Customs To Sanction Banks For Delayed Remittance Of Revenue
The Nigeria Customs Service has commenced enforcement of penalties against designated banks that delay the remittance of Customs revenue, in a bid to strengthen transparency and protect government earnings.
In a statement issued on Wednesday by the Deputy Comptroller of Customs and National Public Relations Officer, Abdullahi Maiwada, the Service said it had observed cases of delayed remittance after reconciliation of collections processed through its B’odogwu electronic platform.
According to the statement, such delays breach the Service Level Agreement between the NCS and designated banks responsible for collecting Customs revenue on behalf of the Federal Government.
“The Nigeria Customs Service has noted instances of delayed remittance of Customs revenue by some designated banks following reconciliation of collections processed through the B’odogwu platform,” the statement said.
“Such delays constitute a breach of remittance obligations and negatively impact the efficiency, transparency, and integrity of government revenue administration.”
“In line with the provisions of the Service Level Agreement 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.”
The NCS disclosed that any 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 for the duration of the delay.
“Affected banks will receive formal notifications indicating the delayed amount, applicable penalty, and the timeline for settlement,” the statement added.
The Service warned that persistent or repeated violations of the SLA could attract stiffer sanctions, including regulatory and administrative measures, as provided under the agreement and relevant laws guiding Customs revenue collection.
It also cautioned that any payment of collected revenue into unauthorised accounts, whether deliberate or due to error, would be treated as a serious violation.
“Any payment of collected revenue into unauthorised accounts, whether deliberate or erroneous, will be treated as a serious violation and addressed in accordance with the SLA and applicable legal frameworks,” the statement said.
The NCS advised designated banks to strengthen internal control mechanisms, ensure strict compliance with remittance timelines and fully adhere to the terms of the agreement, reaffirming its commitment to safeguarding government revenue and promoting a transparent financial system.
Titilope Adako is a talented and intrepid journalist, dedicated to shedding light on the untold stories of Osun State and Nigeria. Through incisive reporting, she tackles a broad spectrum of topics, from politics and social justice to culture and entertainment, with a commitment to accuracy, empathy, and inspiring positive change.
