The Nigeria Customs Service has imposed a three percent penalty on Designated Banks that fail to remit collected government revenue within approved timelines, following the discovery of delays in transactions processed on its B’odogwu revenue platform.
The Service said a recent reconciliation of records uncovered lapses by some banks in transferring Customs revenue due to the Federal Government, warning that such delays undermine remittance obligations and threaten the transparency, credibility, and efficiency of public revenue administration.
In response, the NCS has commenced enforcement actions in line with the Service Level Agreement between the Service and Designated Banks, aimed at protecting the integrity of the Customs revenue collection process.
Under the enforcement regime, any Designated Bank that defaults in remitting collected Customs revenue within the agreed timeframe will be charged penalty interest at a rate of three per cent above the prevailing Nigerian Interbank Offered Rate for the duration of the default. Affected banks will receive formal notifications detailing the outstanding sums, applicable penalties, and deadlines for settlement.
The National Public Relations Officer of the Service, Aliyu Maiwada, warned that persistent or repeated violations of the Service Level Agreement could attract tougher sanctions, including regulatory and administrative measures as provided under existing agreements and relevant laws governing Customs revenue collection.
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The statement stressed that timely, accurate, and complete remittance of Customs revenue is a core obligation of all Designated Banks. It further cautioned that paying collected revenue into unauthorised accounts, whether intentionally or through error, would be treated as a serious breach and handled in accordance with the Service Level Agreement and applicable legal frameworks.
The Nigeria Customs Service also urged Designated Banks to strengthen their internal control systems, comply strictly with remittance timelines, and adhere fully to the provisions of the Service Level Agreement.
Reaffirming its stance, the NCS said it remains committed to enforcing accountability across the revenue collection value chain, safeguarding government revenue, and promoting a transparent and predictable financial system to support Nigeria’s economic development.
