Letter of Credit (LC) Specialist
Dangote Industries Limited
Description
- A Letter of Credit (LC) Specialist manages international trade finance to ensure secure payments and mitigate supply chain risks.
- He coordinates with banks, logistics, and procurement department to draft, negotiate, and execute Letters of Credit for heavy raw material imports or equipment purchases and spare parts procurements.
Responsibilities
Document Preparation & Compliance:
- Document Scrutiny: Thoroughly review shipping documents (e.g., Bills of Lading, Commercial Invoices, Certificates of Origin, and packing lists) to guarantee 100% compliance with LC terms and conditions
- Discrepancy Resolution: Collaborate with freight forwarders and suppliers to fix document discrepancies to avoid payment delays or banking penalties.
- Regulatory Adherence: Ensure all trade transactions comply with international trade regulations and the International Chamber of Commerce (ICC) rules, such as UCP 600 etc
LC Administration & Bank Coordination:
- LC Issuance & Amendment: Draft, issue, and amend Letters of Credit in coordination with the company’s corporate banking partners.
- Negotiation & Settlement: Act as the primary point of contact for advising, confirming, and negotiating LC payments with issuing and advising banks.
- Record Keeping: Maintain a meticulous filing system of all LC applications, amendments, and related correspondence for corporate audits.
Risk Management & Cost Control:
- Risk Mitigation: Collaborate with financial institutions to secure payment guarantees, protecting the company against buyer default or supplier nondelivery.
- Cost Analysis: Track LC bank fees, confirmation charges, and interest rates to optimize trade finance costs.
Requirements
- Education: A Bachelor’s Degree in Finance, Accounting, International Business, or Economics.
- Experience: 6 – 9 years in trade operations, corporate treasury, or international Operations of any reputable banking
- Certifications: Specialized qualifications like the Certified Documentary Credit Specialist (CDCS) or Certificate in International Trade & Finance (CITF) are highly preferred
- Industry Knowledge: Deep familiarity with international trade laws and ICC rules, specifically UCP 600 (Uniform Customs and Practice for Documentary Credits) and ISP98. CBN Trad Portal, etc.
- Technical Skills: Proficiency in financial tracking software (e.g., Trade360, Loan IQ, AFS) and SWIFT messaging.
- Certifications: Professional credentials such as the Certified Documentary Credit Specialist (CDCS) are highly preferred
Essential Soft Skills:
- Exceptional attention to detail to spot minute discrepancies in lengthy financial documents.
- Strong communication skills for coordinating between buyers, sellers, and advising banks across different time zones.
- High analytical and problem-solving abilities to navigate ambiguous or complex transaction bottlenecks.
Application Closing Date
Not Specified.
How to Apply
Interested and qualified candidates should:
Click here to apply online
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Vacancy posted 1 day ago
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