Nigeria Customs to Penalise Banks over Delayed Revenue Remittance
The Nigeria Customs Service (NCS) says it will begin enforcing penalties against banks that default on remitting customs revenue.
NCS`s Comptroller-General (C-G), Bashir Adeniyi, gave the warning in a statement by the spokesperson of the service, Abdullahi Maiwada, on Wednesday in Abuja.
Maiwada said the move was in line with the provisions of the Service Level Agreement (SLA) executed between the NCS and designated banks.
He said the service had observed cases of delayed remittances by some designated banks after reconciling collections processed through B’odogwu, its digital platform.
Such delays, he said, constituted a breach of remittance obligations and negatively impact the efficiency, transparency and integrity of government revenue administration.
He said any designated bank that failed to remit the collected Customs revenue within the prescribed period shall be liable to penalty interest.
The interest, he said, would be calculated at three percent above the prevailing Nigerian Interbank Offered Rate (NIBOR) for the duration of the delay.
According to him, the 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 are therefore advised to strengthen internal controls, ensure strict adherence to remittance timelines and comply fully with the provisions of the SLA,“ he said.
Maiwada said that the service remained committed to enforcing accountability, safeguarding government revenue and promoting a transparent and predictable financial system in support of national economic development. Eterna Value Shrinks by 15%, Investors Take Profit Amidst Forecast
