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Nigeria Customs Service Enforces Penalties on Designated Banks for Delayed Customs Revenue Remittance |
Nigeria Customs Service enforces penalties on designated banks for delayed customs revenue remittance, tightening compliance and transparency nationwide.
The Nigeria Customs Service (NCS) has taken a decisive step to protect government revenue. Starting now, designated banks that delay remittance of customs revenue will face strict financial penalties and possible sanctions. This move signals a stronger commitment to transparency, accountability, and efficient revenue administration.
Why the Nigeria Customs Service Is Taking Action
The NCS observed repeated cases of delayed remittance by some designated banks after reconciliation on the B’odogwu platform. These delays undermine public finance management and weaken confidence in the customs revenue system.
According to the Service, timely remittance is not optional—it is a binding obligation clearly stated in the Service Level Agreement (SLA) signed with designated banks.
Enforcement Measures Against Defaulting Banks
Penalty for Delayed Customs Revenue Remittance
Under the SLA, any designated bank that fails to remit collected customs revenue within the approved timeframe will now face:
- Penalty interest of 3% above the prevailing Nigerian Interbank Offered Rate (NIBOR)
- Interest calculated for the full duration of the delay
- Formal notification detailing:
- The delayed amount
- Applicable penalty
- Deadline for settlement
You can learn more about NIBOR and Nigeria’s interbank rates on the Central Bank of Nigeria (CBN) official website.
Additional Sanctions for Repeated Violations
What Happens If a Bank Keeps Defaulting?
The Nigeria Customs Service made it clear that repeated non-compliance will attract tougher consequences. These may include:
- Regulatory sanctions
- Administrative actions
- Other penalties allowed under existing customs and financial laws
Such measures are designed to deter abuse and strengthen compliance across the banking system.
Zero Tolerance for Unauthorized Revenue Handling
The NCS emphasized that any customs revenue paid into unauthorized accounts, whether by error or intent, will be treated as a serious violation. All such cases will be handled strictly in line with the SLA and applicable laws governing customs revenue collection in Nigeria.
Expectations from Designated Banks
To avoid penalties, designated banks are advised to:
- Strengthen internal financial controls
- Ensure strict compliance with remittance timelines
- Fully adhere to the Service Level Agreement
- Improve reconciliation processes on the B’odogwu platform
These steps are critical to maintaining a transparent and predictable financial ecosystem.
NCS Reaffirms Commitment to Revenue Protection
The Nigeria Customs Service reaffirmed its commitment to:
- Safeguarding government revenue
- Enforcing accountability across partners
- Supporting national economic development
For official updates, policies, and customs guidelines, stakeholders are encouraged to visit the Nigeria Customs Service official website.
What This Means for Nigeria’s Economy
This enforcement action sends a strong signal to financial institutions. Efficient customs revenue remittance improves fiscal planning, boosts public trust, and supports sustainable economic growth.
CTA (In-content):
If you are a stakeholder or financial institution partner, review your remittance processes now to ensure full compliance with NCS regulations.
Final Call to Action
Stay informed on Nigeria’s customs policies and financial regulations. Follow official announcements from the Nigeria Customs Service and the Central Bank of Nigeria to avoid penalties and remain compliant in 2025 and beyond.
