MCL SOLUTIONS LIMITED o Bank Charges/Reconciliation Software The Solutions Provider o Recovery of Excess Bank Charges

2B, Bola Crescent, Off Anthony Village Road, Anthony, Lagos, Nigeria. o Funds Procurement Tel:... 234–1–8707669, 802–3187506, 809–8187506 o Training E-mail: contact@mclsolutionslimited.com Website: www.mclsolutionslimited.com o Software Development

God is able...

Proposal

REVIEW OF BANK CHARGES AND RECOVERY OF EXCESS CHARGES ON PAST TRANSACTIONS USING

OUR BANK CHARGES AND RECONCILIATION SOFTWARE (BANKER)

Presented To

..................................., ..............................................,

..................................., ........................,

................

Attention:..........................................

MCL SOLUTIONS LIMITED o Bank Charges/Reconciliation Software The Solutions Provider o Recovery of Excess Bank Charges

2B, Bola Crescent, Off Anthony Village Road, Anthony, Lagos, Nigeria. o Funds Procurement Tel:... 234–1–8707669, 802–3187506, 809–8187506 o Training E-mail: contact@mclsolutionslimited.com Website: www.mclsolutionslimited.com o Software Development

God is able...

25th May, 2012.

....................................,

..................................,

............................,

......................,

............... Attention: .................................. Sir, REVIEW OF BANK CHARGES AND RECOVERY OF EXCESS CHARGES ON PAST TRANSACTIONS USING OUR BANK CHARGES AND RECONCILIATION SOFTWARE (BANKER) We are a finance consultancy firm and we specialise in review of bank charges to recover excess charges imposed on our clients by their banks. To maximise the recoverable excess charges with utmost accuracy and undeniable proof, we use our specialised Bank Charges and Reconciliation Software (called Banker) developed in accordance with local/international monetary standard by our software development team. With the recovery of excess bank charges, we make our clients’ past business activities more rewarding and reduce cost of funds for onward business activities. In the course of the review exercise, our software scrutinise areas where banks might have inadvertently or advertently:

1. overcharged debit interest 2. overcharged fees on facilities granted 3. overcharged COT and VAT on COT 4. charged COT on non-COTable transactions 5. undercredited interest on savings/deposit/investment accounts 6. charged VAT on non-VATable transactions 7. reversed funds transaction for COT/interest gain 8. backdated/postdated value dates to with-hold funds from cleared cheques 9. debited your account with ‘unknown’ cheques

10. denied your accounts of your legitimate funds As a result, we are hereby proposing to review the bank charges on your past bank transactions with a view to recover the excess charges imposed on your accounts so

far and/or install our bank charges and reconciliation software for your organisations with training of your officials to manage your bank accounts and facilitate subsequent in-house review exercise. Attached is a brief write-up exposing few of the ways your bank(s) might have over-debited and/or under-credited your accounts, terms of service and references. In view of the above, we would appreciate having the opportunity to do a presentation of our review services and software to your selected team for appropriate assessment, negotiations and a question and answer (Q&A) session to discuss the nitty-gritty of the proposed exercise and software. Thank you very much for the invitation for a presentation. Yours faithfully,

MCL Solutions Limited. Tunde Omitogun, Ayotunde Sodipe Client Operations and Training Managing Director/CEO +234-803-8888-701

DETECTING EXCESS BANK CHARGES

BY USING

B A N K E R (BANK CHARGES AND RECONCILIATION SOFTWARE)

1. Application of unapproved and unagreed interest rate:

Sometimes, the rates and fees used for debit interest/fees on facilities availed might be inconsistent with the laid-down monetary policies and might not be as agreed with the bank(s). It is sometimes a fraction of percentage less for credit interest or a fraction of percentage more for debit interest. The implication is that the account holder is denied of his/her legitimate funds while the bank rakes in more profit by way of excess charges. Our Banker software ensures that interest and fees are based on agreed rates within the limit of the monetary policies.

2. Application of COT (Commission-On-Turnover):

COT is one of the major means through which banks overcharge customers especially the high networth and volume accounts. There are about six classes of transactions exempted from COT charges but most of the banks do otherwise. Sometimes, because of the volume of transactions, you might have negotiated COT rate with your bank. In order to increase their COT earnings, the bank use rates higher than agreed rate without informing customers. Our Banker software ensures that the COT calculation is as agreed within the limit of the monetary policies.

3. Application of undue excess/default charge:

Credit (overdraft, excess overdraft, finance, lease, etc) are facilities given to proven customers to facilitate and promote their businesses beyond their financial capabilities. It is mandatory that accounts running on one/more facilities must attract debit interest. In some banks and for some account holders, the stipulated limit does not mean the customer cannot exceed the limit but the amo-

unt by which the limit is exceeded (called excess/default) would attract a higher debit interest rate. Contrary to monetary policies, when limit is exceeded some banks calculate interest using excess rate on both limit and excess thereby overcharging the customer on the limit. Our Banker software ensures interest calculation on facilities (limit and excess) is in accordance with the monetary policies and procedure of interest calculation.

4. Application of unauthorised fees on facilities:

There are fees allowed to be charged on bank facilities. These fees have rules and regulations guiding their applications, computations and frequencies. Most times, some of the banks violates the rules and regulations on fees by applying wrong procedures and frequencies. Our Banker software eliminates this practice by ensuring that all fees are in line with rules and regulations of lending fees.

5. Inappropriate management of BAs and CPs:

BA (Bankers Acceptance) and CP (Commercial Papers) are instruments used by banks to avail credit facilities to credit-worthy customers. Inappropriate BA and CP parameters like interest rates, tenor/duration termination, fees, rollover differentials, etc could lead to huge amount of overcharge on the account absorbing the fees/charges. Our Banker software is equipped with the mechanism to generate appropriate parameters for BA and CP charges thereby eliminating all possibilities of overcharge and increasing the profitability of the instruments.

6. Foreign Exchange Sales, Bidding and Rates:

Another major means of overcharge on facility accounts is exchange rates applied on some foreign exchange transactions. Several times, the banks apply unauthorised exchange rates on forex transactions thereby short-changing the customers Our Banker software is a multi-currency application and allow transactions in other currencies with appropriate exchange rates at bidding dates.

7. Application of backdated/postdated value/effective dates:

Backdating of debit transaction is a situation in which a withdrawal is given a

value/effective date earlier than the transaction date. An example is when a withdrawal that took place on Friday 10th January, 2003 is said to be effective (i.e. having value date) on Monday 6th January, 2003. Postdating of credit transaction is a situation in which a lodgement is given a value/effective date later than the supposed value date. An example is when a lodgement that took place on the Monday 13th January, 2003 and supposed to have value on 16th January, 2003 is given 20th January, 2003. The monetary policies states clearing period for every class of transaction thereby enabling customers to determine appropriate value/effective date of their transactions. Backdating/postdating of value dates is another major means of bank overcharge as it imposes undue debit interest on customer and reduces credit interest due to customers. Our Banker software is equipped with excellent value date generation mechanism with consideration for weekends and holidays thereby detecting overcharge that emanated from wrong value dates.

8. Inclusion of unknown cheques:

This is a situation in which a cheque with the same human-interpreted serial number with yours and owned by another customer was debited into your account and account of the owner thereby making an unauthorised withdrawal from your account. This situation is very dangerous when your account is having high confirmation limit and continuous overdraft facility because you may not know when an unknown cheque is withdrawing funds from your account. Our Banker software has an in-built mechanism to detect unknown cheques.

9. Application of undue VAT charges:

By regulations, not all charges are VATable but the banks do otherwise. Example, VAT is not chargeable on interest/overdraft charges.

10. Statement/Cash book Reconciliation:

The software is equipped with account reconciliation module that imports statement of account and cash book entries in Microsoft Excel files then match them automatically. For situations where one transaction on statement of account is splitted into two/more on the cash book or vice versa, the software is equipped with manual match function to enable users match the transactions. Upon completion of the matching exercise, the software would produce the following reports:

a. Reconciliation statement b. Bank statement listing c. Cash book listing d. Transactions matched e. Cash book unmatched transactions f. Bank Statement unmatched transactions

Revelation In the history of our account review services, lowest overcharge we recovered is N765,000.00 with interest-on-overcharge of N181,029.03 making a total overcharge of N946,029.03 on 6 months account of N10,000,000.00Dr monthly turnover while the highest overcharge we recovered is N3,217,651,426.40 with interest-on-overcharge of N859,656,164.67 making a total of N4,077,307,591.07 on a 5-year account of N1,600,000,000.00Dr monthly turnover. Recovery Fee As our fee for the recovery services, we shall be entitled to 40% of the excess charges and waivers recovered from the bank(s). References For references, some of our clients are:

1. Acorn Petroleum Plc., Lagos. 2. Adebowale Investments Limited, Lagos. 3. Afribank Estate Company Limited, Lagos. 4. Alliance Energy Limited, Lagos. 5. Alminnur Resources Limited, Lagos. 6. Amokson Trading & Stores Limited, Ogun State. 7. Ayokunle Farms Limited, Ogun State. 8. Berger Paints Plc., Lagos. 9. Bideco Nigeria Limited, Lagos.

10. Chevron Nigeria Limited, Lagos. 11. Danmanya Petronetworks (Nig.) Limited. 12. First DeepWater Discovery Limited, Lagos. 13. Ikoyi Club 1938, Ikoyi, Lagos. 14. Industrial & General Insurance Co. Limited, Lagos. 15. International Breweries Plc., Osun State. 16. Masters Energy Oil & Gas Limited, Lagos. 17. Metropolitan Motors Limited, Lagos. 18. Mettle Energy & Gas Limited, Lagos.

19. MRS Investment Company Limited, Lagos. 20. MRS Oil & Gas Company Limited, Lagos. 21. MRS Oil Nigeria Plc., Lagos. 22. Nikechukwu Motors Limited, Aba. 23. NetConstruct Nigeria Limited, Lagos. 24. Oando Plc., Lagos. 25. Petroleum Prospects International Limited. 26. Phase 3 Telecom Limited, Abuja.. 27. Total Nigeria Plc., Lagos. 28. Toyota Nigeria Limited, Lagos. 29. Resourcery Limited, Lagos. 30. Slot Systems Limited, Lagos. 31. Solar Garden Projects Limited, Lagos. 32. Summit Strategic Services Limited, Lagos. 33. Ugo-Durumba Enterprises Limited, Owerri. 34. Waterparks Limited, Lagos. 35. Woobs Resources Limited, Lagos. Thank you very much. Yours faithfully,

MCL Solutions Limited.

Corporate Profile

MCL Solutions Limited is a software development company with speciality in database software development and review of bank charges. In the course of our operations, it was discovered that many organisations have difficulties reconciling their accounts manually because of the volume of transactions and have several excess bank charges imposed on their accounts but cannot detect and prevent further occurrence. We also discovered that many computer users (individuals and corporate bodies) have relegated their computer systems to mere word processor and/or game machines running on dedicated word processing and game software only. This practise has created under-utilization problems for many computer hardware which, by manufacturer standard, is to serve as an integral database equipment for the users. As a result of our discoveries, we embarked on the software development project to enable electronic bank account reconciliation and prevent account holders from being overcharged by the banks and the outcome of the effort is our flagship product tagged Banker (Bank Charges and Reconciliation Software). To ensure that computers are used effectively and appropriately on this side of the globe, we have been enlightening computer users on the importance and benefits of using well configured hardware and software developed in accordance with the users specifications as opposed to expensive software developed on foreign specifications not application to Nigerian environment. So far, the company has developed series of software for various users.

Services

Our professional services include: 1. Review and Recovery of Excess Bank Charges :

We also specialise in Recovery of Excess Charges imposed on bank accounts. We perform this exercise by using our Banker (Reconciliation, Investments and Bank Charges) software in accordance with the Central Bank of Nigeria and international monetary policies. To stay afloat, various devices are being employed by the banks to generate income. One act, not quite known to many is that of imposing excess and spurious charges on customers and/or the underpayment of interest due to customers. By recovering excess charges (overcharge) on our clients account and securing waivers, we make their business activities more profitable.

It is pertinent to note that this exercise is far beyond the scope of both internal and external audit. Experience has shown that people misconstrue this exercise with audit but our clients have since realised the difference after we have worked through their accounts of 2 – 5 audited years and recovered excess charges.

2. Software Development:

The power and benefits derived from computer installations are determined by the software in operation. Under this service, we design and develop software packages ranging from simple database management system to complex account management systems for private and public establishments. To ensure that our software measure-up with user requirement, we carefully conduct detailed specification interview with the intended users. After the interview, our design experts proceed to design the most suitable procedures on which the software will be developed by our development experts. In addition to designing and developing software packages, we also render software amendment service for old applications requiring upgrade. Our software design and development service spans over the following tasks in phases: • Systems investigation & specification interview • Systems design & presentation for approval • Systems development • Test installation • Final installation • System changeover and user training

Software Products:

The following is a brief introduction of our software products:

a. Banker (A Bank Charges and Reconciliation Software):

This is an Account Reconciliation, Investments and Bank Charges Software. It is for electronic reconciliation of bank accounts and to aid the users in managing their accounts to detect and prevent excess charges imposed on their accounts.

b. AssetMaster (An Asset & Fleet Management Software):

This is an Asset Management Software developed for the management of fleet of vehicles and non-vehicle assets. The software is equipped with asset registration, movement, improvement, transfer, disposal, accounts, custodian profiles, asset-in-store and Work-In-Progress assets.

3. Training:

Another factor that determine the power and benefits derived from computer systems is the operation knowledge of the users. To ensure that computer systems are used appropriately to derive the maximum benefits from the installation, the application users and supervising IT staff must be given adequate operation training with regards to the software in use. We conduct corporate training for both private and public establishments having computer systems and desiring proficiency. Our corporate training programme covers training on our software and some other special-purpose software like: • Documents Management • Spreadsheet applications • Programming applications:

- Programming with Microsoft Visual Basic - Programming with SQL Server

Management Team The firm (MCL Solutions Limited) is made up of the following departments: 1. Ayotunde Sodipe (Managing Director/CEO):

Mr. Ayotunde Sodipe is the Managing Director/CEO of the company. He had his Computer Science courses with University of Lagos and Abubakar Tafawa Balewa University, Bauchi. He is a member of Institute of Software Practitioners of Nigeria (ISPON) and Chartered Institute of Banker of Nigeria (CIBN). In the course of his service as a software developer and instructor to some banks, he discovered some lapses/non-compliance in the way the banks compute fees/charges/COT/interest thereby giving debit overcharge and/or credit undercharge on customers’ account. His desire to proffer solutions for bank customers to detect/prevent overcharge/undercharge lead to the development of the Bank Charges and Reconciliation Software called Banker.

2. Pastor Adeshina Teluwo (Senior Consultant): Pastor Adeshina Teluwo is a Chartered Accountant of over 35 years fellow membership of Institute of Chartered Accountants of Nigeria (ICAN). He is the Senior Consultant and the Head (Bank Relations Team).

3. Mr. Ayo Akinrogunde, FCA. (Executive Director, Operations): Mr. Ayo Akinrogunde is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), and Chartered Institute of Taxation of Nigeria (CITN). He had his Higher National Diploma in Accountancy from The Polytechnic, Ibadan. He has over twenty years experience in operations, administrations, audit, finance and control with successful multi-national companies before joining the company.

4. Kehinde Adebeso (Account Review): Kehinde Adebeso is a Banking and Finance graduate of over 6 years experience in bank charges review exercise. Ever since he was employed, he has undergone several training in banking with bank facilities and charges as the core focus. He is the Head, Account Review.

5. Babatunde Omitogun (Client Operations / Training): Mr. Babatunde Omitogun is a University of Ife graduate of Computer Science and has taken some training in banking. He is very vast and versatile in the usage of all our software and he is the Head (Client Training/Development).