In this Article we discussed the meaning of KYC and the requirements for the registration for Domestic Liquified Petroleum Gas Customers (DLPG).
WHAT IS KYC?
KYC (Know Your Customer) is a standard used in the investment and financial services industry to verify customers and know their risk and financial profiles.
This is this the first stage towards KYC Registration with NNPC Trading Limited. Kindly go through the Guidelines and Conditions for Domestic LPG below. Also note that all entry documents uploaded at this stage will be vetted before a user account is created for you on the portal in order for you to continue the application process.
READ: How to apply Gas or LPG Permits & Licenses Online
REQUIREMENTS FOR DOMESTIC LPG CUSTOMERS (DLPG)
- Valid Certificate of Incorporation NOTARISED
- Memorandum and Article of Association NOTARISED
- Company Profile NOTARISED
- Ultimate beneficial owner details (where applicable) NOTARISED
- Company Tax Clearance Certificate for the last three (3) years for Nigerian companies and similar tax certification documents for foreign companies NOTARISED.
- Evidence of compliance with the provisions of Industrial Training Fund (ITF) Amendment Act 2011 by inclusion of copy of Compliance Certificate from the Industrial Training Fund (for Nigerian companies). NOTARISED
- Evidence of compliance with the Nigerian Social Insurance Trust Fund (NSITF) Act by inclusion of copy of Compliance Certificate (for Nigerian companies). NOTARISED
- Evidence of compliance with PENCOM Reform Act 2004 by inclusion of valid Pension Clearance Certificate (for Nigerian companies). NOTARISED
- Data page of Directors/Key Mgt NOTARISED
- Compliance with Business Policy and Anti-Corruption Law (for Nigerian companies). NOTARISED
- Signed and Stamped Audited Financial Statements for Three (3) Consecutive Years. NOTARISED
- Ability to establish an irrevocable Credit facility (performance bond, letter of credit, bank guarantee, bank reference letter) subject to the payment terms
- Credit rating report/Financial rating of Company’s bank (Finch & Moody)
- No overdue debt beyond sixty (60) days or litigation against NTL
- Evidence of Volumes Traded in the last 3 years. NOTARISED
- Evidence of Markets Traded in the last 3 years. NOTARISED
- Certificate of Ownership of LPG Trucks. NOTARISED
- LPG Receiving Terminal Ownership/Agreement with Service Provider.
- LPG Plant Capacity.
- HSE Policies and Procedure. NOTARISED
- Additional Requirements to Support Application.
- Relevant Permits.
APPLICATION PROCESS FLOW FOR DOMESTIC LPG CUSTOMERS (DLPG)
STAGE 1: The First Stage involves submission of basic company details, upload of Certificate of Incorporation and Article of Association.
STAGE 2: This involves vetting the submission made in stage 1 above. If the submission is successfully vetted, the marketer is expected to proceed with application process.
STAGE 3: Upload and Submission of requisite documents by the applicant.
STAGE 4: Vetting and Verification of all documents submitted by applicants.
STAGE 5: MD’s recommendation for approval or rejection of application.
STAGE 6: GC’s preparation of official communication to the counterparty that conveys category business.
STAGE 7: Official Communication to Counterparty.