Is Old License Valid If A New One Was Issued Fraud in Nigerian Crude Oil Selling: Authenticating The Crude Allocation and Documents by Oil Buyers

You are searching about Is Old License Valid If A New One Was Issued, today we will share with you article about Is Old License Valid If A New One Was Issued was compiled and edited by our team from many sources on the internet. Hope this article on the topic Is Old License Valid If A New One Was Issued is useful to you.

Fraud in Nigerian Crude Oil Selling: Authenticating The Crude Allocation and Documents by Oil Buyers

HOW DO YOU ENSURE THAT A CRUDE OIL SELLER’S ACT OR DOCUMENT IS AUTHENTIC OR ORIGINAL?

This observation from a research report on the subject by Africans in America News Watch, a New York-based nonprofit organization, in August 2010, sums up the issue:

“There are many genuine sellers of crude oil in Nigeria but the problem is getting real and verifiable ones. Crude oil trading is a booming and thriving business and many people seem to want to get into it. Buyers from countries Others contact sellers in Nigeria to buy Nigerian crude oil. [But the business is now full of]… fraudsters on the move.” He adds that “There are many crude oil sellers in Nigeria, but the challenge there is the ability to find genuine and verifiable sellers.”

In fact, as this author has extensively documented elsewhere in another study, the assertion that in today’s mysterious world of international crude oil buying and selling, the landscape is literally littered and crawling with crooks and scammers, is already authenticated. the well-established truth about which there can hardly be any serious argument or dispute in the contemporary international oil buying and selling industry.

Consequently, given the stark REALITY that “there are many genuine sellers of crude oil in Nigeria, but the problem is getting the real and verifiable ones”, the big million dollar question is this: AS CRUDE BUYERS, HOW DO YOU GET THEM THAT SELLER. OF ALL LOT WHO ARE “REAL AND VERIFIABLE”?

THE KEY? Most experts, in the case of Nigeria, say that basically you (the raw buyer) will have to request and insist that the purported Seller show you authentic documentation and other proof that you have genuine BLCO and FLCO allocation from Nigerian NNPC as well as proof that that product is still currently available. (For Nigeria, NNPC, which stands for Nigeria National Petroleum Corporation, is a company owned by the federal government that administers the purchase and sale of petroleum, including the allocation of genuine crude oil sellers in Nigeria).

KEY DOCUMENTS IN THE NIGERIAN CRUDE OIL BUYING/SELLING INDUSTRY

There are several key documents that are crucial in buying Nigerian crude oil transactions. They will include the following documents, among others:

– Seller’s shipping documents, such as: Clear Ocean Bill of Lading; Seller’s commercial invoice

– Seller’s Product Evidence (will contain the Export License & Export Approval issued by the country’s government, product availability statement, Port Custody Agreement, etc.)

– SGS/Sayboat certificate of quantity and quality issued at port of loading

– Certificate of Origin issued by NNPC

– Certificate of Authenticity issued by NNPC

– Charter Party Agreement for the vessel, issued to the lessor of the vessel and purporting to show that the vessel has been chartered in the name of the specified seller

– the questionnaire Q88, completed by the ship’s masters, providing the relevant information and specifications of the ship;

– etc.

PRODUCT FAILURE

Perhaps the most important document of all that a prospective buyer may need to see from the seller is the Proof of Product (POP). This document, which must be issued by the relevant department of the NNPC in Abuja, Nigeria, serves as a clear indication to a crude buyer that the owner of the petroleum product has actual possession of the product, and also serves as an indication that, at least as at the time of the transaction (but only at that time), the seller has the goods available for sale.

IMPORTANT: It doesn’t have to be just one POP form though. It must be in a format that will permit satisfactory verification to establish that it is valid and authentic. Based on this writer’s research, to ensure the optimal likelihood that this goal can be achieved, there are essentially two types of POP documents that are acceptable and no others, and only vendors whose POP documents meet those “preferred” standards. ” of POP documents, should be for fun or to follow.

POP MUST FULFILL THE FOLLOWING CONDITIONS.

A). Must have ship documents uploaded that are CURRENT (ie, no more than 2 days old, otherwise the document will be rejected immediately as it may indicate that the ship is no longer available), and must include the following documents:

i. Current Authority on Board (ATB). The seller must provide, for the buyer’s inspection, the ATB specifically issued to the original buyer (recipient) of the crude oil on whose behalf the vessel was issued. The name on the ATB must exactly match the name on the POP and other documents mentioned here. And, here again, the ATB MUST be CURRENT – that is, it must not be more than 2 days old. (An ATB that is more than 2 days old should automatically be seen to represent a vessel that is no longer available and therefore ineligible).

ii. Certificate of quality.

iii. Certificate of origin

iv. Cargo manifest

c. Shipwreck report

vi. Certificate of quantity.

vii. Bill of lading

viii. ATS (Authority to Sell) from NNPC

B) PROVIDE SHIP SPECIFICATIONS.

In general, the Buyer may request (and therefore the Seller must be ready and willing to release), vessel data as follows: vessel name, vessel location, IMO name, call sign and other details of the vessel. The reason this is required is so that the buyer can track the loaded vessel in question and ascertain its current availability.

C) PROVIDE THESE DOCUMENTS ALSO FROM KKNP

As in the case of POP, which reputable buyer facilitation outfits like Reliable Dealings International require of every AWR seller before doing business with them, other things that may often be required of a seller will include how much follows:

= Lifting Leas/License from NNPC, and

= Letter of Authority to Sell (ATS) from NNPC. The letter of authority to sell, also called an allocation letter, which should usually come from the Refined Petroleum Marketing Department of the NNPC, is basically the official document that shows the buyer that the seller actually has the authority from the official government agency for crude oil. the product he is selling. (It should normally be in a paper format and on NNPC company letterhead; it should contain the issue date and expiry date and be signed. Scanned copies of the document are fine. All documents should be attested, valid, authentic and verifiable.)

= If, for example, the seller claims that the cargo is cleared, then he should usually be able to provide the CPA (Charter Party Agreement), ATL (Authority for Loading) and Q88 vessel details.

OK, BUT HOW DO YOU MAKE SURE THESE DOCUMENTS ARE AUTHENTIC?

OK, so let’s say you’ve gathered the right product proof and other essential documents like the ones described above. There is one key, indeed critical, question that still remains for you – how do you ensure that these documents you received from the seller are good? That they are real, valid, authentic and genuine to warrant taking the seller’s offer seriously?

This question is, perhaps, often the most critical for a buyer because, as a rule, most fraudsters and scammers operating in the Nigerian crude oil industry are simply master forgers and copycats of any part of the legitimate industry documents that are used. in sales and purchase operations from refineries and government agencies, and who are highly skilled in the craft. Consequently, buyers are strictly careful to never, ever accept at face value or ever be misled by any document presented by sellers or claims made by them, however convincing or real!. And what it all means is that an essential piece of equipment that a crude oil buyer and his assistants must quickly develop and possess are some good, foolproof tools or skills by which they can INDEPENDENTLY VERIFY the authenticity of at least key, most important pieces of documents from the tons of documents that sellers and their agents will often present them with when selling their products. And, above all, that they must have the skills, knowledge and business sophistication to be able to detect which of these documents are genuine and legitimate, and which may simply be fake.

To be sure, performing such verification and confirmation can often be problematic for a buyer. However, it is not really such a difficult task, at least for trained and experienced eyes. You just need to know what and what to look for, the right questions to ask, and how to counter-check and cross-check facts and information. And, in any case, whenever you have serious doubts about the authenticity of a document, you should always follow the path of caution – ask for more evidence, or even reject the offer, depending on the particular facts at issue in an offer.

FOR A CONTINUATION

WANT TO FOLLOW HOW YOU CAN MAKE SURE THAT THE ACT OR DOCUMENT OF A PERSON OF GROSS NATURE IS AUTHENTIC OR ORIGINAL?

Please see the guidance information in the author resource box below

Video about Is Old License Valid If A New One Was Issued

You can see more content about Is Old License Valid If A New One Was Issued on our youtube channel: Click Here

Question about Is Old License Valid If A New One Was Issued

If you have any questions about Is Old License Valid If A New One Was Issued, please let us know, all your questions or suggestions will help us improve in the following articles!

The article Is Old License Valid If A New One Was Issued was compiled by me and my team from many sources. If you find the article Is Old License Valid If A New One Was Issued helpful to you, please support the team Like or Share!

Rate Articles Is Old License Valid If A New One Was Issued

Rate: 4-5 stars
Ratings: 6050
Views: 45426423

Search keywords Is Old License Valid If A New One Was Issued

Is Old License Valid If A New One Was Issued
way Is Old License Valid If A New One Was Issued
tutorial Is Old License Valid If A New One Was Issued
Is Old License Valid If A New One Was Issued free
#Fraud #Nigerian #Crude #Oil #Selling #Authenticating #Crude #Allocation #Documents #Oil #Buyers

Source: https://ezinearticles.com/?Fraud-in-Nigerian-Crude-Oil-Selling:-Authenticating-The-Crude-Allocation-and-Documents-by-Oil-Buyers&id=6524473

Related Posts

default-image-feature

What Are The Best Toys For 5 Year Old Girls Know Which Tablet PC Is Better for Kids: Vtech InnoTab Vs LeapPad Explorer

You are searching about What Are The Best Toys For 5 Year Old Girls, today we will share with you article about What Are The Best Toys…

default-image-feature

Is Old Fashioned Loaf Called Baked Loaf In New England Tour Guides I Have Known

You are searching about Is Old Fashioned Loaf Called Baked Loaf In New England, today we will share with you article about Is Old Fashioned Loaf Called…

default-image-feature

Is Old Energy Saving As Good As New Energy Savers Top Hybrid Cars

You are searching about Is Old Energy Saving As Good As New Energy Savers, today we will share with you article about Is Old Energy Saving As…

default-image-feature

What Are The Best Play Kitchens For 5 Year Olds 3 Tips for Choosing the Best Toy Kitchen

You are searching about What Are The Best Play Kitchens For 5 Year Olds, today we will share with you article about What Are The Best Play…

default-image-feature

How Much Ibuprofen Can I Give My 5 Month Old Inventor of Swiss Medica’s O24 Pain Neutralizer Shares His Secrets

You are searching about How Much Ibuprofen Can I Give My 5 Month Old, today we will share with you article about How Much Ibuprofen Can I…

default-image-feature

Is Old Bank Card Still Valid After Getting New Card Gas Rewards Credit Cards – The Answer to High Gas Prices

You are searching about Is Old Bank Card Still Valid After Getting New Card, today we will share with you article about Is Old Bank Card Still…