Sector Focus: Manufacturing
Manufacturing Companies Are Among Nigeria's Most Overcharged Bank Customers
High transaction volumes, import finance lines, and multiple banking relationships create the ideal conditions for excess charges to compound undetected over years. MajorGBN has recovered millions for Nigerian manufacturers.
₦15M – ₦80M
Typical recovery range for manufacturers
7 – 12 weeks
Average audit to settlement timeline
6 years
Maximum retrospective recovery window under BOFIA Act 2020
Why Manufacturing Companies Are Particularly Exposed
The combination of high monthly debit volumes (triggering repeated COT), foreign currency transactions (SWIFT + LC charges), and working capital facilities (overdraft + term loans) means a mid-sized manufacturer can accumulate hundreds of excess charge events per year across each banking relationship.
Commission on Turnover (COT)
Applied at up to 4× the CBN limit of ₦1/mille across high-volume production accounts
Overdraft / Working Capital Interest
Rates charged above the MPR+7% ceiling on seasonal credit facilities and import finance lines
Letters of Credit Confirmation
LC confirmation fees exceeding the 1.5% per quarter CBN maximum on raw material imports
SWIFT Transfer Fees
Flat fees above the $25 USD cap on foreign supplier payments — common across multiple transactions per month
Annual Facility Review Fees
Charged at up to ₦150,000 per facility against the CBN cap of ₦10,000
Anonymised Case Study
A Lagos-based industrial manufacturer with ₦1.2B annual turnover had maintained two banking relationships for 7 years. Our forensic team identified COT applied at 0.45% — four times the CBN approved rate of 0.1% per mille. Combined with overdraft interest exceeding the MPR+7% ceiling, the total recovery exceeded ₦31M across both banks. The client had no prior awareness of the overcharging.
What the Audit Covers for Manufacturing Companies
Line-by-line COT analysis across all debit transactions for up to 6 years
Overdraft and working capital interest rate benchmarking against MPR+7% ceiling
Import finance and LC confirmation fee rate verification
SWIFT transfer fee compliance check on all foreign payments
Facility review fee audit against CBN ₦10,000 cap per facility
Credit risk premium verification on all loan and overdraft facilities
Find Out What Your Manufacturing Company Is Owed
No upfront fees. No retainer. We work on a success-fee basis — we only earn when you recover.