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NCSB approves FSDH Merchant Bank as Custom Duty collecting bank

Published by The Nation on Wed, 04 Dec 2019


By Collins NwezeThe Nigeria Customs Service Board (NCSB) has approved request by FSDH Merchant Bank to collect Custom duty for the Federal Government.As early as 2018, FSDH Merchant Bank began talks with the NCSB to obtain a license to operate as a Custom Duty Collecting Bank and in May 2019. The request was granted by the NCSB.On October 2, 2019, after a series of testing phases, FSDH Merchant Bank officially begun operations as the pioneer Custom Duty Collecting Bank in Nigeria, and has since then paved the way for other Merchant Banks across the country to be afforded the same opportunity.On its list of firsts, the Merchant Bank is also the first in Nigeria to re-structure into a Holding Company, and in November 2012 became the First Discount House to become a Merchant Bank in Nigeria.With services ranging from corporate banking, to investment banking, and prestige banking, FSDH Merchant Bank has over the years become a financial supermarket that delivers expert financial services within Nigeria and to select clientele, in order to create long term sustainable wealth.Taking into account the banks sustained record over the past year; of good capitalization, good liquidity, good profitability, and an experienced management team, FSDH Merchant Bank has been rated A and A- for the year 2019 by prestigious agencies like Agusto & Co. Limited, and Global Credit Ratings Co. (GCR).FSDH Merchant bank maintains the status quo as being an innovative industry leader.As another decade slowly comes to an end, we celebrate FSDH Merchant Bank for constantly championing and paving the way for innovation in the financial services industry across Nigeria.
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