Responsibilities of Scanning Companies
Upon receipt of the three copies of the Form 'M', pro-forma invoice and other necessary pre-import documents, the Scanning Companies shall:
- Carry out a preliminary review on the application, using information provided therein and accept or reject the Form M within one working day.
- If " ACCEPTED", the SC shall distribute copies of the Form 'M' as follows:
- One to be retained by them
- Copy to the Customs Area Command (CAC), Port of clearance of goods
- Customs Headquarters
- The importer shall then procure the foreign exchange through his bank, if it is a Letter of Credit transaction and also advise the supplier to arrange for shipment of the goods.
- If the Form "M" is "REJECTED", the affected SC shall return all the copies of the documents to the bank for necessary rectification.
- The authorized dealer bank shall forward all the import documents to the Scanning Companies for the purpose of generating Risk Assessment Report (RAR).
- The Scanning Company shall generate Risk Assessment Report (RAR) not latter than five (5) working days in the case of shipment by sea and two (2) working days in the case of shipment by Air/Land after receipt of Import Document and Form 'M' from Authorized Dealer Bank. Shall provide the Shipping Companies with relevant details from the accepted Form 'M'.
- Shall provide the Shipping Companies with relevant details from the accepted Form 'M'.
Responsibilities of Importer
- It shall be the duty of the importer to ensure that the supplier makes available the pro-forma invoice in accordance with the imports procedure of the country. As a result, there must be no ambiguity in the description of the goods
- The importer shall also ensure that all the documents to be forwarded to the Authorized Dealer Bank are genuine and verifiable
- All the requirements listed under the imports procedure must be complied with before documents are forwarded to the Authorized Dealer Bank.
- The importer shall also advise the Supplier on the status of the relevant Form M before shipment takes place.
Responsibilities of The Suppliers
On consignment of goods for shipment, the overseas supplier shall:
- make available three sets each, of original Combined Certificate of Value and Origin (CCVO); Transport document (depending on the mode of transport) and Packing list to the relevant bank as indicated in 2 above.
- forward only two sets of the documents in 5 above through his/her banker to the relevant overseas correspondent bank of the Nigerian Authorised Dealer Bank, for transactions valid for foreign exchange and those for which Certificate of Capital Importation would be issued or involving supplier's credit. The third copy should be forwarded to the Authorised Dealer Bank that opened the Form "M".
- Similarly, in the case of Bills for collection and unconfirmed letters of credit, two sets should be forwarded either through the supplier's bank or the offshore correspondent of the issuing bank, to the issuing bank, while the third copy is forwarded directly to the Nigerian Authorised Dealer bank.
- In the case of Not-valid for foreign exchange transactions, only two sets should be forwarded directly to the bank that opened the Form "M",
- In the case of dutiable personal effects, two sets should be forwarded to the designated bank and if they are not (i.e. normal personal effects), the two sets should be forwarded to the appropriate Risk Management and Service provider.
Responsibilities of Authorized Dealers
These documents should be forwarded within 14 days after shipment.
- Upon receipt of the third copy of the said documents, or copies received directly in the case of Not-valid for foreign exchange transactions or dutiable personal effect, Authorised Dealers should forward photocopies with a letter duly signed by authorized signatories of the bank to the Risk Management and Service Provider for issuance of Risk Assessment Report (RAR).
- In addition, for transactions involving foreign exchange transfer, the assessed value on the Risk Assessment Report (RAR) shall be the amount payable. Where there is excess remittance, such must be repatriated within two weeks failing which appropriate sanction shall be imposed.
- Enjoined to bring provisions of these guidelines to the attention of their customers (importers), correspondent banks, suppliers, etc for their compliance, and,
- To be guided by the provisions of Memorandum 27(x) of the Foreign Exchange Manual on the need to refer policy issues in respect of which they are in doubt to the Director, Trade and Exchange Department for clarification.
- Furthermore, Authorized Dealers, importers, suppliers, shipping lines, air carriers etc, are expected to ensure compliance with these guidelines as any breach and/or infraction shall attract appropriate sanction(s) in line with the provisions of the relevant guidelines, regulations and/or statutes.
Authorised Dealers must henceforth keep and retain evidence of receipt of documents as outlined above for Bank Examiners.
Responsibilities of Shipping Lines/Other Carriers
- It shall be the responsibility of Shipping lines/ air carriers to ensure that all goods being consigned for shipment to Nigeria are covered by appropriate Form "M".
- The Form M number MUST be reflected on the Bill of Lading or Airway Bill or road way bill for such goods.
- An advance summary of the manifest of the cargoes must be made available to the Scanning Companies electronically within five working days after shipment for goods by sea and two working days by other modes of transport. This requirement shall be in addition to those forwarded to the Nigeria Customs Service.