RegAlert

Rule · CBN · 14 Nov 2008 · TED-FEM-FPC-GEN-01-122-08

Re-Pre-Shipment Inspection of Crude Oil Exports

fx

The Central Bank of Nigeria has appointed Messrs Cobalt International Services Limited to carry out Pre-shipment Inspections for crude oil exports, effective November 1, 2008. Authorized dealers and the general public should note that the previously designated banks have been updated to include Ecobank and Unity Bank Plc. The Ness fee for crude oil exports has been reduced from 0.15% to 0.1% of the assessed FOB value, with payment due from both NNPC and independent crude oil exporters. All exports shall be on Free Board (FOB) or Cost and Freight (CFR) basis.

NigeriaCentral Bank of Nigeria

Tel: 09 61637811 Fax: 09 61637809
Central Bank of Nigeria Central Business District P.M.B. 0187 Garki, Abuja E-mail: ted@cenbank.org TED/FEM/FPC/GEN/01/121 November 11, 2008 TO: ALL AUTHORISED DEALERS, NIGERIA CUSTOMS SERVICE, NIGERIAN NATIONAL PETROLEUM CORPORATION, DEPARTMENT OF PETROLEUM RESOURCES, ALL OIL COMPANIES, AND THE GENERAL PUBLIC.

Re- Pre-Shipment Inspection Of Crude Oil Exports

Further to the CBN circulars referenced TED/AD/117/2004,TED/AD/126/ 2004 and TED/FEM/GEN/FPC/011/07 dated 11th October and 8th November, 2004 and 26th January, 2007, respectively, Authorised Dealers and the general public are hereby notified that the Federal Government of Nigeria has ratified the appointment of Messrs Cobalt International Services Limited for the Pre-shipment Inspection of oil exports in Nigeria with effect from Novermber 1, 2008. Consequent upon that, the following clarifications and amendments to the circulars under reference are made to guide the implementation of the inspection scheme:

A. Circular Ref. No Ted/Ad/126/2004 Dated 8Th November, 2004

(i) APPOINTMENT OF DESIGNATED BANK

In addition to the list of appointed designated banks provided in the circular dated November 8, 2004, Ecobank and Unity Bank Plc are also designated banks.

B. Circular No Ted/Fem/Epc/01/011/07 Of 26/01/07

(i) Messrs Cobalt International Services Limited shall inspect Crude Oil in addition to inspection of non-oil exports. Consequently, all sections/subsections that indicate oil and gas stand amended accordingly.

(Ii) Ness Fee For Crude Oil Exports

The payable NESS fee of 0.15% stated in section 5 of the circular under reference is now 0.1% of the assessed FOB Value of the crude oil cargo. The NNPC and independent crude oil exporters are to pay the same 0.1% of the assessed FOB value of crude oil exports as NESS fee into the new NESS Account opened for oil and gas exports.

(iii) Section C(2) of the Circular under reference is amended to read as follows:
Without prejudice to the provisions of the relevant contracts, all exports (crude oil and non-oil) out of Nigeria shall be on Free Board (FOB) or Cost and Freight (CFR) basis. It should be noted that except for the amendments and clarifications stated in this circular, the provisions of the circulars referred to in the first paragraph of this circular still remain valid.

All Authorised Dealers are advised to bring the provisions of this circular to the attention of their customers for appropriate guidance and compliance, please.

B. MUSA
Ag. DIRECTOR TRADE AND EXCHANGE DEPARTMENT

Note from RegAlert. AI assistants can read this document in full, and search 70,000+ more, through the RegAlert MCP connector (https://mcp.regalert.today/mcp). Free with an account. How to connect ChatGPT, Claude or Cursor.

Lineage: No known changes

RegAlert holds no document that amends or replaces this one. This is not a check that it is in force: confirm with the regulator.

Additional Information on thePre-shipment Inspection of Non-Oi…2004 · CBNAdditional Information on the Pre-shipment Inspection of Non-Oil Exports in Nigeria (2004-11-09)FEM Circular No. 11 dated2007-01-26Not in RegAlertFEM Circular No. 11 dated 2007-01-26 — Not in RegAlertMentions (1)a document this one mentionsopen the list below the graph ▾Mentions (1): a document this one mentions without changing it — open the list below the graphRe-Pre-Shipment Inspection ofCrude Oil Exports2008-11-14 · this documentRe-Pre-Shipment Inspection of Crude Oil Exports (2008-11-14)
amendssupersedesissued underrefers todashed card: not in RegAlert (or proposed)arrows run from the older text to the one that changes it
The links and the sentences they come from (2)
Amends
  • Additional Information on the Pre-shipment Inspection of Non-Oil Exports in Nigeria2004 · CBN

    “Further to the CBN circulars referenced TED/AD/117/2004,TED/AD/126/ 2004 and TED/FEM/GEN/FPC/011/07 dated 11th October and 8th November, 2004 and 26th January, 2007, respectively”

  • FEM Circular No. 11 dated 2007-01-26Not in RegAlert

    “Further to the CBN circulars referenced TED/AD/117/2004,TED/AD/126/ 2004 and TED/FEM/GEN/FPC/011/07 dated 11th October and 8th November, 2004 and 26th January, 2007, respectively”

Mentions (1): 1 document this one mentions without changing it
Refers to

Timeline

This document amends: Additional Information on the Pre-shipment Inspection of Non-Oil Exports in Nigeria

More like this from CBN

We email you every new CBN publication the day it's published.

Source: Central Bank of Nigeria — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works

In RegAlert: added · updated

FX rules change often. Get an email the day any regulator we track changes its foreign-exchange rules.