SPA CRAZE IN KIRIKIRI TOWN

Sales and Purchase Agreement (SPA). Sale and Purchase of Automotive Gas Oil (AGO).

The SPA craze or obsession as the case may be can more or less said to be the reigning business in Kirikiri town presently. Men and women of different sizes and calibers are

involved in this business as they are often seen doing their thing in cyber café’s around Kirikiri town.

Many of them are known for their sub-standard dressing and amplified voices. Their voices are so loud that you could actually hear it miles away when they are on the phone discussing with an assumed buyer. This is a serious issue and fellow internet users can testify.

“I have 100,000 metric tons of AGO at the port right now, which is worth about 1.5 billion naira” elucidates one of the SPA agent with so much seriousness and enthusiasm. “Have you signed the SPA, I am on the buyer’s side”. These and many more are one of their favorite quotes while speaking over the phone.

This business is legitimate, but not much profit is made from it for the reason that it has to go through several other agents before the consignment is being sold.

There are so many forms of agreements that need to be signed before a memorandum of understanding is finally accomplished.

The seller with full corporate authority and responsibility has agreed to sell AGO to buyer, and buyer has also agreed with full corporate authority and responsibility to buy under the specified terms, conditions and procedures as   stipulated in this Agreement- this is one of the many agreements.

Stated below are the procedures of the business

Seller and buyer sign’s SPA.

Buyer returns SPA with ATB format/ SC/Inspectors details together with scan copy of a confirmable corporate check of N5M to seller’s nominated account.

Seller upon confirmation of corporate check, issues MARINE ATB to buyer’s inspectors to board loaded vessel in Lome Togo Waters.

Upon Successful boarding & confirmation of loaded vessel, Buyer’s corporate check crystallizes to cash whilst inspectors take sample for Q&Q analysis.

Upon confirmation of Q&Q result, buyer places a Bank guarantee for the quantity he wants to pick & brings his vessel for transhipment.

Upon transhipment & handover of documents, buyer makes payment for the full cargo less the already paid sum by swift wire transfer within 24 hours.

Buyer’s vessel sails to its destination.

A very wonderful business to delve into. Many of them call themselves ‘oil barons’ as nick names whenever they want to tease themselves. But they are often called ‘SPA’ by the Kirikiri town people.

Kirikiri town is yet to discover whether these men are actually deceiving the youths, whereas much money is made from the business, but we will soon know.

Our motto remains…Upgrading Standards. 

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