Customs Begins Enforcement of Penalties against Banks over Delayed Revenue Remittance
The Nigeria Customs Service (NCS) has commenced the enforcement of penalties against Designated Banks found to be delaying the remittance of Customs revenue, citing breaches of agreed timelines and threats to the efficiency and transparency of government revenue administration.
In a statement issued on Tuesday, the Service said it had observed repeated instances of delayed remittance by some banks following the reconciliation of collections processed through the B’odogwu revenue platform. The NCS noted that such delays undermine the integrity of the revenue collection process and violate the terms of the Service Level Agreement (SLA) signed between the Service and Designated Banks.
The Customs Service disclosed that, in line with the provisions of the SLA, banks that fail to remit collected Customs revenue within the prescribed period will henceforth be subjected to penalty interest. The penalty, it said, will be calculated at three per cent above the prevailing Nigerian Interbank Offered Rate (NIBOR) for the duration of the delay.
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According to the statement, affected banks will be formally notified of the delayed amounts, the applicable penalty charges, and the timeline for settlement. The Service also warned that persistent or repeated default could attract additional regulatory and administrative sanctions, as provided under the SLA and relevant laws governing Customs revenue collection.
The NCS further stressed that the prompt, accurate, and complete remittance of Customs revenue remains a fundamental obligation of all Designated Banks. It warned that any payment of collected revenue into unauthorised accounts, whether deliberate or due to error, would be treated as a serious violation and addressed in line with the SLA and applicable legal frameworks.
The Service advised Designated Banks to strengthen their internal control mechanisms and ensure strict compliance with remittance timelines to avoid sanctions. It reaffirmed its commitment to enforcing accountability, safeguarding government revenue, and promoting a transparent and predictable financial system in support of national economic development.
The statement was signed by the Deputy Comptroller of Customs and National Public Relations Officer, Dr. Abdullahi Maiwada, on behalf of the Comptroller-General of Customs.
By PRNigeria
