Nova Merchant Bank Limited has been appointed as a designated collecting bank for import, excise and other duties by the Nigeria Customs Service.
This would enable the financial institution handle duty payments for its clients in addition to process and issue custom bonds along with guarantees on their behalf.
"I commend the management for obtaining and delivering on this mandate within a short period of time," the Chairman of the bank, Mr Phillips Oduoza said.
Also commenting on the development, the Managing Director/Chief Executive Officer, Nova Merchant Bank, Mr. Anya Duroha, said: "We are excited about this appointment because it would enhance efficiency and improve turnaround time for duty payments and other services offered by the Nigerian Customs Service for our clients.
"This development is in line with the commitment of the bank to be a one-stop solution shop for all trade and financial needs of its clients. The bank is positioned to provide end to end quality banking services to our clients."