The Nigeria Customs Service has introduced a three per cent penalty for Designated Banks that fail to remit collected revenue to the Federal Government within the approved timeline.
The Service said the decision followed the discovery of delays in revenue transfers processed through its B’odogwu platform during a recent reconciliation exercise.
According to Customs, the delays by some banks violate agreed remittance terms and threaten transparency, credibility, and efficiency in government revenue administration.
In response, the NCS said it has begun enforcing provisions of the Service Level Agreement signed with Designated Banks to protect the integrity of the revenue collection system.
Under the enforcement framework, any bank that fails to remit Customs revenue within the stipulated time will pay penalty interest calculated at three per cent above the prevailing Nigerian Interbank Offered Rate for the duration of the default.
The affected banks will be officially informed of the outstanding amount, the penalty imposed and the deadline for settlement.
In a statement issued on Thursday, the National Public Relations Officer of the Service, Aliyu Maiwada, warned that repeated violations could attract tougher sanctions.
He said, “Persistent or repeated breaches of the Service Level Agreement may attract stiffer regulatory and administrative sanctions as provided under the agreement and relevant laws.”
The NCS also warned banks against paying collected Customs revenue into unauthorised accounts, whether by mistake or deliberate action.
The Service said such actions would be treated as serious violations and addressed in line with the Service Level Agreement and applicable legal provisions.
Customs stressed that prompt, accurate and complete remittance of revenue remains a core responsibility of all Designated Banks.
It urged banks to strengthen their internal control systems, comply strictly with remittance timelines and fully observe all provisions of the agreement.
The Service reaffirmed its commitment to accountability across the revenue collection chain, adding that the measures are aimed at protecting government revenue and promoting a transparent and predictable financial system to support national economic growth.
