Business

NCS Reinstates First Bank for Duty Collections

Following a detailed debt recovery plan, Nigeria Customs Service has unblocked and reinstated First Bank PLC. as Customs duty collecting bank.

The bank was suspended from duty collection as a result of the failure of its customers: Messrs Onome Jack Up Service Limited and Oritsetimeyin Jack Up Service Limited to redeem a bond to the tone of N3,641,563,481.00 secured by the Bank.

Satisfied with the recovery plan which involves the intervention of Asset Management Corporation of Nigeria (AMCON), the Comptroller-General of Customs, Dikko Inde Abdullahi, CFR, has directed the immediate reinstatement of First Bank Plc as Customs duty collecting bank and consequently urges Importers/Agents to resume duty payment transactions with the bank.

He assured that the Service will continue to recognize properly entered bonds as a tool for trade facilitation, but warned that any abuse of the process from any individual or organization will no
longer be tolerated.

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