by George Ozalla
The Nigeria Customs Service (NCS) has begun enforcing penalties against designated banks that fail to remit collected Customs revenue within agreed timelines, following reconciliations of transactions processed through the B’odogwu platform. According to a press release signed by Abdullahi Maiwada, Deputy Comptroller of Customs and National Public Relations Officer, such delays breach remittance obligations and undermine the efficiency, transparency, and integrity of government revenue administration.
According to the release, any bank found in default will incur penalty interest calculated at three percent above the prevailing Nigerian Interbank Offered Rate (NIBOR) for the duration of the delay. Affected banks will receive formal notifications detailing the delayed amounts, applicable penalties, and timelines for settlement.
The NCS further warned that persistent or repeated non-compliance may attract additional sanctions, including regulatory and administrative measures, in line with the provisions of the Service Level Agreement executed with the banks and relevant laws guiding Customs revenue collection.
The Service stressed that prompt, accurate, and complete remittance of Customs revenue is a fundamental obligation of all designated banks, and any payment into unauthorised accounts, whether deliberate or accidental, will be treated as a serious violation subject to corrective action under the SLA and applicable legal frameworks.
Designated banks have been advised to strengthen internal controls, adhere strictly to remittance timelines, and ensure full compliance with the SLA. The NCS described these measures as critical for enforcing accountability, safeguarding government revenue, and promoting a transparent financial system that supports national economic development.
