Procedure For LPFO (D6)
TRANSACTION PROCEDURES: Allocation N39 less N6
1. Buyer and Seller Sign Contract (SPA) and forward copy to their respective Banks. Electronic signed copy of Contract is considered binding and enforceable.
2. Buyer sends POF to seller with Authority to Verify Funds.
3. Seller schedule meeting with buyer at NNPC Towers in Abuja to confirm POF and POP.
4. Buyer block funds and seller re-assign the allocation in buyer's name.
5. Buyer makes payment and pays all agents and facilitators