The Nigeria Customs Service (NCS) has begun enforcing penalty measures against designated banks that fail to remit customs revenue within agreed timelines, following concerns over delays linked to collections processed through the B’odogwu platform.
The Service, which disclosed this in a press release sent to SHIPS & PORTS on Wednesday, said it had observed repeated instances where customs revenue, already reconciled, was not transferred promptly by some banks, describing the delays as a breach of remittance obligations that undermine efficiency, transparency and the integrity of government revenue administration.
Under the Service Level Agreement (SLA) between the NCS and designated banks, any institution that fails to remit collected customs revenue within the prescribed period will now attract penalty interest.
The charge will be calculated at three per cent above the prevailing Nigerian Interbank Offered Rate (NIBOR) for the duration of the delay.
Affected banks will be formally notified of the outstanding amounts, the applicable penalty and the deadline for settlement.
The NCS also warned that persistent or repeated non-compliance could lead to further regulatory and administrative sanctions, in line with the SLA and relevant laws governing customs revenue collection.
The NCS stressed that prompt, accurate and complete remittance of customs revenue remains a fundamental obligation of all designated banks. It added that any payment of collected revenue into unauthorised accounts, whether intentional or accidental, would be treated as a serious violation and dealt with accordingly.
Advising banks to strengthen their internal controls, the Service urged strict adherence to agreed remittance timelines and full compliance with the terms of the SLA.
The NCS reaffirmed its commitment to enforcing accountability, safeguarding government revenue and promoting a transparent and predictable financial system to support national economic development.