Home News FG lifts ban on contrabands

FG lifts ban on contrabands

by Business News Report

Some goods earlier declared as contraband by the federal government can now come into the country.
The goods which include malt and barley, aluminum sulfate, fruit juices and retreaded and used tyres can now come and be cleared in the country up till February 29 under a new concession granted by the government.
They had earlier been prohibited by the Customs and Excise Tariff Decree 1 of 1988 which came into affect on January 1.
The banned goods could however come into the country subject to the registration of Form ‘M’ related to them not later than December 3, 1987, payment of Advance Import Duty on Form C Р188A not later than December 31, 1987 and the establishment of an irrevocable and confirmed letter of credit not later than the period earlier stated.
In order to ensure the strict compliance of the new order, the Central Bank of Nigeria, CBN, has a circular No. TED/AD/25/88 dated February 9, to all authorised dealers and inspection agents, given them the necessary guidelines to be followed.

The CBN also directed that transactions on Bill of Collection open accounts and unconfirmed letters of credit should have been supported with evidence of registration of Form ‘M’ not later than the December 31, 1987 payment of advance import duty on Form ‘C’ 188A not later than the stipulated December 1987 date; and pre-shipment inspection of the goods not later than December 31, 1988.
The apex bank stated that for the avoidance of doubt, the prohibited goods affected by the concession include malt and barley, aluminum, sulfate including alum, fruit juice and retreaded and use tyres.
According to the CBN in each of these cases, the carrying vessel must arrive in Nigerian territorial waters not later than February 29, 1988.

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