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A long read
Lalasticlala please help us

This LC issue is very troublesome.

But FCMB really did poorly for not confirming the credit standing of the issuing finance body. In the course of that DD they would have discovered the regulatory issues with one of the banks.

CBN can't do much to be very honest. Even if they try to intervene there's no where FCMB can get $150,000 to give you. Not in this business environment.

TarOrfeeek:


This LC issue is very troublesome.

But FCMB really did poorly for not confirming the credit standing of the issuing finance body. In the course of that DD they would have discovered the regulatory issues with one of the banks.

CBN can't do much to be very honest. Even if they try to intervene there's no where FCMB can get $150,000 to give you. Not in this business environment.

If the CBN can't do much, they didn't have 5o rely on the section of the law to validate the bank's position.

Connoisseur:


If the CBN can't do much, they didn't have 5o rely on the section of the law to validate the bank's position.

You must understand that the law as contained therein is to a large extent protection of the financial institutions.

Will you pursue this case in court? If you can do.

There's substantial evidence to prove that FCMB failed in its responsibility to ensure reliability of the service it is mandated to carryout for you.

CBN and her CPD will do little to indict FCMB because that's how these institutions work. It could set a bad precedent for exporters and 3rd party creditors.

TarOrfeeek:



You must understand that the law as contained therein is to a large extent protection of the financial institutions.

Will you pursue this case in court? If you can do.

There's substantial evidence to prove that FCMB failed in its responsibility to ensure reliability of the service it is mandated to carryout for you.

CBN and her CPD will do little to indict FCMB because that's how these institutions work. It could set a bad precedent for exporters and 3rd party creditors.

I understand you
Thank you for your advice

This is why most exporters don't want to have anything to do with all these useless Nigerian banks.

It's just terrible