NATIONAL SESAME SEEDS FACILITY
The
facility is to provide direct financial assistance to qualified
registered companies under a special credit scheme to undertake
the exports of Sesame Seeds from Nigeria.
Eligibility
The
exporter must be a registered creditworthy export company that is
incorporated in Nigeria and is a certified member of the National
Sesame Seeds Association of Nigeria (NSSAN).
Collateral Requirements
In
addition to the commodity being used as collateral through the use
of reputable Warehouse/Collateral Managers, the Bank shall also
secure the facility through one or a combination of the following:
- Assignments
of the underlying export receivables to NEXIM;
- First
legal charge on export item (stock);
- Personal
and Several Guarantees of the promoters and sponsors;
- NSSAN
Guarantee.
Documentation
Application
In
addition to the requirements under the eligibility criteria, a company
seeking to benefit from the facility shall forward a formal application
to NEXIM accompanied by the following documents:
- Letter
of recommendation from the NSSAN;
- Copies
of the Certificate of Incorporation;
- Copies
of Memorandum and Articles of Association certified by the Corporate
Affairs Commission (CAC);
- Forms
CO2 and CO7 certified by the CAC;
- Audited
Accounts for the last three (3) years and the most recent Management
Account, where available;
- A
Board resolution of the Company/Society to borrow;
- A
letter from applicant authorising NEXIM to obtain any information
about the company/society;
- Pro-forma
invoice(s)/contract orders;
- Full
details of any facility obtained elsewhere, including collaterals,
liens, etc;
- Registration
with the NEPC;
- Duly
executed signature mandate cards;
- Licenses/Permits
from relevant agencies, where applicable;
- An
undertaking by the applicant that the funds shall be used for
the purposes approved and the export proceeds repatriated at
the end of the transaction.
- Any
other document as may be required by NEXIM.
Disbursement
NEXIM
shall disburse approved funds upon fulfillment of all conditions
precedent to draw down. NEXIM shall support each transaction presented
under this window up to 80% of the Naira equivalent of the cost
of executing the underlying export order.
Approved funds shall be disbursed in installments strictly under
a warehouse financing arrangement, upon receipt of Certified Warrants
from the appointed Warehouse/Collateral Managers.
Other
Conditions
-
Exporters shall be allocated a maximum limit of 80% of the export
contract value.
-
Disbursements shall be in tranches, based on the Warehouse Warrants
issued by the Collateral Managers.
- If
an exporter benefits from the Facility but fails to perform
the export order, NEXIM shall recall the loan and both the company
and its promoters blacklisted for one year.
- All
beneficiaries of the Scheme shall be required to submit monthly
declarations of performance of export contracts and repatriation
of proceeds to NEXIM.
For further information please contact:
Marketing Division - Trade Finance
Nigerian
Export – Import Bank
NEXIM HOUSE
Plot 975 Cadastral Zone A0,
Central Business District,
PMB 276, Garki,
Abuja, Nigeria.
Phone:
(+234) 9 524 1630 -9 Fax: (+234) 9 524 1640
E-mail: neximabj@neximbank.com.ng
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