LIBERIA: BMC GROUP signs Contract With NOCAL

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The BMC GROUP has a signed contract with National Oil Company of Liberia(NOCAL).
It was awarded through competitive bidding process that was approved by PPCC and issued a NO OBJECTION.
The first payment received was issued by NOCAL through a check from SIB Bank. BMC GROUP does not have an account with SIB bank and the intention was to deposit it in IB Bank but SIB Bank management recommended that since the amount is big, BMC GROUP should open an account to SIB Bank in order for the check to be deposited in that account and the money does not go to different bank.
BMC GROUP proceeded and open the account at SIB Bank and received the check from NOCAL and deposited it to the new account at SIB Bank, and BMC GROUP is a construction company that has a lot of credit lines from suppliers when the payment mature we started issuing checks to our suppliers that we have committed to pay them and this lead for such amount to be paid in less than two weeks.

As of today NOCAL owes BMCG more than 500,000 and the building is at 90% completion for the first phase which is the concrete works.

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