Hey,i am an importer .now i want to import some films from China.i have already opened form m from my bank.when i send the copy to chinese suppier,he said i need to re open again.as all the information are not correct.it is my first time to import goods from China.so i don't know if can reopen form m again.i am very worried about this,as now ,the goods are ready to load ship,so my suppier need me to reply him asap.and now,bank are rest,so could anyone know if can reopen form m ?
very worried !!!!

make sure for M issues are sorted out before you load your goods on the ship. We just had a case like this and is not easy to sort out. Form M approval date must preceed the bill of lding date or else you will need CBN waiver to get your risk assessment report to clear your goods.

get the correct proforma invoice from the exporter and process the insurance for the goods then give it to your bank. The approval is normally done within a day or two. but ensure the Form M is approve before shipping

if I am in this situation again, I will suspend the shipment until Form M issues are sorted out. I hate begging Nigerian officials when they see an error in a transaction.

Hey，thks all of u! i told my suppier and forwarder to change the shipment date.so what ur meaning is,i can re open form m again from bank with supply correct PI,right? But the last i opened form m ,how to do? throw it or need adv bank to cancel ?
very worried for this,tonight i slept badly.

applezhang:

Hey，thks all of u! i told my suppier and forwarder to change the shipment date.so what your meaning is,i can re open form m again from bank with supply correct PI,right? But the last i opened form m ,how to do? throw it or need adv bank to cancel ?
very worried for this,tonight i slept badly.

changing the shipment date is a wise step.
Next get the correct proforma invoice from the supplier, and send it to your bank, let the bank advice you on what to do with the old form M.
if the new invoice has a different invoice number, you can open a new Form M with it.
As for the old Form M, I don't think there is any sanction for not using any form M. why not just discard it when you secure a new form M.

the important thing is that you should get a form M based on the proforma invoice both you and the supplier agree to, and ensure that the form M acceptance is communicated to you before you tell the supplier to load the goods.

Bill of Lading date should be later than the form M approval date.

Hey,ogb5,thks so much for ur kindly help!
i have another question, the form m can approval within 3-4 days?

applezhang:

Hey,ogb5,thks so much for your kindly help!
i have another question, the form m can approval within 3-4 days?

Form m can be approve in 1 or 2 days. Just ensure that it leave your bank branch to their head office on the day you give them the proforma invoice and the insurance. On arrival at the bank head office they will have the Form M accepted within 24 hrs.

Tell them to communicate to you in writing immediately the form M is approved

Hey,ogb5 ,thks ! sorry have another question,for the insurance,how much i need supply to re open form m? as last time ,open form m is my friend done,so i don't know how much.
thks ogb5!!!!

applezhang:

Hey,ogb5 ,thks ! sorry have another question,for the insurance,how much i need supply to re open form m? as last time ,open form m is my friend done,so i don't know how much.
thks ogb5!!!!

insurance its about 0.35% of the proforma invoice total cost. i.e N3500 for every N1m invoice

Hey,thks so much so much for ur kindly help! thks so much!

applezhang:

Hey,thks so much so much for your kindly help! thks so much!

no worries. But make sure you bring in good products only to Nigeria.

We at InsuranceDirect2U in association with STACO Insurance Plc can process your marine insurance certificates for all your Form M transactions and deliver to direct to your doorstep.

We can come directly to you to pick up your Proforma Invoice, underwrite the risk and compute the premium payable. Option to choose between Clause A and Clause C. The marine certificate will only be processed and issued to you upon payment of full premium.

You could also scan and send your Proforma Invoice to my email: lancier224@yahoo.com to enable me calculate the premium payable. We then deliver the certificate to you and pick up our premium upon delivery of certificate to you.

For further details, contact Lanre on 08033054437, Email: lancier224@yahoo.com bb pin: 2bd85fdb. 

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