![]() When I questioned this pre-condition, my client informed me that the Lender had claimed that this requirement was a Central Bank of Nigeria (CBN) policy. ![]() ![]() As a condition precedent for the disbursement of the facility, one of the securities that the Lender demanded for was post-dated cheques, not only from the Borrower, but also from the Guarantor of the facility. Last week, a client requested that I review an offer letter from a Financial Institution (not a Bank, but Other Financial Institution)(OFI/the Lender), for a loan facility.
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