The Nigeria Customs Service (NCS) is set to commence enforcement action against commercial banks found to be in breach of agreed timelines for remittance of collected revenue.
The NCS said in a statement that it observed instances of delayed remittance by some designated banks after reconciliation of collections processed through the B’odogwu platform.
According to the NCS, “Such delays constitute a breach of remittance obligations and negatively impact the efficiency, transparency, and integrity of government revenue administration.”
“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 read.
It further pointed out that “Affected banks will receive formal notifications indicating the delayed amount, applicable penalty, and the timeline for settlement.”
The service also warned that persistent or repeated noncompliance could attract further sanctions, including regulatory and administrative measures, as provided under the SLA and relevant laws governing customs revenue collection.
The NCS emphasised that prompt, accurate and complete remittance of customs revenue is a core obligation of designated banks, noting that payments made into unauthorised accounts, whether deliberate or accidental, would be treated as serious violations.
“Designated Banks are, therefore, advised to strengthen internal controls, ensure strict adherence to remittance timelines, and comply fully with the provisions of the SLA,” the agency added.
The NCS reaffirmed its commitment to enforcing accountability, safeguarding government revenue, and promoting a transparent and predictable financial system in support of national economic development.
