Customs Reels Out Sanctions Against Banks For Delayed Revenue Remittance

The Nigeria Customs Service (NCS) has commenced enforcement actions against banks that fail to remit collected Customs revenue within the prescribed timelines, marking a firm step toward ensuring accountability in government revenue management.

The Service said reconciliation of collections revealed instances of delayed remittance by some Designated Banks, which it described as a “breach of remittance obligations” that “negatively impact the efficiency, transparency, and integrity of government revenue administration.”

Under the Service Level Agreement (SLA) between the NCS and Designated Banks, the agency warned that any bank failing to remit collected Customs revenue on time “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 Customs Service further noted that persistent or repeated non-compliance “may attract additional sanctions, including regulatory and administrative measures, as provided under the Agreement and relevant laws guiding Customs revenue collection.” It stressed that prompt, accurate, and complete remittance is a fundamental obligation, adding that “any payment of collected revenue into unauthorised accounts, whether deliberate or erroneous, will be treated as a serious violation and addressed in accordance with the SLA and applicable legal frameworks.”

Designated Banks have been urged to strengthen internal controls, ensure strict adherence to remittance timelines, and comply fully with the SLA. The NCS reaffirmed its commitment to enforcing accountability, safeguarding government revenue, and promoting a transparent and predictable financial system in support of national economic development.