The Nigeria Customs Service (NCS) has issued a stern warning to designated banks over delays in remitting collected customs revenue, announcing the commencement of enforcement actions against those violating agreed timelines.
In a statement released on Wednesday, the NCS revealed that reconciliations on its B’odogwu payment platform uncovered instances of delayed remittances by certain banks. These delays, the agency said, breach obligations under the Service Level Agreement (SLA) with the banks and undermine the efficiency, transparency, and integrity of government revenue management.
“Such delays constitute a breach of remittance obligations and negatively impact the efficiency, transparency, and integrity of government revenue administration,” the NCS stated.
Under the SLA, banks failing to remit funds within stipulated periods face penalty interest at 3% above the prevailing Nigerian Interbank Offered Rate (NIBOR) for the duration of the delay.
Defaulting banks will receive formal notifications detailing the delayed amounts, penalties, and settlement deadlines.
The NCS warned that persistent or repeated noncompliance could trigger additional sanctions, including regulatory and administrative measures as outlined in the SLA and relevant laws.
The agency also emphasized that payments into unauthorized accounts whether intentional or accidental will be treated as serious violations. Designated banks have been urged to bolster internal controls and ensure full compliance with remittance timelines.
Reaffirming its dedication to accountability, the NCS stated its actions aim to safeguard public revenue and foster a transparent financial system in support of Nigeria's economic development.
No specific banks were named in the statement, and the exact remittance timelines were not detailed beyond the SLA provisions.
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