CBN okays 13 banks to collect export fees
THE Central Bank of Nigeria (CBN) has selected 13 banks for the collection of administrative fees of the Nigerian Export Supervision Scheme (NESS).
The apex bank's director, Trade and Exchange Department, Mrs. O.A Demuren, in a November 8, 2004 circular, named the banks as including First Bank of Nigeria Plc, United Bank for Africa Plc, Afribank Nigeria Plc, Guaranty Trust Bank Plc, Zenith International Bank Plc and Standard Trust Bank Plc.
Others are: NUB International Bank Limited, Prudent Bank Plc, Diamond Bank Limited, FSB International Plc, Oceanic Bank International Plc and National Bank Plc.
According to the circular, the NESS administrative fees will be collected in bank draft or cheque drawn in naira and the applicable exchange rate for conversion will be the Dutch Auction System (DAS) marginal rate on the day preceding the date of payment.
"The total NESS administrative fees collected for each week shall be paid into the appropriate NESS account with the nearest branch of the CBN on the Monday (for first working day) following the week to which the collection relates," the circular said.
Stating the responsibilities of the designated banks, the circular explained that they would render monthly returns on a NESS fees collected, including all returns, using the attached format, on the 10th day following the month to which the returns relate.
The returns, said the circular, would be submitted to the Minister of Finance, the Accountant General of the Federation, Office of the Accountant General of the Federation, Federal Ministry of Finance, Abuja and thirdly, the Director, Trade and Exchange Department, CBN, Abuja.
But the circular stated that it would be an offence for a designated bank to delay in remitting the collected fees to the CBN on a weekly basis. Failure to render accurate and timely returns on the specified format to the relevant government agencies or convert revenue collected to unauthorised use, divert revenue collected to unauthorised accounts and any other act would not be acceptable to the CBN.
Therefore, the circular said, non-compliance with the provisions of these guidelines would attract appropriate sanctions, ranging from payment of interest on the unremitted amount at the rate of three per cent above the prevailing Nigerian Interbank Offer Rate (NBOR) per day for the period of default to delisting from the scheme.
Other sanctions are: Publication of the name of the de-listed bank in the national dailies, prosecution in accordance with the relevant laws of the Federal Republic of Nigeria and any sanction that the CBN may from time to time, deemed appropriate.
The circular stated further that the exporter or collecting bank also has the responsibility of ensuring that all originals of "shipped on board" or "clear on board" bills of lading relating to all commercial exports are delivered to the collecting or processing bank named on the NXP form.
The circular said: "The bank shall then forward the documents through its foreign correspondent bank to the consignee on collection or negotiation basis and ensure that payment for the shipment is made and credited in the Exporter's Export Proceeds Domiciliary Account in Nigeria within the stipulated period of 90 days, from the date of shipment of the goods."
It added that the pre-shipment inspection agent, Messrs Cobalt International Services Limited had three regional offices and 15 offices for operations.
