The Nigeria Customs Service (NCS) has announced the start of enforcement measures against designated banks accused of delaying the remittance of customs revenue, warning that such lapses undermine the transparency and efficiency of government finances.
In a statement on Wednesday, the service said it had recorded instances in which some banks failed to promptly remit funds collected through the B’odogwu revenue platform after reconciliation, in breach of their contractual obligations.
Under the service level agreement (SLA) signed with designated banks, the NCS said it would now apply sanctions to institutions found to be in default of agreed timelines.
Any bank that fails to remit collected customs revenue within the prescribed period will be charged penalty interest calculated at three percentage points above the prevailing Nigerian Interbank Offered Rate (NIBOR) for the duration of the delay. Affected banks, the service added, would receive formal notices detailing the outstanding amounts, penalties due and deadlines for settlement.
The customs service also warned that persistent or repeated breaches of the SLA could trigger further regulatory and administrative sanctions, as allowed under existing agreements and laws governing customs revenue collection.
Reiterating that prompt, accurate and complete remittance of revenue is a core obligation, the NCS said any payment of customs funds into unauthorised accounts — whether deliberate or accidental — would be treated as a serious violation.
The service urged designated banks to tighten internal controls and comply strictly with remittance timelines, stressing its commitment to accountability, the protection of public revenue and the promotion of a transparent and predictable financial system to support national economic development.
