There is currently N500B Block Funds Banks instruments for Business contractors (Receivers)

Block Funds Details:

Period: 1 Year + 1 day

L.T.V: 20+5%

Other Instrument For this offer:

Bank Guarantee (B.G) and Bank Endorsed Cheque (B.E.C)

Minimum: N20B

Maximum: 500B

Banks Available for this Offer:

Access Bank Plc; Zenith Bank PLC; and First Bank Plc

Offer Procedures:

1. Both parties sign the DOA.

2. Receiver write a proposal letter on a company letter head paper telling the purpose of what he need the bank instrument for.

 3. Provider’s company will issue #10m corporate cheque and handover the original copy in person to receiver

4. At the same time, receiver will also issue#100m original cheque and handover the cheque in person to provider.

Those cheques will be called indemnity payment against nonperformance between the two parties after signing up the contract.

5. Provider will deposit a signed contract to his registered issuing bank for approval.

Upon getting the approval from the issuing bank.

6 approval, Receiver’s Bank will issue and transmit a capability letter to the provider’s bank and copy the emails

7. Provider bank confirm the capability letter and issue pre-advice or R.W.A and send to the receiving bank.

8. Receiving bank acknowledge the pre-advice and issue I.B.P.U or standing payment order for total amount of L.T.V value.

9. Provider bank confirm the I.B.P.U or standing payment order and issue the soft copy of the B.G to receiving bank

And deliver the hard copy within 5 banking days of soft copy.

10. Then the I.B.P.U or standing payment turn to cash at agreed days in the signed contract and all agents involved in the transaction receive their commission accordingly as signed in the DOA