Customs Enforces Penalties on Banks Over Delayed Revenue Remittance

The Nigeria Customs Service (NCS) has commenced enforcement of penalties against Designated Banks found to be delaying the remittance of Customs revenue, following reconciliation of collections processed through the B’odogwu platform.

The Service said the delays amount to a breach of remittance obligations under existing agreements and pose a serious threat to the efficiency, transparency, and integrity of government revenue administration.

In a press statement issued on Tuesday, the National Public Relations Officer of the Service, Deputy Comptroller of Customs Abdullahi Maiwada, PhD, mnipr, mniia, explained that the enforcement action is in line with the Service Level Agreement (SLA) executed between the Nigeria Customs Service and Designated Banks. The SLA, he noted, clearly stipulates timelines for the remittance of collected Customs revenue.

According to the statement, any Designated Bank that fails to remit collected revenue within the prescribed period will be liable to penalty interest calculated at three percent (3%) above the prevailing Nigerian Interbank Offered Rate (NIBOR) for the duration of the delay. Affected banks will receive formal notifications detailing the delayed amount, applicable penalty, and timelines for settlement.

The Service further warned that persistent or repeated non-compliance with the provisions of the SLA could attract additional sanctions, including regulatory and administrative measures, as provided under the agreement and relevant laws guiding Customs revenue collection in Nigeria.

Reaffirming its zero-tolerance stance on revenue infractions, the NCS stressed that prompt, accurate, and complete remittance of Customs revenue remains a fundamental obligation of Designated Banks. It cautioned that any payment of collected revenue into unauthorised accounts whether deliberate or due to error, 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 their internal control mechanisms, ensure strict compliance with remittance timelines, and adhere fully to the provisions of the SLA. It reiterated its commitment to enforcing accountability, safeguarding government revenue, and promoting a transparent and predictable financial system in support of national economic development.


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