The Nigeria Customs Service (NCS) has cautioned designated banks over delays in remitting the agency’s revenue.
The service said in a statement issued on Wednesday that reconciliation of collections processed through the B’odogwu platform revealed instances of delayed remittance by some banks.
The NCS added that enforcement measures have begun against lenders that violate agreed timelines.
“Such delays constitute a breach of remittance obligations and negatively impact the efficiency, transparency, and integrity of government revenue administration,” the statement reads.
“In line with the provisions of the Service Level Agreement (SLA) executed between the Nigeria Customs Service and Designated Banks, the Service hereby notifies stakeholders of the commencement of enforcement actions against banks found to be in default of agreed remittance timelines.”
The NCS said banks that fail to remit collected revenue within the stipulated period would be subjected to financial penalties.
“Accordingly, any Designated Bank that fails to remit collected Customs revenue within the prescribed period shall be liable to penalty interest calculated at three percent (3%) above the prevailing Nigerian Interbank Offered Rate (NIBOR) for the duration of the delay.
“Affected banks will receive formal notifications indicating the delayed amount, applicable penalty, and the timeline for settlement.”
The NCS warned that repeated or prolonged violations could result in additional regulatory and administrative sanctions under the SLA and relevant laws guiding customs revenue collection.
The service stressed that timely, accurate, and complete remittance of customs revenue remains a fundamental responsibility of designated banks.
It said payments made into unauthorised accounts, whether intentional or accidental, would be treated as serious infractions.
“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 agency added.
The NCS said the enforcement actions underscore its commitment to accountability, protection of public revenue, and the promotion of a transparent and predictable financial system to support national economic development.