A Bill for an Act to Establish the Nigerian Independent Warehouse Regulatory Agency; to Regulate the Operations of Licensed Warehouses; to Provide Regulatory Framework for Trading in Warehouse Receipts; to Provide Regulatory Framework for Collaterization of Agricultural and other Commodities Stored in Commercial Warehouses; and for Related Matters

Abstract

(a) establish the Nigerian Independent Warehouse Regulatory Agency to regulate the operations of licensed warehouses and to provide a regulatory framework for trading in warehouse receipts and for other related matters; (b) enable depositors store agricultural or other commodities in commercial warehouses and upon issue of negotiable warehouse receipt by the warehouse, be able to use it as collateral to obtain finance from a financial institution; and (c) make warehouse receipt valid negotiable instruments.