The Corporate Banking RMG has four units to effectively manage relationships with our corporate customers. These units are as follows:

• Oil and Gas Unit:
  Target market is the energy sector including oil service firms and contractors of the Oil & Gas sector.
• Financial Institutions and Public Sector:
  Target market is federal govt. institutions & agencies, financial institutions, general services such as hotels, transportation and telecommunications.
• Manufacturing
  Target market is conglomerates, food and beverages.

Through these units, we partner with our customers in their path of success by providing the following traditional services:

• Overdrafts (O/D)
  O/D is a short-term credit facility required to support the day-to-day working capital needs of a customer. Overdraft is a revolving facility with a tenor of not more than twelve (12) months and renewable subject to satisfactory performance.
• Letters of Credit (LC)
  This is an undertaking issued by a Bank (Opening Bank/Issuer) on behalf of its customer (Account Party), which gives a beneficiary the right to draw funds upon the presentation of papers or documents in accordance with stipulated terms and conditions.
• Short-Term Working Capital (STWC):
  STWC is a facility designed for the financial needs of our customers involved in the import business. This can be “Documents against Payment” (DP) or “Document against Acceptance” and funding ratio arrangement between the Bank and the customer varies between 100%, 70/30 or 50/50 funding.
• Short-Term Loan (STL):
  This is a credit facility approved in respect of clearly defined short-term financing needs with tenor or validity of not more than twelve months.
• Medium-Term Loan (MTL)
  This facility is approved in respect of financing needs with tenor or validity of between one year and five years and with specific periodic repayment.
  *To guard against mismatch of funds, the Bank does not book too many Medium-Term Loans.
• Long-Term Loan (LTL):
  Long-term loan is approved for finance of projects and long-term business financing with tenor or validity of not less than five years.
  *Due to mismatch of funds, the Bank currently does not approve long term Loans.
• Bankers Acceptance:
  This is a bill of exchange drawn on and accepted by a bank unconditionally, ordering in writing the payment of a certain sum at a specified time in the future to the order of a designated party. This unique instrument allows finance for customers without necessarily utilizing scarce deposits.
• Bonds/Guarantees:
  We issue Bonds and Guarantees to third parties on behalf of our customers for a charge that will be paid by the customer.
• Commercial Papers:
  This is the unconditional promise by person (usually a company) to pay to or the order of another person, a certain sum at a future date. The instrument can be guaranteed by the bank to make it more marketable in the money market.
• Invoice Discounting:
  This facility is approved for only very worthy customers who transact business with high net worth companies. These companies issue their invoices for the business transacted agreeing to pay within a stipulated time. The customer enjoying this facility with the Bank can draw funds up to an agreed amount and at an agreed interest. If at the end of the stipulated period the customer defaults in repayment, the responsibility of the issuer of the invoice would be dependent on whether the contact is with or without recourse.
• Trade Finance:
  This facility is designed to finance the local procurement or importation of specific or agreed products. The facility is usually self-financing and self-securing but other forms of security can be requested if deemed necessary.
• Bank Reference Letters:
  The Bank expresses its opinion in form of reference letters in response to status enquiries for its valued corporate customers.
• Syndicated Facilities:
  A consortium of not less than two banks agreeing to come together and lend funds to one obligor usually, to finance large projects. This reduces risks concentration because all the participating banks share the risks.
• Direct Credit:
  This facility involves giving value (to other banks Cheques/drafts) against uncleared effects to help enhance the liquidity position of the customer.