Trending 
The Nigeria Customs Service has warned it will penalise banks that delay remitting the agency’s revenue, stating that enforcement actions have already begun against defaulters.
In a statement issued by Abdullahi Maiwada, Deputy Comptroller of Customs and National Public Relations Officer, the service stated that it has observed instances of delayed remittance by some designated banks after the reconciliation of collections processed through the B’odogwu platform.
It cautioned that such delays undermine the efficiency, transparency and integrity of government revenue administration.
The statement read, “The Nigeria Customs Service has noted instances of delayed remittance of Customs revenue by some designated banks following reconciliation of collections processed through the B’odogwu platform.
“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 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.”
It reinforced that any Designated Bank that fails to remit collected Customs 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 also receive formal notifications indicating the delayed amount, applicable penalty, and the timeline for settlement.
The service also stated that persistent or repeated violations could attract further sanctions, including regulatory and administrative measures, as provided under the SLA and relevant laws governing customs revenue collection.
It further warned that wrong payment of collected revenue into unauthorised accounts, either deliberate or accidental, would be treated as a serious violation.
“The NCS reiterates that prompt, accurate, and complete remittance of Customs revenue is a fundamental obligation of Designated Banks.
“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.
“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 statement added.
Customs reaffirmed its commitment to enforcing accountability, safeguarding government revenue, and promoting a transparent and predictable financial system in support of national economic development.
