Sector Focus: FMCG & Distribution
FMCG Distributors Face Hidden Bank Charges on Every Import and Every Sale
High transaction volumes from collections, combined with frequent LC and SWIFT charges on imports, make FMCG distribution businesses prime candidates for forensic bank charge recovery. MajorGBN has recovered funds for distributors across all product categories.
₦5M – ₦50M
Typical recovery range for FMCG distributors
6 – 10 weeks
Average audit to settlement timeline
6 years
Maximum retrospective recovery window under BOFIA Act 2020
Where FMCG Distributors Are Most Exposed
FMCG distributors operate on thin margins — meaning excess bank charges represent a disproportionately large drain on profitability. The combination of high-frequency collections (triggering COT) and regular import activity (triggering LC and SWIFT charges) creates multiple simultaneous overcharge vectors.
Commission on Turnover (COT)
FMCG distributors process thousands of debit transactions monthly — COT overcharges compound rapidly across high-volume accounts
Letters of Credit Confirmation Fees
LC confirmation charges for import stock purchases are routinely applied above the CBN 1.5% per quarter ceiling
SWIFT Transfer Fees
International supplier payments attract SWIFT fees above the $25 USD flat cap, often charged per transaction across hundreds of transfers annually
Trade Finance / Import Finance Interest
Short-term import finance facilities often carry interest rates exceeding the MPR+7% CBN ceiling
Account Maintenance Charges
Multiple current accounts for distributor collections carry maintenance fees above CBN ₦1/mille per quarter limit
Anonymised Case Study
An Abuja-based FMCG distributor with significant import activity was charged LC confirmation fees of up to 3% per quarter — double the CBN maximum of 1.5%. Additionally, SWIFT transfer fees above the $25 flat cap were charged on 94 separate transactions over 4 years, yielding a combined recovery of ₦8.7M. The distributor had assumed the charges were standard industry practice.
What Our Audit Covers for FMCG Companies
COT analysis across all collection and payment accounts for up to 6 years
LC confirmation fee compliance check on all import transactions
SWIFT fee audit on every international transfer in the review period
Import finance and trade line interest rate benchmarking
Account maintenance fee review across all current accounts
Cash deposit and handling charge verification
Recover What Your Distribution Business Is Owed
No upfront fees. Success-fee only. Bank statements for 2+ years is all you need to start.