First Bank Plc has been unblocked and reinstated as a Customs duty collecting bank, the Nigeria Customs Service (NCS) announced this afternoon.

The bank was suspended from duty collection as a result of the failure of its customers, Messrs Onome Jack Up Service Limited and Oritsetimeyin Jack Up Service Limited, to redeem a bond to the tone of N3,641,563,481.00 secured by the bank.

However, the bank has now been left off the hook following a detailed debt recovery plan, according to NCS Public Relations Officer, Wale Adeniyi.

“Satisfied with the recovery plan which involves the intervention of Asset Management Corporation of Nigeria (AMCON), the Comptroller-General of Customs, Dikko Inde Abdullahi, CFR, has directed the immediate reinstatement of First Bank Plc as Customs duty collecting bank and consequently urges Importers/Agents to resume duty payment transactions with the bank,” Adeniyi said.

He quoted Inde as having assured that “the Service will continue to recognise properly entered bonds as a tool for trade facilitation, but warned that any abuse of the process from any individual or organisation will no longer be tolerated.”

•Photo shows First Bank GMD Bisi Onasanya.