The Nigeria Customs Service (NCS) has commenced enforcement of penalties against Designated Banks found to be delaying the remittance of collected Customs revenue.
The Service disclosed this in a statement on Wednesday, noting that the delays were identified after reconciliation of collections processed through the B’odogwu revenue platform.
According to the NCS, delayed remittances violate the Service Level Agreement (SLA) between Customs and Designated Banks and undermine transparency, efficiency, and integrity in government revenue administration.
Under the enforcement measures, any bank that fails to remit Customs revenue within the stipulated timeline will be charged penalty interest calculated at three per cent above the prevailing Nigerian Interbank Offered Rate (NIBOR) for the duration of the delay. Affected banks will receive formal notifications detailing the delayed amounts, applicable penalties, and deadlines for settlement.
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The Service warned that persistent or repeated breaches of the SLA could attract additional regulatory and administrative sanctions, in line with existing agreements and relevant laws governing revenue collection.
Customs also cautioned that payment of collected revenue into unauthorised accounts, whether deliberate or accidental, would be treated as a serious offence and addressed accordingly.
The NCS urged Designated Banks to strengthen internal controls and ensure strict compliance with remittance timelines, reaffirming its commitment to safeguarding government revenue and promoting accountability within the financial system.
