Titan Trust Bank to collect NESS levy — CBN

By Kayode Tokede

The Central Bank of Nigeria (CBN) on Wednesday said 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 Nigeria Export Supervision Scheme (NESS) levy.

The apex bank said in a circular titled, “Appointment of Titan Trust Bank Plc as a designated bank for the collection of fees under the Nigeria Export Supervision Scheme (NESS),”  to all authorized dealers, service providers and the general public.

According to the circular signed by Director, Trade and Exchange department, Dr. O. S Nnaji, “This is to notify 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.”

The NESS is a statutory payment to the Federal Government on all legitimate goods exported from Nigeria which include the payment for non-oil goods.

It’s charged at 0.50per cent of the value of the export. This fee is collected by the CBN through the commercial banks.

Titan was established on the 12th of December, 2018 and obtained our National Banking license on the 26th of April 2019, operating as a fully commercial National Bank.

Titan Trust Bank’s National banking license is the first National banking license that the CBN has granted in the last 10 years.

Titan is passionate about the future, committed to tomorrow, and laser focused on building a pan-African world class financial institution with innovation, youth, & strength at its heart.