By Nkechi Eze
The Nigeria Customs Service (NCS) has commenced the enforcement of penalties against Designated Banks found to be in breach of agreed timelines for the remittance of Customs revenue, following observed cases of delayed transfers after reconciliation of collections processed through the B’odogwu platform.
The Service disclosed that the delays, identified during routine reconciliation exercises, constitute a clear violation of remittance obligations under existing agreements and pose a serious threat to the efficiency, transparency, and integrity of government revenue administration. The development was contained in an official statement signed by the National Public Relations Officer of the Service, Deputy Comptroller of Customs Abdullahi Maiwada.
According to the statement, the enforcement action is anchored on the provisions of the Service Level Agreement (SLA) executed between the Nigeria Customs Service and Designated Banks. In line with this agreement, the Service formally notified stakeholders that it has activated enforcement measures against banks that fail to remit collected Customs revenue within the prescribed timelines.
The NCS explained that any Designated Bank that defaults in remitting collected revenue within the stipulated period will be subjected to penalty interest calculated at three percent above the prevailing Nigerian Interbank Offered Rate (NIBOR) for the duration of the delay. The Service noted that affected banks would be issued formal notifications clearly stating the delayed amount, the applicable penalty, and the timeline within which settlement must be effected.
The statement further warned that persistent or repeated non-compliance with the terms of the SLA would attract additional sanctions. These may include regulatory and administrative measures as provided for under the agreement and other relevant laws governing Customs revenue collection in Nigeria.
Reiterating its position, the Nigeria Customs Service stressed that prompt, accurate, and complete remittance of Customs revenue remains a fundamental obligation of all Designated Banks. The Service cautioned that any payment of collected revenue into unauthorised accounts, whether arising from deliberate actions or operational errors, would be treated as a serious violation and addressed strictly in accordance with the SLA and applicable legal frameworks.
The NCS therefore advised Designated Banks to strengthen their internal control mechanisms, ensure strict compliance with remittance timelines, and adhere fully to the provisions of the Service Level Agreement. The Service reaffirmed its commitment to enforcing accountability, safeguarding government revenue, and promoting a transparent and predictable financial system in support of Nigeria’s broader national economic development objectives.
