Connect with us

Business News

FG Authorises Titan Trust Bank to Collect NESS Levy



By Dipo Olowookere

A commercial bank with the licence to operate across Nigeria, Titan Trust Bank Limited, has been given the approval to collect fees on behalf of the federal government under the Nigeria Export Supervision Scheme (NESS).

The approval was given by the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, according to a notice issued by the Central Bank of Nigeria (CBN) on Wednesday.

Business Post reports that NESS is a statutory payment to the Nigerian government on all legitimate goods exported from Nigeria which include the payment for non-oil goods.

According to information gathered from the Nigeria trade portal, this levy is charged at 0.50 per cent of the value of the export and it is collected by the CBN through the authorised commercial banks.

The appointment of Titan Trust Bank as a collector of the fee for the government expands the various channels exporters can use to remit this fee to the apex bank.

“This is to notify all authorised dealers, service providers and the general public that the 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.

“Authorised dealers are, therefore, enjoined to bring the information to the attention of their exporting customers,” the circular issued and signed by the director of Trade and Exchange Department of the CBN, Mr O.S. Nnaji, yesterday read.

Titan Trust Bank was established on December 12, 2018, and obtained its national banking license on April 26, 2019, to operate as a commercial bank with national authorization.​

Its license is the first national banking license that the CBN has granted in the last 10 years.

The lender was formed to take advantage of the identified gaps in the banking sector and address the unmet needs of the retail mass market, SMEs and corporate institutions.

The company boasts of best-in-class bankers, supporting the execution of the bank’s strategy while delivering on its service promise. The branch network of the financial institution is structured to uniquely enhance quality service delivery with a great customer experience.

World21 mins ago

India: Another Muslim man kills his Hindu partner for using social media

News47 mins ago

Friends gift media personality, Denrele Edun, a Lexus SUV as his 40th birthday present (Video)

News51 mins ago

TNG Interview: FG should save 20,000 species of fishes in the Niger Delta before they go extinct – Hon Abiante

Politics1 hour ago

G7 Pledge Over 1 Billion Vaccine Doses To Poor Nations, Boris Johnson Says

World1 hour ago

India unlikely to accept back four women who converted to Islam and joined the Islamic State

News2 hours ago

”It was the worst decision of my life”- Denrele Edun reveals he once dated a man (video)

Health2 hours ago

One Scary Side Effect of Drinking Too Much Caffeine, According to Science

World2 hours ago

Ex-Muslim who became Catholic now says ‘Rome is lost, and the Qur’an is the road to truth’

News2 hours ago

Constitution review: FCT natives demand Abuja be made a State

Politics2 hours ago

APC Chairman In Plateau State Sacked From Office

News3 hours ago

Shade Ladipo: “Nigerians don’t like when people find hap-p*nis”

News3 hours ago

My grandson’s generation should not know “Up NEPA” – Pastor Tunde Bakare

World3 hours ago

Is Israel Illegally Displacing Arabs In East Jerusalem?

News3 hours ago

BREAKING: Zambian President, Lungu collapses at Defence Force Day event

Business News3 hours ago

Agriculture, Key to Africa’s Quest for Continued Growth and Sustainability

News4 hours ago

Again, gunmen attack Zaria again, abduct residents

World4 hours ago

Pakistan: Mosques collecting donations for Afghan Taliban

News4 hours ago

Photo of Turkey-based Nigerian man allegedly found inside a bottle buried in his uncompleted building

News4 hours ago

Nigerian Air Force bomb mistakenly strays into wedding party in Niger State

Business News4 hours ago

Nelson, Abebrese Plant Trees for Green Ghana Initiative

News18 hours ago

Aunt mourns niece’s death, accuses her pastor husband of domestic violence

News22 hours ago

Anambra 2021: LP chooses Agbasimelo, ‘Oga-Ndi-Oga’ Movement boss as its guber candidate

News23 hours ago

Senate President visits wounded soldiers in Kaduna, donates N10m

News23 hours ago

Pretty Mike attends Toyin Lawani’s wedding with convey of baby mamas and their babes (video)

News20 hours ago

Caroline Danjuma says as she wished her rift with Davido over Tagbo’s death never happened

News3 hours ago

BREAKING: Zambian President, Lungu collapses at Defence Force Day event

News21 hours ago

Banditry: Things are getting worse daily in Zamfara, Gov Matawalle cries out

News8 hours ago

Police justifies use of tear gas on June 12 protesters

News12 hours ago

Boko Haram luring new recruits, spies with N5,000 – Governor Zulum

News19 hours ago

There are no grazing routes in Bayelsa – Governor Diri replies Buhari

News16 hours ago

Nkechi Blessing Sunday: “A man that can be snatched is not worth fighting for”

News12 hours ago

Tension in Abia as Army, ESN clash, soldier shot

News4 hours ago

Nigerian Air Force bomb mistakenly strays into wedding party in Niger State

World22 hours ago

Virginia: Muslim school board member from jihad-linked mosque tells high school students to remember their ‘jihad’

News22 hours ago

Photos of Celebrities at Toyin Lawani’s traditional wedding

News23 hours ago

Atiku distances self from Koo social media account

News17 hours ago

Photos and video of #IstandwithBuhari protesters in Abuja (video)

World21 hours ago

Pakistan: Muslim mob of over 300 attacks Christian village after villager spills water on clothes of young Muslim

News8 hours ago

Diver swallowed by a humpback whale miraculously survives

News8 hours ago

Accident: “Hit and Run” vehicle kills Okada rider in Osun