THE SELLER

BUNAD MULTI SERVICES

LIMITED

RIVERS STATE

AND

BUYER

OMENYE GLOBAL SERVICES LIMITED / ALKHAIRI OIL PLUS ENERGY LIMITED

The seller hereby confirms having for sale, and the buyer hereby
confirms having ability to purchase:
COMMODITY: LOW POUR FUEL OIL (LPFO)
QUALITY: NNPC/DPR STANDARD
SPECIFICATIONS. LPFO
QUANTITY: 300,000,000 MT LPFO ALLOCATION
PFI NUMBER:
LPFO ALLOCATION REF: POP REF:COMD/EXP.T/28/VOL.7/2387.
BULK APPROVED MPR NO:DPR/DS/CTO/2018/VOL.19/077.
T/CODE:NNPC/BLO/T/OPS/BON/279

PRICE: N74– N6 PER LITTRE

.
Price is offered on a SPOT, OFF BONNY WATERS
COMMISSION: N6.00 PER LITRE, N2.00 TO BOTH SIDES
AND N2.00 FOR TRANSACTION CORDINATORS.
EFFECTIVE DATE: 11TH OCTOBER, 2013

PAYMENT: By Bank Guarantee, swift transfer. The

payment shall be made BY BANK GUARANTEE
in favor of the SELLER.
Financial Instruments to cover the amount in
NAIRA corresponding to the Purchase of
300,000,000MT OF LPFO

TERMS
Spot purchase 300,000,000 M/T +5%‐ tolerance, SPOT under INCOTERM 2000
with latest edition.

PROCEDURE: (please note that this procedure is only valid for seven days)

1. Buyer & Seller Signs & Seals MOU / Payment Schedule and
exchange the signed copy by electronic mail. The electronic signed copy
by both Parties is considered legally binding and enforceable.
2. Along with the signed/sealed MOU/SPA, Buyer provides POF and
BCL/Capability Letter addressed to NNPC through Seller, strictly by the
verbiage attached in appendix “B” , upon receipt of the above, Seller
provides soft copy of allocation document.
3. Upon verification/confirmation of the product via the allocation
details /soft copy, Buyer BLOCKS total funds for the product in Seller’s
account and issue notification to Seller BUNAD MULTISERVICES LTD.
4. Upon confirmation of item 3 above by Seller, within the next week,
the Hard Copy will be officially presented to Buyer through the Seller and
the officers in NNPC.
5. Buyer UNBLOCKS funds to Seller for the total cost of the product
and Buyer Pays for the Allocation & All Commissions in this MOU Contract
Agreement to all concerned as per the payment schedule.
6. After confirmation of payment to all concerned Seller’s bank
manager releases original documents to the Buyer in the presence of the
Seller.

INSPECTION:

The quality and the weight of the products shall be ascertained and
certified by SGS at SELLER’s cost.

Note:
Both parties have agreed to irrevocably abide by the terms and
conditions of this SPA and this endorsement.
Bank Charges: Seller’s Bank charges will be borne by the Seller.
Buyers Bank charges will be borne by the Buyer. The parties agree
not to contact each other’s bank (soft probe) without prior
confirmation from other party. Each party may change his bank
during course of the transaction.

BANK CHARGES:
SELLER BEARS THE COST FOR HIS ACCOUNT AND BUYERBEARS THE COST FOR HIS
ACCOUNT

SELLER’S BANKING CO-ORDINATE N68.00

BANK NAME STANBIC IBTC
ADDRESS: 87 TRANS AMADI INDUSTRIAL LAYOUT PORTHARCOURT RIVERS STATE
A/C NAME BUNAD MULTI SERVICES LIMITED ACCT 2
A/C NUMBER: 0005265586
SORT CODE: 221211393
A/C OFFICER: Branch Manager.
A/C OFFICER EMAIL timson.okah@stanbicibtc.com

SELLER MANDATE (A) BANKING COORDINATESTO RECEIVE N1.00 KOBO /LITRE.

BANK ECOBANKNIGERIA PLC

ADDRESS MURTALA MOHAMMED HIGHWAY CALABAR C.R.S.
ACCOUNT TITLE F.E.A
ACCOUNT NUMBER 0007459549

SELLER MANDATE (B) COORDINATESTO RECEIVE N0.80 KOBO /LITRE.

BANK ACCESS BANK
ADDRESS ABEOKUTA EXPRESS WAY, DOPEMU – LAGOS
ACCOUNT TITLE S.F.C.S 2
ACCOUNT NUMBER 0026187341
SORT CODE TBA
ACCOUNT OFFICER SAMSON

SELLER MANDATE (C) COORDINATESTO RECEIVE N0.20 KOBO /LITRE.

BANK: ACCESS BANK

ADDRESS: ABEOKUTA EXPRESS WAY, DOPEMU – LAGOS

ACCOUNT TITLE: SOLOMON E. A. INAMETI

ACCOUNT NUMBER: 0030464852

SORT CODE: TBA

ACCOUNT OFFICER: TBA

TRANSACTION CORDINATORS BANKING COORDINATES TO RECEIVE (N0.10K) PER/ LITRE

BANK NAME: FIDELITY BANK

BANK ADDRESS:
OWERRI
ACCOUNT TITLE
CHRISTOPHER OGBONNA
ACCOUNT NUMBER:
6018527121

TRANSACTION CORDINATORS BANKING COORDINATES TO RECEIVE (N0.20K) PER/LITRE

BANK NAME:
Guaranty Trust Bank PLC
BANK ADDRESS:
Akpakpava branch, Benin City
ACCOUNT TITLE
Egwuanim Enofe Courage
ACCOUNT NUMBER:
0053116092

TRANSACTION CORDINATORS (A) BANKING COORDINATESTO RECEIVE N.30 KOBO /LITRE.

BANK STANBIC IBTC BANK

ADDRESS ALABA INT’L LTD
ACCOUNT TITLE UMUABBA INT’L LTD
ACCOUNT NUMBER 9200964175

TRANSACTION CORDINATORS BANKING COORDINATES TO RECEIVE (N0.20K) PER/LITRE

BANK NAME: UBA PLC
BANK ADDRESS: MISSION ROAD, EDO STATE.
ACCOUNT TITLE ABHULIMEN ALENDE
ACCOUNT NUMBER: 2039685519
SORT CODE: 033043681

TRANSACTION CORDINATORS BANKING DETAIL TO RECEIVE[N1.00]PER/LITRE

BANK NAME: UNITED BANK FOR AFRICA
BANK ADDRESS: IBEDE ROAD LAGOS
ACCOUNT TITLE NNANNA .A
ACCOUNT NUMBER: 1003175957

PRO PROJECT HANDLER BANK DETAILS TO RECV N0.30K PER LITER/LTR TO RECIVE 300,000,000mt x
1050litters
DISCRIPTION DETAILS

BANK NAME: FIDELITY BANK PLC.

BANK ADDRESS: 16BM PARK LANE APAPA, LAGOS

ACCOUNT NAME: OMENYE GLOBAL SERVICES LTD

ACCOUNT NUMBER: 4010690650

ACCOUNT OFFICER: MR UCHE J. UGORJI/:

john.ugorji@fidelitybankplc.com

PROJECT HANDLER BANK DETAILS TO RECV N0.30K PER LITER/LTR TO RECIVE 300,000,000mt x 1050litters
ACCOUNT NAME OMOTOSHO TOPE JOSEPH

BANK NAME FIRST BANK PLC,.

BANK ADDRESS CALABAR BRANCH.

ACCOUNT NO. 2023274387

PROJECT HANDLER BANK DETAILS TO RECV N0.30K PER LITER/LTR TO RECIVE 300,000,000mt x 1050litters
DISCRIPTION DETAILS

BANK NAME: GTBANK PLC.

BANK ADDRESS: 17, BUMA ROAD, APAPA LAGOS

 ACCOUNT NAME: HARVEST & SMILES NIGERIA LIMITED.

ACCOUNT NUMBER: 0112359514

ACCOUNT OFFICER: AUGUSTINA AKINTOLU

08035255727 agustina.zidah@gtbank.com

PROJECT HANDLER BANK DETAILS TO RECV N0.30K PER LITER/LTR TO RECIVE 300,000,000mt x 1050litters
DISCRIPTION DETAILS

BANK NAME: UNION BANK

BANK ADDRESS: TBN

ACCOUNT NAME: MAINA BUKAR

ACCOUNT NUMBER: 0011247969

ACCOUNT OFFICER: TBN

BUYER’ S BANK DETAILS TO PAY N74:00/LITRE

DISCRIPTION DETAILS

BANK NAME: FIDELITY BANK PLC.

BANK ADDRESS: 16BM PARK LANE APAPA, LAGOS

ACCOUNT NAME: OMENYE GLOBAL SERVICES LTD

ACCOUNT NUMBER: 4010690650

ACCOUNT OFFICER: MR UCHE J. UGORJI/:

john.ugorji@fidelitybankplc.com , joseph.inegbedion@ubagroup.com

BUYER’S MANDATE / FACILITATORS BANKING DETAILS N 1.00K PER LITRE

BANK NAME: UNITED BANK FOR AFRICA PLC, NEW YORK

ADDRESS: 40 EAST 52ND STREET, 20TH FLOOR, NEW YORK, NY, 10022
ABA No.: 026000110
SWIFT CODE: UNAFUS33
FUTHER CREDIT: UBA PLC, ARIDA, IDIMU ROAD, IKOTUN, LAGOS
BENEFICIARY: ALKHAIRI OIL PLUS ENERGY LIMITED
SWIFT CODE: UNAFNGLA
A/C No.: 1014071479

Bank Name:
Bank Address: SAME AS BUYER
Account Name
Account No.:
Account Officer:
TELEPHONE:
BUYER AND SELLER RESERVE THE RIGHT TO CHANGE OR
SUBSTITUTE BANKING DETAILS AT ANY STAGE OF THE CONTRACT
PROVIDED THAT NOTICE IN WRITING BE GIVEN TO THE OTHER
PARTY AT LEAST ONE BANKING DAY BEFORE SUCH A CHANGE IS
MADE.

EDT (ELECTRONIC DOCUMENT TRANSMISSIONS), SHALL BE

DEEMED VALID AND ENFORCEABLE IN RESPECT OF ANY PROVISION
OF THIS CONTRACT. ANY UNAUTHORIZED BANK CONTACT OR
ALTERATION OF THIS CONTRACT BY RECIPIENT WILL RENDER
THIS CONTRACT NULL AND VOID.

QUANTITY AND QUALITY INSPECTION: The quantity and quality

of product shall be determined by recognized surveyor/inspectors
(appointed by Buyer) who shall undertake the inspection: measuring,
sampling and testing in the manner customary.

TITLE: Ownership of Cargo shall pass to buyer immediately after full

payment is made.

AMENDMENTS AND WAIVERS: The Agreement shall not be

amended or modified or any provisions thereof waive except in
writing and accepted by both parties.

APPLICABLE LAW: Any dispute arising during the execution of this

contract shall be settled amicably. If parties fail to do so, expedite
procedure format and all proceedings shall be continued in English
and shall be settled by arbitration in accordance with the Law of
Nigeria.
FORCE MAJEURE: Neither party to this agreement shall be
responsible for breach of contract caused by acts of God,
insurrection, Civil war, military operations and national or logical
emergencies. The parties hereby accept the international provisions
of force majored and hardship published by the International
Chamber of Commerce.

NON-CIRCUMVENTION/NON DISCLOSURE: The undersigned

parties do hereby accept and agree to fulfill obligation due to
facilitators. In the event of direct or even indirect circumvention
through a third party, the circumvented party shall be entitled to
legal monetary award equal to the maximum service fees it should
realized from the transaction and no party shall deal with other
parties without consent of facilitators.

DECLARATION:The undersigned declared that the foregoing

instrument fully set forth the entire agreement between the parties
and the signatories below have been fully duly authorized to enter
into and bind each representative company to the contact. In witness
whereof the parties have executed this agreement under the hand of
their duly authorized officers as witnessed.

IN WITNESS WHEREOF, the parties have understood all of the

terms and conditions of this sales agreement hereby agree to honors
all clauses with privileges, right and immunities pertaining therein,
making this sales/purchase Agreement effective on and as of the
effective date upon signing by all parties. This Agreement is executed
in multiple counterparts. Facsimile/electronic copies of the sign
sales/purchase Agreement are hereby accepted as original and will
be deemed to be called and effective for all purposes. The parties will
distribute the original copies among themselves promptly.

We, BUNAD MULTISERVICES LTD, represented hereby, PRINCE TEMILOYE

OLUMUYIWA, with full corporate responsibility and with the power vested in its Officer,
accept, confirm and agree to abide by this Contract.//
 BUYER AND SELLER ATTEST THAT THESE ELECTRONIC SIGNATURES ARE RATIFIED
AND VALID FOR THIS TRANSACTION.
Signed by:
FOR AND ON BEHALF OF SELLER: FOR AND ON BEHALF OF BUYER:
PRINCE TEMILOYE OLUMUYIWA Company name: OMENYE GLOBAL SERVICES LIMITED
Represented legally By: MR OMENYE CHUKWUMA
Company name: BUNAD MULTISERVICE LIMITED MICHAEL & ALHAJI IBRAHIM BATURE
Represented legally By: POSITION: CEO/MD
Date: 20th January, 2014 Date: 05th FEB, 2014

SIGN & SEAL

SIGN & SEAL

Hereby with full corporate responsibility and with the power vested in its Officer, accept, confirm
and agree to abide by this Contract.

Appendix “A”
INDEMNITY AGREEMENT
THIS INDEMNITY AGREEMENT IS MADE THIS 11TH DAY OF OCTOBER, 2013
INTERNATIONAL CHAMBER OF COMMERCE
http://www.iccwbo.org/images/IncotermsHomaPageBanner.png
(I.C.C 400/500/600)
 BETWEEN
BUNAD MULTISERVICES LTD
(HEREINAFTER REFERED TO AS “THE SELLER”)
 1. SELLER'S BANKING /COORDINATES FOR RECEIPT OF PAYMENT: N68.00K/LTR

DESCRIPTION DETAILS

BANK NAME: STANBIC IBTC

ADDRESS: 87 TRANS AMADI INDUSTRIAL LAYOUT PORTHARCOURT RIVERS

STATE

ACCOUNT NAME: BUNAD MULTI SERVICERS LIMITED ACCT 2

ACCOUNT NO: 0005265586

SORT CODE: 221211393

Account Officer1 & 2 Name: BRANCH MANAGER(TIMSON OKAH) & MICHEAL AKPAN

Account Officer Telephone: 014225451

Account Officers Emails: timson.okah@stanbicibtc.com, micheal.akpan@stanbicibtc.com

AND
(HEREINAFTER REFERED TO AS “THE BUYER”)
 BUYER'S BANKING INFORMATION/COORDINATES FOR ISSUANCE OF PAYMENT:
N74.00/LTR

 DISCRIPTION DETAILS

BANK NAME: FIDELITY BANK PLC.

BANK ADDRESS: 16BM PARK LANE APAPA, LAGOS

ACCOUNT NAME: OMENYE GLOBAL SERVICES LTD

ACCOUNT NUMBER: 4010690650

ACCOUNT OFFICER: MR UCHE J. UGORJI/:

john.ugorji@fidelitybankplc.com , joseph.inegbedion@ubagroup.com
BANK NAME: UNITED BANK FOR AFRICA PLC, NEW YORK
ADDRESS: 40 EAST 52ND STREET, 20TH FLOOR, NEW YORK, NY, 10022
 ABA No.: 026000110
SWIFT CODE: UNAFUS33
FUTHER CREDIT: UBA PLC, ARIDA, IDIMU ROAD, IKOTUN, LAGOS
BENEFICIARY: ALKHAIRI OIL PLUS ENERGY LIMITED
SWIFT CODE: UNAFNGLA
A/C No.: 1014071479

THIS TRANSACTION IS IN REPESCT OF SELLER/PURCHASE OF LOW POUR

FUEL OIL (LPFO) ALLOCATION OF NIGERIA ORIGIN

WHEREAS: THE SELLER HAS AGREED TO SELL ORIGINAL HARDCOPY

ALLOCATION OF LPFO PETROLEUM PRODUCTS OF NNPC EXPORT GRADE TO
THE BUYER; THE BUYER HAS ALSO AGREED WITH FULL CORPORATE
AUTHORITY AND RESPONSIBILITY TO BUY ORIGINAL HARDCOPY
ALLOCATION OF LPFO PETROLEUM PRODUCTS OF NNPC EXPORT GRADE
FROM THE SELLER, UNDER THE SPECIFIED TERMS, CONDITIONS AND
PROCEDURES AS STIPULATED IN THE ATTACHED S.P.A.

THE SELLER/SELLER’S BANK REQUESTED FOR INDEMNITY FOR INCIDENTAL

EXPENSES ASSOCIATED WITH FAILURE OF THE BUYER TO PAY FOR THE
ORIGINAL HARDCOPY ALLOCATION DOCUMENTS OF LPFO FROM
NNPC/PPMC AT AN AGREED PREMIUM PRICE OF N73, 00 PER LITRE
(GROSS), LESS N5.00 PER LITER COMMISSION (AS CONTAINED IN THE
PAYMENT SCHEDULE), WITHIN A MAXIMUM OF 72 HOURS AFTER BEING
AVAILED OF SAME AND HAVING DULY CONFIRMED ITS AUTHENTICITY.

IT IS THEREFORE JOINTLY AGREED BY THE BUYER AND THE SELLER THAT

UPON NON-PERFORMANCE OF THE CONTRACT ON THE PART OF THE
SELLER, THE SELLER SHALL PAY THE SUM OF TWO HUNDRED MILLION
NAIRA ONLY (N200,000,000.00) AS COMPENSATION TO THE BUYER.

IT IS ALSO JOINTLY AGREED BY THE BUYER AND THE SELLER THAT UPON
NON-PERFORMANCE OF THE CONTRACT ON THE PART OF THE BUYER, THE
BUYER SHALL PAY THE SUM OF TWO HUNDRED MILLION NAIRA ONLY
(N200,000,000.00), AS COMPENSATION TO THE SELLER.

FINALLY, IF ORIGINAL HARDCOPY OF LPFO ALLOCATION PROVIDED BY THE

SELLER TO THE BUYER/BUYER’S BANK IS CONFIRMED AS FAKE/CLONED BY
NNPC/PPMC, THE SELLER SHALL PAY THE SUM OF TWO HUNDRED MILLION
NAIRA ONLY (N200,000,000.00) AS COMPENSATION TO THE BUYER FOR
INCURRED EXPENSES.

NB:
 THIS INDEMNITY AGREEMENT IS REGARDED AS A LEGAL DOCUMENT
AND IT IS ENFORCEABLE BY LAW.

 COPIES OF THIS INDEMNITY WILL BE SIGNED BY THE PARTIES AND

SEND SAME TO THEIR VARIOUS BANK FOR ENDORSEMENT
TOGETHER WITH THE MAIN CONTRACT.

THIS INDEMITY BECOMES ACTIVE UPON THE BUYERS BANK HAVING

RECIEVED THE SOFT COPY FOR VERIFICATION. OR (THE BUYER OR HIS
NOMINATED BANK OFFICER HAS BEEN INVITED INTO NNPC FOR
CONFIRMATION OF ALLOCATION.)

LIABILITY EXEMPTIONS:
Neither THE SELLER nor THE BUYER shall be liable for failure to perform, any or all of the
provisions set out in this INDEMNITY, if the performance has been delayed, hindered or
prevented by reason of any cause that may be outside of THE SELLER or THE BUYER’s
control, even though the affected party exercised due diligence.

Wheresuch failure or delay is caused by “force majeure” (being any event), occurred by
circumstance reasonably beyond the control of that party, including without prejudice
to the generality of the foregoing failure or delay caused by or resulting from Acts of
God, strikes, fire, floods, wars, (whether declared/undeclared), riots, destruction of the
materials, delays or carriers due to break down or adverse weather, perils of
embargoes, accidents, restrictions imposed on by any Governmental Authority
(including allocations, requisitions, quotas and price controls).
THIS AGREEMENT IS REACHED ON THIS 20TH DAY OF JANUARY, 2014.
PAYMENT: BANK TO BANK SETTLEMENT TRANSFERS THROUGH SWIFT.
TOTAL PAYMENT DUE: 100% PAYMENT BEFORE UP LIFTMENT OF PRODUCT.

SELLER: ON BEHALF OF THE SELLER SIGNATURE SEAL

Name: PRINCE TEMILOYE
OLUMUYIWA
Title: MD/CEO
Date: 20TH JANUARY, 2014

SIGNATURE SEAL
BUYER:ON BEHALF OF THE BUYER
Name: MR OMENYE CHUKWUMA
MICHAEL & ALHAJI
IBRAHIM BATURE
Title: MD/CEO
Date: 05TH FEBY, 2014
 Appendix “B”
STRICT TEXT OF THE BCL AS DEMANDED BY NNPC/PPMC

On XYZ BANK PLC’S LETTER HEAD

THE GROUP MANAGING DIRECTOR,

NIGERIAN NATIONAL PETROLEUM CORPORATION (NNPC)
NNPC TOWERS,
CENTRAL AREA DISTRICT,
ABUJA FCT, NIGERIA.

THROUGH: BUNAD MULTISERVICES LTD.

DEAR SIR,

REF: POF AS FINANCIAL CAPABILITY TO PURCHASE 500,000 METRIC TONNES

OF LPFO EXPORT.
We (XYZ BANK PLC) hereby write to confirm that our customer
(COMPANY’S NAME) is well known to us, and is capable of purchasing
500,000 Metric tons of Low Pour Fuel Oil (LPFO) for export from your
organization through BUNAD MULTISERVICES in association with
ELOIHOSANNAH OIL COMPANY LTD.

We further confirm that upon the full presentation and confirmation of the
original Allocation documents, we will effect full payment within 48 hours
in favor of Nigeria National Petroleum Corporation (NNPC) and other
beneficiary as commission agents.

This letter confirms our customer’s payment capability.

Below are details of our Account:

BANK:-
XYZ BANK PLC
ADDRESS:-

ACCOUNT NO:-

ACCOUNT NAME:-

END OF CONTRACT