Section 98: Forms and choice of guarantee

1 A guarantee may be provided in anyone of the following forms by
a a cash deposit or electronic payment made in the currency of the Federal Republic of Nigeria, or by any other means of payment recognised by the Service as equivalent to a cash deposit or as may be specified in regulations;
b an undertaking given by a guarantor such as financial Institutions, insurance or similar person approved by the Service; or
c any other forms of guarantee defined in regulations made under this Act, and approved by the Board, providing an equivalent assurance that the amount of a customs debt, present or future, will be paid.

2 The person providing a guarantee may choose any form of guarantee from among the types of guarantee listed in subsection (1).

3 The Service may refuse to accept the form of a guarantee chosen where it is incompatible or inconsistent with applicable customs procedure.

4 The Service may require that the form of guarantee chosen be maintained for a specific period of time.