THE Nigeria Customs Service (NCS) has announced plans to impose penalties on designated banks that delay the remittance of Customs revenue, a move aimed at protecting government income and improving transparency in revenue administration.
In a statement issued today by its spokesperson, Abdullahi Maiwada, the Service said it had observed cases of delayed revenue transfers by some banks after reconciliation of collections processed through the B’odogwu platform.
According to the NCS, such delays violate remittance obligations and weaken the efficiency, transparency, and integrity of government revenue management.
Maiwada explained that, in line with the Service Level Agreement between the NCS and designated banks, enforcement actions would now be applied to any bank that fails to meet agreed remittance timelines.
He added that defaulting banks would be charged penalty interest calculated at three per cent above the prevailing Nigerian Interbank Offered Rate for the duration of the delay.
Affected institutions, he said, would receive formal notifications detailing the outstanding amount, the applicable penalty, and the deadline for settlement.