The Nigeria Customs Service, NCS, has commenced enforcement of penalties against designated banks that delay the remittance of Customs revenue to the Federal Government.
The Service stated that it observed cases of delayed remittances by some banks after the reconciliation of collections processed through the B’odogwu revenue platform, describing the practice as a breach of remittance obligations and a threat to transparency and efficiency in government revenue administration.
In a statement, the NCS explained that the action is in line with the Service Level Agreement, SLA, signed with designated banks, which clearly stipulates timelines for the remittance of collected Customs revenue.
Under the enforcement regime, any bank that fails to remit revenue within the approved period will be charged penalty interest calculated at three percent above the prevailing Nigerian Interbank Offered Rate (NIBOR) for the duration of the delay.
Affected banks will receive formal notices detailing the delayed amount, applicable penalties, and the settlement timelines.
The Customs Service warned that persistent or repeated violations of the SLA could attract additional regulatory and administrative sanctions, in line with existing agreements and relevant laws governing Customs revenue collection.
The NCS further cautioned that any payment of collected revenue into unauthorised accounts, whether deliberate or accidental, will be treated as a serious offence and handled accordingly.
Reiterating its commitment to accountability and transparency, the Service advised designated banks to strengthen internal controls and strictly comply with remittance timelines, stressing that prompt and accurate revenue remittance is critical to safeguarding government finances and supporting national economic development.
