Regulatory Alerts2011-05-16 | TED.FEM.FPC.GEN.01.007Endorsement of Department of Petroleum Resources (DPR) permits used for importation of petroleum products
The Central Bank of Nigeria has issued a circular to authorized dealers, the Nigeria Customs Service, the Nigerian National Petroleum Corporation, the Department of Petroleum Resources, and oil and gas companies, outlining new guidelines for the endorsement of DPR permits used for the importation of petroleum products. The guidelines include requirements for authorized dealers to endorse DPR permits with specific information and ensure the submission of shipping documents by importers. Non-compliance may result in sanctions, including suspension from the Foreign Exchange Market.
CENTRAL BANK OF NIGERIA Corporate Head Office Central Business District P.M.B. 0187, Garki, Abuja, FCT TRADE & EXCHANGE DEPARTMENT
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09 46237804 09 46237802 Fax : ..........
E-mail address:ted@cenbank.orq TED/FEM/FPC/GEN/01/007 May 13, 2011 ALL AUTHORISED DEALERS TO: NIGERIA CUSTOMS SERVICE NIGERIAN NATIONAL PETROLEUM CORPORATION DEPARTMENT OF PETROLEUM RESOURCES ALL OIL & GAS COMPANIES AND THE GENERAL PUBLIC ENDORSEMENT OF DEPARTMENT OF PETROLEUM RESOURCES (DPR) PERMITS USED FOR IMPORTATION OF PETROLEUM PRODUCTS In order to further streamline the documentation requirements for petroleum products importation, the following guidelines shall henceforth apply:
- All Authorised Dealers are required to endorse the Department of Petroleum Resources (DPR) Permit at the reverse side, stating the date, volume and value of the products for which LC is being established; 2. After the consummation of the transaction, Authorised Dealers are to ensure that shipping documents are submitted by the importer. However, where the importer failed to submit all the stipulated documents, the Authorised Dealer is enjoined to report the matter promptly to CBN for necessary action.
For the avoidance of doubt, any Authorised Dealer found to have processed transactions with DRP permit already exhausted shall be sanctioned appropriately, which could include suspension from the Foreign Exchange Market.
Authorised Dealers are enjoined to ensure compliance.
W. D. GOTRING for: DIRECTOR TRADE AND EXCHANGE DEPARTMENT