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Banks to participate in duty draw back scheme

by Business News Report

Banks operating in the country will participate in the routine operations of the duty drawback scheme, financial sources have disclosed.
The scheme is to be strictly supervised by the Duty Drawback Committee secretariat. Banks wishing to be designated as Duty Drawback banks are however expected to meet certain criteria which according to financial sources include the establishment of a unit in the applying banks to handle all Duty Back cases in its foreign operations.
The interest bank would have assigned qualified persons to the unit who have received training for at least four weeks on Duty Drawback scheme operations and company book-keeping as well as import/export procedures and guidelines.
For any banks to qualify it must further satisfy the need for constant training of its personnel in the field of Duty Drawback.
Sources revealed that the Director of Customs and Excise could recommend to Duty Drawback cancellation of any designated bank’s DDS licence in cases of violation of any of the DDS rules of conditions.

The Duty Drawback committee is the principal institution responsible for the implementation of the Duty Drawback Suspension Scheme (DDS).
The committee comprises of representatives from the Federal Ministries of Trade, Finance, Industries, Central Bank of Nigeria, CBN, Nigeria Export Promotion Council, NEPC, Manufacturers Association of Nigeria, Department of Customs and Excise and the Standard Organisation of Nigeria, SON.

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