The Central Bank of Nigeria (CBN) has announced the approval of Titan Trust Bank as one of the designated banks for the collection of Nigeria Export Supervision Scheme (NESS) Levy.
According to the apex bank, the approval was given by the Minister of Finance, Budget and National Planning Zainab Ahmed.
The CBN announced this on Wednesday in a circular, TED/FEM/PUB/FPC/001/005 titled “Re: Appointment of Titan Trust Bank Plc as a Designated Bank for the Collection of Fees Under the Nigeria Export Supervision Scheme (NESS).”
The Nigerian Export Supervision Scheme Fee (NESS) is a statutory payment to the Federal Government on all legitimate goods exported from Nigeria which include the payment for non-oil goods. Its charged at 0.50% of the value of the export and collected by the CBN through the designated commercial banks
The circular signed by the Dr. O. S Nnaji Director Trade and Exchange Department read: “This is to modify all Authorized Dealers , Service Providers and the General Public that the Honourable Minister of Finance, Budget and National Planning has approved the appointment of Titan Trust Bank as one of the designated banks for the collection of NESS levy.”
“Authorized dealers are therefore, enjoined to bring the information to the attention of their exporting customers.”
Other commercial banks designated to collect NESS Levy are Access, Citi, Ecobank, First City Monument Bank (FCMB), Fidelity, First Bank, GTBank, Keystone, Stanbic IBTC, Sterling, UBA, Union, Unity, Wema, and Zenith.
Titan Trust Bank was established on the 12th of December, 2018 and started operating fully as a commercial National Bank after obtaining its National Banking license on the 26th of April, 2019, according to the information on its website.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.