credit from hsbc london, and we cant confert it to transaction till the lc expire, can u people enlight me more how to confert lc to cash legaly or ilegaly tanks nl,

@Ajadex which bank are you with? is it a confirmed LC, be careful so you dont do anything illegal, once you provide all the documents specified in the contract you are supposed to be paid

my brothers the only LC recognised by Nigeria banks is the irrevocable, divisible, transferable,assignable and unristrictable type and we all know that foreigners will never issue such except, DLC,, MT760 and other kinds which our banks do not recognise,so how will do we go from there because this is really affecting most business men like us,Again the foreigner will not accept to block fund in our Nigerian banks, pls contact me if any solution 08086286014

The answer to this is expensive but doable! If you use an entity from Nigeria, you will find out that the legal/regulatory complications are alot more than the we can handle as individuals. However, if you have an entity that is offshore, then you are doing the following for your business:

1. You are selling your business presence globally
2. With an offshore virtual address and bank account you have a business presence that can stand the test of time,
3. You can do business anywhere at anytime.
4. Most offshore regimes are either low tax or tax free! as long as the source of your funds does not originate from the jurisdiction of incorporation.

If you have any more questions , please do not hesitate to let me know.

Cheers!

ARE A BUYER OF 5,000 -50,000MT of AGO & have your updated vessel detail, get across to me on purityjay@yahoo.com or 08086286014, hurry while the offer last.

Credit Contraction is the opposite of credit creation and for the banking system......