INTERNAL MEMO

CALL DATE : February 19, 2024

TO : Executive Management
THROUGH : Anthony Anichebe - GH, Lagos 1
FROM : Adeola Hopewell Street Branch

SUBJECT: UPDATED CALL MEMO ON CONTINENTAL TRANSFERT TECHNIQUE

NAME OF CUSTOMER: CONTINENTAL TRANSFERT

TECHNIQUE LIMITED
ADDRESS: 7A Ruxton Road, Ikoyi, Lagos.
CUSTOMER’S REPRESENTATIVES: Mr. Ravi Garg (General
Manager)
Mr. Roheen Berry (Executive
Director)

Meeting Venue: Polaris Bank H/Q

PRINCIPAL CALLING OFFICERS:

Kayode Lawal-MD
Chris Ofikulu - Executive Director Lagos & Corporate Bank
Anthony Anichebe – Group Head, Lagos 1 Region
Hakeem Idowu (Chief Credit Officer)
Pius Olaoye (Chief Financial Officer)
Adedeji Adebowale –Relationship Officer

OBJECTIVE OF CALL:
 For the New Management team of Polaris Bank Limited to meet with the Management
Team of Continental Transfert Technique Limited.
 To further deepen the relationship between the company and the bank and explore
Value chain opportunities.
 To discuss pending issues with the relationship.

CALL DETAILS:
The meeting commenced by 10.15am with a brief banking relationship history anchored by
Anthony Anichebe as requested by the MD/CEO Kayode Lawal. The MD/CEO introduced the
ED Chris Ofikulu and other principal calling officers from the bank, followed by brief insight
into the past relationship with Continental Transfert Technique Limited.

The MD/CEO appreciated the company for the valuable business relationship they have
maintained with our bank further stressing the need to explore more business opportunities.
He recalled the Company was planning to delve into the CNG marketplace a few years back
and expressed his interest and readiness to Support to the project.
Mr. Ravi Garg began with a brief Banking and Operational history of the company, which
dates back to 2002. He delved into the project dynamics of CERPAC and the Initial
agreement with the Federal Government.

He stated that the CERPAC Scheme is a Public-Private Partnership (PPP) between CTTL and
the Federal Government of Nigeria (FGN) represented by the Ministry of Interior (MOI) and
Nigerian Immigration Service (NIS) to provide tamper proof resident permits and alien
cards. These cards will be issued to expatriates in Nigeria to capture the database of foreign
nationals working/living in Nigeria for a fee of USD$2,000. The CERPAC scheme commenced
in 1999 with Mainstreet bank as the major partner. Polaris Bank became the sole collecting
Bank for it after commencement of banking relationship in 2012. There was a dispute
between the FGN and CTTL, as the company accused the FGN of breaching the Contract.
The Court of Arbitration passed a final award in favor of CTTL in 2008.

Mr. Garg Spoke about relationship with the Ministry of Interior citing several challenges
experienced so far. He specifically referenced a letter received in August from the Ministry of
Interior requesting that Polaris bank should stop the sale of CERPAC forms. This is majorly
due to unpaid consultant’s fees from the sales of the forms as initially agreed. He further
stressed that this is due to internal corporate governance restrictions hindering the
payments.

Emphasis was made on the need for a digital offering on the CERPAC scheme that would
provide for online payments and verifications of CERPAC forms in view of the new
requirements for temporal Visitors to secure CERPAC payments/clearance ahead of arrival.It
was noted that this be referred to

Anthony Anichebe further explained the payment arrangement to the MD/CEO for proper
clarity on the subject. The MD/CEO stated that due diligence must be observed in processing
the payment. He closed by assuring Mr. Garg that he would have a conversation with Mr.
Berry to gain additional insight on the subject and propose a workable solution.

Mr. Ravi Garg gave a background of the Credit history of the company with Polaris bank. He
further stated that the company has maintained an exceptional credit history with no history
of default. He then requested for an update on the transaction and explained the reason
behind the weekly repayment structure and the dynamics behind the sharing of collections.

The MD/CEO assured him that we would look at the request. The MD/CEO requested for new
business ventures by the company, and Mr. Garg mentioned the takeover of a German
sports car Company, The Green Lotto project among other new businesses. He also
mentioned mounting pressures from other banks for their new projects, most notably
Providus bank.

The ED Chris Ofikulu expressed his interest in the new projects mentioned, as he believes
we are better positioned to build a robust relationship and support the company’s business.

Mr. Garg concluded by providing a detailed information on their business needs and ways
we can further collaborate with their organization. He took his time to give us detailed
information of the Group’s needs as listed below:

 Reduction in the interest Rate as other competitors have offered better rates.
  Disbursement of a 20Bn Term Loan Facility to enable then liquidate the outstanding
balance on the loan while they utilize the other portion.
 Payment of the 10% consultant fee for the commission earned from the sale of
CERPAC forms.
 Issuance of the N3.5bn Bank Guarantee in favor of Now Now Digital Systems.

Action points:
Responsible STATUS
S/N Action Point Timeline for delivery
Officer
Relationship team to Draft CCM forwarded
To process the
Adeola Hopewell fast Credit Processing for review by Credit
1 customer's 20Bn
Business Team and submit to Risk Analyst.
Term Loan Request.
within one week
Reduction of interest On-going
Polaris Bank
2 Rate on the Term On-going
Management
Loan Facility
Approval of N3.5Bn On-going
Will pend further
BOI Guarantee for Polaris Bank
3 ratifications and
Now Now Digital Management
developments at BOI
Systems
This has been done.
To Arrange for Joint Another meeting will
Digital Activation of engagement for Digital hold between the IT
4 Digital Bank
CERPAC Form Sales banking team within representatives of
the next one week CTTL and Polaris
Bank.
The customer has
been engaged on the
Follow up on Value Adeola Hopewell
5 Immediately subject. Follow up will
Chain Opportunities Business Team
be done to ensure
success.
On-going Engagement On-going
Rectification of Relationship
6 with Company for
Consultancy Payment Team/FINCON
Disclosure/Compliance

In conclusion, the Continental Transfert team expressed gratitude to the Polaris Bank team
for attending the meeting while our Management team indicated strong optimism on the
future outl0ok of the business, pledging to further work closely for enhanced value delivery.

The meeting ended by 12.34 pm.

Thank you.

Adedeji Adebowale.