₦airaland Forum

*BG Available for Lease*

*Procedure for BG leasing between #1B - #49B*

INSTRUMENT DESCRIPTION

*Instrument* NIGERIAN BANK GUARANTEE

*AMOUNT*:

*Tenure* 365 days

*LTV* 25+5

*Asset* Cashbacked

*PAYMENT*: Bank Transfer

*BANKING OPERATIONAL PROCEDURE*

1) The receiver issue LOI addressed to provider stating purpose of the BG

2) The Provider sends DOA across.

3) Receiver signs and returns DOA with certificate of company registration.

4. RECEIVER ISSUE *TWO(2) SEPARATE 3% FUND RESERVATION LETTERS AND RECEIVERS ACCOUNT OFFICER TRANSMIT VIA ACCOUNT OFFICER TO PROVIDERS NOMINATED ACCOUNT OFFICERS BANK TO BANK SECURED EMAIL*

5) The issuers bank confirms the *FRLs* thereafter issues BG of the face value (N6B) within 5 banking days.

6. RECEIVERS BANK RECEIVES THE ₦6B BG SOFT COPY

7. *WITHIN 24HOURS THE RECEIVERS BANK TRANSFERS THE 3% AMOUNT TO PROVIDERS ACCOUNTS*

8. Receiver shall send *The 27% Hard Copy of Post Dated cheques across via courier services To Providers Address*

9) The providers bank send the Hard Copy to receivers bank.

10). RECEIVER SHALL WITHIN 15 BANKING DAYS, MAKE PAYMENT OF FINAL LTV BALANCE TO PROVIDER and all CONSULTANTS.

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