Nigeria Customs Enforce Penalty Against Banks Over Delayed Revenue Remittance

ZAINAB JUNAID

The Nigeria Customs Service on Wednesday said it has started enforcing penalties against authorised financial institutions found guilty of delaying revenue remittance.

In a press release signed by the Service’s spokesperson, Deputy Comptroller of Customs, Dr. Abdullahi Maiwada for the Comptroller General of Customs, the Agency condemned the frequent act of delaying remittance of Customs revenue by some of the designated banks following reconciliation of collections processed through the B’odogwu platform.

Such delays, the Service said, constitute a breach of remittance obligations and negatively impact the efficiency, transparency, and integrity of government revenue administration.

The Agency informed that a penalty interest calculated at three percent (3%) above the prevailing Nigerian Interbank Offered Rate (NIBOR) for the duration of the delays, would be slammed on any bank found guilty.

The statement reads in part that “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.

“Affected banks will receive formal notifications indicating the delayed amount, applicable penalty, and the timeline for settlement.

“The Service further notes 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.

“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 Service remains committed to enforcing accountability, safeguarding government revenue, and promoting a transparent and predictable financial system in support of national economic development”.