Customs to begin enforcement action against banks delaying revenue remittance

The Nigeria Customs Service (NCS) has warned banks against delays in remitting the agency’s revenue, saying it has commenced enforcement actions against lenders found to be in breach of agreed timelines.

In a statement on Wednesday, the service said it observed instances of delayed remittance by some designated banks after 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 reads.

“In line with the provisions of the Service Level Agreement (SLA) executed between the Nigeria Customs Service and Designated Banks, the Service hereby notifies stakeholders of the commencement of enforcement actions against banks found to be in default of agreed remittance timelines.

“Accordingly, any Designated Bank that fails to remit collected Customs revenue within the prescribed period shall be liable to penalty interest calculated at three percent (3%) above the prevailing Nigerian Interbank Offered Rate (NIBOR) for the duration of the delay.

“Affected banks will receive formal notifications indicating the delayed amount, applicable penalty, and the timeline for settlement.”

The service also warned that persistent or repeated noncompliance could attract further sanctions, including regulatory and administrative measures, as provided under the SLA and relevant laws governing customs revenue collection.

The NCS also stressed that prompt, accurate and complete remittance of customs revenue is a core obligation of designated banks, noting that payments made into unauthorised accounts, whether deliberate or accidental, would be treated as serious violations.

“Designated Banks are therefore advised to strengthen internal controls, ensure strict adherence to remittance timelines, and comply fully with the provisions of the SLA,” the agency added.

Customs reaffirmed its commitment to enforcing accountability, safeguarding government revenue, and promoting a transparent and predictable financial system in support of national economic development.