The Nigerian government has begun an investigation into letters of credit (L/Cs) used for petroleum product imports from 2004 onwards.

The investigations include inquiries into the possibility that rogue traders may have brought contaminated products into the country to make additional profit.

L/C inspection

The investigation has been ordered by the president's office, while the Central Bank of Nigeria (CBN) has sent requests to all banks demanding details of L/Cs related to fuel imports.

The regulator's copies of the L/Cs have already been taken for examination to the Nigerian capital of Abuja in compliance with an official directive.

Impure imports

The investigation heralds new measures to curtail imports of adulterated or non-certified petroleum products.

Officials have now been told not to allow any imports that are not accompanied by L/Cs backed by genuine certificates of quality and quantity.

This article represents the views of the author and not necessarily those of the ICC or any of the other partners in DC-PRO.