Revenue remittance: Customs begins penalty enforcement against banks 

In a statement issued on Wednesday, the Service said it had observed instances of delayed remittance by some designated banks after reconciliation of collections processed through the B’odogwu platform.

According to the NCS, such delays amount to a breach of remittance obligations and negatively affect the efficiency, transparency and integrity of the nation’s revenue system.

The Service explained that the enforcement action is in line with the Service Level Agreement (SLA) signed between the NCS and designated banks, which clearly stipulates timelines for the remittance of Customs revenue.

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Under the enforcement regime, any designated bank that fails to remit collected 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 amount, the applicable penalty and the deadline for settlement.

The NCS also warned that persistent or repeated non-compliance with the SLA could attract stiffer sanctions, including regulatory and administrative measures, as provided under the agreement and relevant laws guiding Customs revenue collection.

It further stressed that the prompt, accurate and complete remittance of Customs revenue remains a fundamental obligation of designated banks. Any payment of collected revenue into unauthorised accounts—whether deliberate or accidental—will be treated as a serious violation and handled in accordance with the SLA and applicable legal frameworks.

Advising banks to strengthen internal controls, the Service urged strict adherence to remittance timelines and full compliance with the provisions of the SLA. It reaffirmed its commitment to enforcing accountability, protecting government revenue and promoting a transparent and predictable financial system in support of national economic development.