- Nigeria Customs Moves Against Banks Over Delayed Revenue Remittance
- Defaulters face penalty interest above prevailing NIBOR
- Repeated breaches may attract regulatory sanctions
The Nigeria Customs Service has accused some designated banks of delaying the remittance of customs revenue, warning that such actions breach agreed remittance obligations and undermine government revenue administration.
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EKO HOT BLOG reports that in a statement issued on Wednesday, the National Public Relations Officer of the service, Abdullahi Maiwada, said the delays negatively affect the efficiency, transparency and integrity of revenue collection processes.
Maiwada stated that banks found to be in breach of the Service Level Agreement will be subjected to penalty interest calculated at three percent above the prevailing Nigerian Interbank Offered Rate for the duration of the delay.
According to the statement issued on behalf of the Comptroller General of Customs, affected banks will receive written notifications detailing the delayed amount, applicable penalties and timelines for settlement.
“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. Such delays constitute a breach of remittance obligations and negatively impact the efficiency, transparency, and integrity of government revenue administration,” the statement said.
“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 service warned that repeated or persistent non compliance with the agreement could attract additional regulatory and administrative sanctions, as provided by existing laws governing customs revenue collection.
“Any Designated Bank that fails to remit collected Customs revenue within the prescribed period shall be liable to penalty interest calculated at three percent above the prevailing Nigerian Interbank Offered Rate for the duration of the delay,” Maiwada said.
He added that any payment of collected revenue into unauthorised accounts, whether deliberate or accidental, would be treated as a serious violation and addressed accordingly.
The Nigeria Customs Service advised designated banks to strengthen their internal controls, ensure strict adherence to remittance timelines and fully comply with the provisions of the Service Level Agreement.
Maiwada reaffirmed the service’s commitment to enforcing accountability, safeguarding government revenue and promoting a transparent financial system in support of national economic development.
