Customs reinstates First Bank for duty collection

CGC, Dikko Abdullahi
The Nigeria Customs Service (NCS) says it has reinstated First Bank of Nigeria Plc as one of the banks collecting Customs duty.
This is contained in a statement a statement signed by the Public Relations Officer of the NCS, Wale Adeniyi, and made available to newsmen.

The statement quoted the Comptroller-General of Customs, Dikko Abdullahi, as saying that the bank was reinstated following a debt recovery plan.

 “Following a detailed debt recovery plan, the Nigeria Customs Service has unblocked and reinstated First Bank Plc as a Customs duty collecting bank,” the statement read in part.

It disclosed that 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 involved the intervention of Asset Management Corporation of Nigeria (AMCON), the Comptroller-General of Customs, Dikko Inde Abdullahi, CFR, directed the immediate reinstatement of First Bank Plc as Customs duty collecting bank.

He consequently urged 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 would not be tolerated.