FBNQuest Secures Approval to Collect Import Duties
By Adedapo Adesanya
An approval has given to FBNQuest Merchant Bank by the Nigeria Customs Service (NCS) for the collection of customs duties, otherwise known as import duties, in the country. With this, FBNQuest becomes the first designated merchant bank to achieve this feat.
The investment bank and asset management company owned by FBN Holdings said that this new development will help confirm its reputation for excellent service delivery and efficient processing of international transactions through its trade services platform.
According to a statement released by the firm, “The joint agreement with the Nigeria Customs, and the full integration process with the bank’s payment application system will ensure that businesses now have access to further enhanced turnaround for Form M customs duty related transactions, end-to-end import processes, as well as shipping document endorsement, delivery and collection.”
This is a very crucial for the merchant bank, according to the Head of Coverage and Corporate Banking at FBNQuest Merchant Bank, Ms Bimbola Wright, who said, “In our continued effort to make our service offering more robust, seamless and convenient for our customers, we constantly innovate and introduce value adding solutions to facilitate the international trade activities and requirements of our clients.”
“Being the first merchant bank in Nigeria to be authorised for custom duties collection is a development we are very proud of, and we are excited to further expand the scope of support we provide our customers,” she added.
The trade services business within FBNQuest Merchant Bank is responsible for delivering international trade and related solutions, by collaborating with the Coverage and Corporate Banking arm of the institution.
The bank is also set to fully implement its Trade Information System early next year, which will serve as a hub for end to end execution of customers trade transactions.