NCS to sanction banks delaying remittances of govt revenue

The Nigeria Customs Service (NCS) has threatened to sanction some of the designated banks that are involved in delaying remittance of its revenue to the purse of the Federal Government after the reconciliation of collections processed through the B’odogwu platform

Such delays, according to the Public Relations Officer of the Service, Abdullahi Maiwada,  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 (SLA) 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.

“Accordingly, any Designated Bank that fails to remit collected Customs revenue within the prescribed period shall be liable to penalty interest calculated at three per cent above the prevailing Nigerian Interbank Offered Rate (NIBOR) for the duration of the delay. Affected banks will receive formal notifications indicating the delayed amount, applicable penalty, and the timeline for settlement.

“The Service further notes that persistent or repeated non-compliance with the terms of the SLA may attract additional sanctions, including regulatory and administrative measures, as provided under the Agreement and relevant laws guiding Customs revenue collection.

“The NCS reiterates that prompt, accurate, and complete remittance of Customs revenue is a fundamental obligation of Designated Banks.”

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.

Designated Banks, he said, “are therefore advised to strengthen internal controls, ensure strict adherence to remittance timelines, and comply fully with the provisions of the SLA. The Service remains committed to enforcing accountability, safeguarding government revenue, and promoting a transparent and predictable financial system in support of national economic development,” Maiwada said.