Due Diligence on BLCO Sellers
This questionnaire is used when a party offers Bonny Light Crude Oil (BLCO) from Nigeria. It focuses on the core documents that vessel owners, charterers and serious buyers actually require before proceeding.
If a full KYC/CIS has already been submitted to Ametheus, quote the reference in Section A and provide only the BLCO-specific information below.
Best practice sequence: Standing KYC → this BLCO Seller Due Diligence → Independent verification of Allocation & Export Licence → POF (if required) → LOI / SPA discussion.
Header Information
| Field | Details |
|---|---|
| Reference / Enquiry ID | |
| Date | |
| Completed by (Name / Company / Role) | |
| Contact (Email / Phone / WhatsApp) |
SECTION A – Seller Identification
| No. | Question | Answer |
|---|---|---|
| A1 | Full legal name of the seller | |
| A2 | Role | ☐ NNPCL Authorised Offtaker ☐ Allocation Holder ☐ Trader ☐ Broker / Agent ☐ Other: |
| A3 | Company registration number / Jurisdiction | |
| A4 | CAC (Nigeria) RC Number | |
| A5 | KYC/CIS already submitted to Ametheus? | ☐ Yes – Reference / Date: ☐ No – Full KYC attached |
| A6 | Ultimate Beneficial Owner(s) | |
| A7 | Sanctions / PEP status | ☐ Confirmed clean ☐ Screening report attached |
SECTION B – Core Proof of Cargo (Mandatory)
These are the three documents that must be provided. They match what serious vessel agents and buyers require.
| No. | Document Required | Details / Reference |
|---|---|---|
| B1 | NNPCL Crude Oil Export Licence | Certified and active export licence issued by NNPCL to the seller (or the offtake party). Licence number & validity: |
| B2 | Official Cargo Allocation Letter | NNPCL-issued allocation letter + terminal load confirmation showing direct offtake rights for the proposed parcel at Bonny Terminal. Allocation reference, quantity, grade, and loading window: |
| B3 | Verified Proof of Product (POP) | One of the following confirming the product is physically ready for loading: ☐ Statement of Availability of Product ☐ Terminal Storage / Tank Agreement ☐ Refinery / Producer supply contract Document issuer, reference & date: |
Important: Ametheus will independently verify the Export Licence and Allocation Letter with NNPCL. Unverifiable documents will be rejected.
SECTION C – Proof of Funds (POF) – When Required
| No. | Question | Answer |
|---|---|---|
| C1 | Is POF required for this transaction? | ☐ Yes ☐ No |
| C2 | Amount of POF requested / available | USD _______________ (typically USD 10 million or as agreed) |
| C3 | Form of POF offered | ☐ Bank Comfort Letter (BCL) ☐ MT799 / SWIFT confirmation ☐ Recent bank statement ☐ Other: |
| C4 | Issuing bank name & country | |
| C5 | Date & validity of POF | |
| C6 | Is the POF specifically linked to this cargo / SPA? | ☐ Yes ☐ No – Remarks: |
Documents to attach (if POF is required):
- Copy of POF / BCL / MT799 extract (account numbers may be redacted)
SECTION D – Past Performance (Supporting)
| No. | Question | Answer |
|---|---|---|
| D1 | Number of BLCO / Nigerian crude cargoes completed in last 24 months | |
| D2 | List 2–3 previous cargoes (Vessel – Quantity – Load Port – Date) | 1. 2. 3. |
SECTION E – Red Flag Confirmation
| No. | Item | Confirmation |
|---|---|---|
| E1 | Any request for upfront fees, registration fees, or anti-fraud deposits? | ☐ No ☐ Yes – Explain: |
| E2 | Is the offered price significantly below market (more than ~$0.40–0.50 under Dated Brent)? | ☐ No ☐ Yes – Explain: |
| E3 | Claim of a pre-loaded vessel ready for immediate TTO/TTT? | ☐ No ☐ Yes – Explain: |
| E4 | Claim of “special allocation” or unofficial NNPCL allocation? | ☐ No ☐ Yes – Explain: |
SECTION F – Additional Commercial Details
| Item | Details |
|---|---|
| Proposed volume | |
| Preferred Incoterms | ☐ FOB ☐ CIF ☐ CFR ☐ Other |
| Proposed loading window | |
| Preferred payment instrument | |
| Existing SPA / LOI reference | |
| Other remarks |
Important Notes
- The three core documents in Section B (Export Licence + Official Allocation Letter + POP) are mandatory.
- Ametheus will independently verify the NNPCL documents.
- We do not accept upfront fees of any kind.
- “Special allocations” and unverifiable documents will be rejected.
- All information is treated as confidential.
Self Declaration
Name: _______________________________ Designation / Company Stamp: _______________________________ Signature / Date: _______________________________
I/We confirm that the information and attached documents are true, accurate and current to the best of our knowledge. False or misleading information may result in immediate termination of discussions.
Submission Instructions Return as a single PDF package with all attachments to: [email protected]
Subject Line format: BLCO Seller DD – [Company Name] – [Date]
