Nigeria Customs Begins Enforcement of Penalties Against Banks Over Delayed Revenue Remittance

The Nigeria Customs Service (NCS) has announced the commencement of enforcement actions against designated banks that fail to remit collected Customs revenue within agreed timelines.

According to the Service, recent reconciliations of collections processed through the B’odogwu platform revealed instances of delayed remittance by some designated banks. The NCS noted that such delays violate remittance obligations under existing agreements and undermine the efficiency, transparency, and integrity of government revenue administration.

In a statement issued on Wednesday, the Service said the enforcement action is in line with the Service Level Agreement (SLA) between the NCS and designated banks. Under the agreement, any bank that fails to remit collected Customs revenue within the prescribed period will be liable to penalty interest calculated at three per cent above the prevailing Nigerian Interbank Offered Rate (NIBOR) for the duration of the delay.

The NCS explained that affected banks will be formally notified of the delayed amounts, the applicable penalty, and the timeline for settlement. It further warned that persistent or repeated non-compliance with the SLA could attract additional regulatory and administrative sanctions as provided under the agreement and relevant laws governing Customs revenue collection.

The Service also cautioned that any payment of collected Customs revenue into unauthorised accounts whether deliberate or due to error will be treated as a serious violation and addressed in accordance with the SLA and applicable legal frameworks.

Reiterating that prompt, accurate, and complete remittance of Customs revenue is a fundamental obligation of designated banks, the NCS advised financial institutions to strengthen internal controls and ensure strict compliance with agreed remittance timelines.

The statement, signed by the Deputy Comptroller of Customs and National Public Relations Officer, Abdullahi Maiwada, PhD, emphasised the Service’s commitment to enforcing accountability, safeguarding government revenue, and promoting a transparent and predictable financial system in support of national economic development.