Esther Oritse
Lagos — The Nigeria Customs Service (NCS) has observed lapses in the timely transfer of Customs revenues by certain Designated Banks after reconciliation of transactions processed on the B’odogwu platform. These lapses undermine established remittance obligations and pose risks to the effectiveness, transparency, and credibility of government revenue administration.
To safeguard the integrity of the revenue collection process and in strict compliance with the Service Level Agreement (SLA) between the Nigeria Customs Service and Designated Banks, the Service has initiated enforcement measures against banks that fail to comply with agreed remittance timelines.
Consequently, any Designated Bank that does not remit collected Customs revenue within the stipulated timeframe will attract penalty interest at a rate of three per cent (3%) above the prevailing Nigerian Interbank Offered Rate (NIBOR) for the period of default. Defaulting banks will be formally notified of the outstanding amount, applicable penalty, and the deadline for settlement.
In a statement by the National Public Relations Officer of the Customs Service, Aliyu Maiwada, the leadership of the agency also noted 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.
Parts of the statement read :”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. The Service remains committed to enforcing accountability, safeguarding government revenue, and promoting a transparent and predictable financial system in support of national economic development.”
