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.

Signed

Wale Adeniyi

Public Relations Officer

For: Comptroller-General of Customs