By Opeyemi Adelakun
The Central Bank of Nigeria (CBN) has announced the appointment of Candid Oil Services Limited as the country’s new pre-shipment inspection agent for oil exports.
The appointment was conveyed in a notice issued by the apex bank’s Trade and Exchange Department and signed by its Director, Aderinola Shonekan.
According to the CBN, Taurus Oil and Gas Depot has been designated as the operational terminal for the newly appointed inspection company.
The bank said the appointment was made in accordance with the provisions of the Pre-Shipment Inspection Act, 1996.
It directed authorised dealer banks, the Nigeria Customs Service, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Nigerian National Petroleum Company Limited (NNPCL), the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), terminal operators, oil and gas firms and other stakeholders to take note of the development.
The apex bank explained that the appointment forms part of the Federal Government’s regulatory framework for monitoring and certifying oil export shipments before they leave the country.
Pre-shipment inspection agents are responsible for verifying export consignments to ensure compliance with applicable regulations, documentation and export procedures before shipment.
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