The Nigeria Customs Service (NCS) has announced that it will penalise banks for late remittance of the Service’s revenue following reconciliation of collections processed through the B’odogwu platform.
The NCS explained that such delays constitute a breach of remittance obligations and negatively impact the efficiency, transparency, and integrity of government revenue administration.
This was disclosed in a statement issued by the Service’s National Public Relations Officer, Deputy Comptroller of Customs, Abdullahi Maiwada, on Wednesday.
“In line with the provisions of the Service Level Agreement (SLA) executed between the Nigeria Customs Service and Designated Banks, the Service hereby notifies stakeholders of the commencement of enforcement actions against banks found to be in default of agreed remittance timelines.
“Accordingly, any Designated Bank that fails to remit collected Customs revenue within the prescribed period shall be liable to penalty interest calculated at three percent (3%) above the prevailing Nigerian Interbank Offered Rate (NIBOR) for the duration of the delay,” the statement reads in part.
DC Maiwada stated that affected banks will receive formal notifications indicating the delayed amount, the applicable penalty, and the timeline for settlement.
The spokesperson noted that persistent or repeated non-compliance with the terms of the SLA may attract additional sanctions, including regulatory and administrative measures, as provided under the Agreement and relevant laws guiding Customs revenue collection.
He emphasised that prompt, accurate, and complete remittance of Customs revenue is a fundamental obligation of Designated Banks, adding that any payment of collected revenue into unauthorised accounts, whether deliberate or erroneous, will be treated as a serious violation and addressed in accordance with the SLA and applicable legal frameworks.
The Service advised Designated Banks to strengthen internal controls, ensure strict adherence to remittance timelines, and comply fully with the provisions of the SLA, reiterating its commitment to enforcing accountability, safeguarding government revenue, and promoting a transparent and predictable financial system in support of national economic development.
