Customs reinstates First Bank as duty collecting bank

The Nigeria Customs Service (NCS) on Tuesday unblocked and reinstated the First Bank of Nigeria Plc as its duty collecting bank following a detailed debt recovery plan by the service.
This is contained in a statement signed by the NCS Public Relations Officer (PRO), Mr Wale Adeniyi, in Abuja.
The statement said that the bank was suspended from duty collection due to the failure of its customers to redeem a bond amounting to N3.64 billion secured by the bank.
It said that the Comptroller-General of Customs, Alhaji Dikko Abdullahi, directed the immediate reinstatement of the bank following his satisfaction with the recovery plan brokered by Asset Management Corporation of Nigeria (AMCOM).
The statement said that Abdullahi had directed importers and agents to resume duty payment transactions with the bank.
According to it, the service will continue to recognise properly entered bonds as a tool for trade facilitation.
It warned that any abuse of the process from any individual or organisation would no longer be tolerated.
The statement explained that the bank’s customers, Messrs Onome Jack Up Service Limited and Oritsetimeyin Jack Up Service Limited, failed to redeem the N3.64 billion bond secured by the bank.
“Satisfied with the recovery plan which involves the intervention of Asset Management Corporation of Nigeria (AMCON), the CGC, Dikko Abdullahi, has directed the immediate reinstatement of First Bank Plc as customs duty collecting bank,” it said. 

Copyright 2017 Ships & Ports Ltd. Permission to use quotations from this article is granted subject to appropriate credit given to www.shipsandports.com.ng as the source.