By Ayomide Otitoju
The Nigeria Customs Service (NCS) has warned designated banks that delay remitting Customs revenue that they will face penalties, in a move to enhance transparency and protect government earnings.
In a statement on Wednesday, NCS spokesman Abdullahi Maiwada said delays in revenue remittance undermine the efficiency, transparency, and integrity of government revenue administration.
“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,” the statement read.
Maiwada explained that, under the Service Level Agreement between the NCS and designated banks, enforcement actions will commence against banks failing to meet agreed remittance timelines.
Banks that do not remit collected Customs revenue within the prescribed period will incur penalty interest of three per cent above the prevailing Nigerian Interbank Offered Rate for the duration of the delay. Affected banks will receive formal notifications detailing the delayed amounts, the applicable penalty, and the settlement deadline.
“Accordingly, any designated bank that fails to remit collected Customs revenue within the prescribed period shall be liable to penalty interest calculated at three per cent above the prevailing Nigerian Interbank Offered Rate for the duration of the delay. Affected banks will receive formal notifications indicating the delayed amount, applicable penalty, and the timeline for settlement,” the statement added.
