100 KMT OF AGO IN LAGOS WATERS

TRANSACTION: TFD

INSTRUMENT: CCC (1 BILLION)

PRICE: #720/4

PROCEDURE –AGO TANK FARM DELIVERY TO LAGOS

1. Seller and Buyer sign and seal the Sales and Purchase
   Agreement including full Banking co-ordinates.
2. Buyer returns SPA with ATB format, Throughput agreement, Nor format and Tank farm details.
3. Buyer’s bank within 24-banking hours issues a confirmable corporate cheque for the sum of #1 Billion Naira with Authority to Verify in favor of seller’s fiduciary sent from bank.
4. Seller confirms instrument within 5 working days issues NOR/ETA to buyers Tank farm and buyer’s tank farm manager confirms and acknowledges the NOR.
5. Seller confirms, move vessel to Jetty and make arrival announcement in buyer’s name to port authority/tank farm.
6. Buyer clears the vessel into buyer’s farm then issue MATB and board buyer’s inspector for calibration/Q & Q analysis and buyer release the sum of #300M for logistics.
7. Seller releases soft copies of cargo documents to buyer in his name.
8. Upon successful Q & Q and results sent to buyer/seller,
   buyer releases 50% payment and the balance of 50% via MT103 within 24 hrs after transshipment.
9. Seller confirms funds and releases hard copies of cargo documents to buyer in his name.
10. Vessel disengages and sail out. End of transaction