by The Ajasa News | December 17, 2025 3:47 pm
The Nigeria Customs Service (NCS) has commenced enforcement actions against designated banks that delay the remittance of Customs revenue, warning that such lapses undermine transparency and efficiency in government revenue administration.
In a statement issued on Wednesday, the Service said it had observed cases of delayed remittances by some designated banks after reconciliation of collections processed through the B’odogwu platform. According to the NCS, the delays constitute a breach of the Service Level Agreement (SLA) governing revenue collection and remittance.
The Customs Service announced that, in line with the provisions of the SLA executed with designated banks, it has begun enforcing penalties against institutions found to be in default of agreed remittance timelines.
Under the enforcement regime, any designated bank that fails to remit collected Customs revenue within the prescribed period will be liable to penalty interest calculated at three per cent above the prevailing Nigerian Interbank Offered Rate (NIBOR) for the duration of the delay. Affected banks, the Service said, will receive formal notifications detailing the delayed amounts, applicable penalties and timelines for settlement.
The NCS further warned that persistent or repeated non-compliance could attract additional sanctions, including regulatory and administrative measures, as provided under the SLA and relevant laws guiding Customs revenue collection.
It also cautioned that the payment of collected revenue into unauthorised accounts—whether deliberate or due to error—will be treated as a serious violation and addressed in accordance with the SLA and applicable legal frameworks.
Reiterating that prompt, accurate and complete remittance of Customs revenue is a fundamental obligation of designated banks, the Service urged financial institutions to strengthen their internal controls and ensure strict compliance with agreed remittance timelines.
“The Service remains committed to enforcing accountability, safeguarding government revenue and promoting a transparent and predictable financial system in support of national economic development,” the statement said.
The statement was signed by the Deputy Comptroller of Customs and National Public Relations Officer, Abdullahi Maiwada, on behalf of the Comptroller-General of Customs.
Source URL: https://theajasanews.com/customs-begins-enforcement-of-penalties-against-banks-over-delayed-revenue-remittance/
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