Regulatory Alerts2007-08-30 | TED-FEM-FPC-GEN-01-105-07Submission of The List of Uncollected Risk Assessment Reports (RARS) by Importers
The Central Bank of Nigeria has notified all authorized dealers about the issue of importers failing to collect original Risk Assessment Reports (RARs) from their bankers, leading to a loss of revenue for the government. Authorized Dealers are requested to submit a list of uncollected RARs by their customers as of June 29th, 2007 in soft copy format by September 10th, 2007. Failure to meet this deadline may result in appropriate sanctions.
Central Bank of Nigeria Central Business District P.M.B. 0187 Garki, Abuja Tel: 09 616 37 804 Fax: 09 616 37 802 E-mail address:ted@cenbank.org Our Ref: TED/FEM/FPC/GEN/01/104 August 29, 2007 To: ALL AUTHORISED DEALERS SUBMISSION OF THE LIST OF UNCOLLECTED RISK ASSESSMENT REPORTS (RARs) BY IMPORTERS This is to notify all Authorized Dealers that the attention of the Central Bank of Nigeria has been drawn to incidences of non-collection of the original Risk Assessment Reports (RARs) by some importers from their bankers.
It is pertinent to state that the Federal Government has an obligation to pay a given percentage of the FOB value of every import transaction as inspection fee to the relevant Destination Inspection Agents. Consequently, the non-payment of import duty arising from non-collection of the documents by the importers is resulting in loss of revenue to the Government. In view of the foregoing, Authorized Dealers are hereby requested to forward the list of RARs which are yet to be collected by their customers as at June 29, 2007 in soft copy as specified in the attached Excel format. The list should reach the Director, Trade & Exchange Department, CBN, Abuja on or before Monday September 10, 2007. For the avoidance of doubt, failure to meet the deadline shall attract appropriate sanction. O. O. AKANJI (MRS) DIRECTOR TRADE & EXCHANGE DEPARTMENT