Regulatory Alerts2005-05-03 | TED/AD/50/2005 END-USERRe: Delays in Submission of Forms "M" to the Inspection Agents
The Central Bank of Nigeria (CBN) has identified delays in issuing Clean Reports of Inspection (CRIs) for imports into the Onne Oil and Gas Free Zone due to late submission of completed Forms 'M' by designated banks. Authorised Dealers are reminded of the 1999 import guidelines that require banks to submit these forms within two weeks of registration, and any future delays will result in appropriate sanctions.
09-61637804 09-61637802 E-mail address: ted@cenbank.org OUR REF: TED/AD/48/2005 April 28, 2005 TO ALL AUTHORISED DEALERS
RE: DELAYS IN SUBMISSION OF FORMS 'M' TO THE INSPECTION AGENTS The attention of the Central Bank of Nigeria (CBN) has been drawn to delays in the issuance of Clean Reports of Inspection (CRIs) in respect of imports into the Onne Oil and Gas Free Zone. Investigation by the CBN revealed that the delays arise from late submission of completed Forms 'M' by the designated banks to the Inspection Agents.
Authorised Dealers are hereby reminded of the provisions of the 1999 import guidelines which require banks to submit Forms 'M' to the relevant Inspection Agents not later than two weeks from the date of registration of the Form and to ensure compliance.
For the avoidance of doubt, Authorised Dealers are to note that henceforth proven delays in the submission of the Forms 'M' to Inspection Agents shall attract appropriate sanctions.
O. O. AKANJI DIRECTOR TRADE & EXCHANGE DEPARTMENT