The Nigeria Customs Service (NCS) has initiated enforcement measures against Designated Banks that fail to remit collected Customs revenue within the stipulated timeframe, as outlined in the Service Level Agreement (SLA) between the NCS and the banks.
In a statement issued by the National Public Relations Officer, Deputy Comptroller Abdullahi Maiwada, PhD, the NCS highlighted that delays in remittance—identified during reconciliations via the B’odogwu platform—undermine the integrity, transparency, and efficiency of government revenue administration.
Key enforcement measures include penalty for banks delaying remittance will incur a penalty interest of 3% above the prevailing Nigerian Interbank Offered Rate (NIBOR) for the duration of the delay.
Affected banks will receive official communication detailing the delayed amount, the calculated penalty, and a deadline for settlement.
The statement added that repeated or persistent non-compliance may lead to further regulatory and administrative actions as permitted under the SLA and applicable laws.
The NCS emphasized that any payment of Customs revenue into unauthorized accounts—whether intentional or accidental—constitutes a serious breach and will be addressed accordingly.
Designated banks are urged to reinforce internal controls, strictly adhere to remittance schedules, and ensure full compliance with SLA provisions. The NCS reaffirmed its commitment to safeguarding public revenue and fostering a transparent, accountable financial system that supports national economic growth.