Delayed Customs Revenue: Banks Face New Interest Sanctions
Customs Moves to Enforce Timely Revenue Remittance
THE Nigeria Customs Service (NCS) has announced the commencement of enforcement actions against Deposit Money Banks (DMBs) that delay remitting revenue collected on its behalf, introducing a stiff financial penalty to curb the practice.
3% Interest Penalty Above NIBOR
Under the new directive, any bank that fails to remit Customs revenue within the prescribed period will be charged an interest penalty of three per cent above the prevailing Nigerian Interbank Offered Rate (NIBOR) for the duration of the delay.
Breach of Service Level Agreement
In a statement issued by the Service’s spokesperson, Dr. Abdullahi Maiwada, a Deputy Controller of Customs, the NCS said the decision followed recurring cases of delayed remittances identified after reconciliation of collections processed through the B’odogwu platform.
The Service described such delays as a breach of the Service Level Agreement (SLA) between Customs and designated banks, noting that they undermine the efficiency, transparency and integrity of government revenue administration.
Warnings of Further Sanctions
Customs said affected banks would receive formal notifications detailing the delayed sums, applicable penalties and settlement timelines. It warned that persistent or repeated violations could attract additional regulatory and administrative sanctions in line with existing agreements and relevant laws.
