The Nigeria Customs Service, NCS, has moved against designated Nigerian banks that delay the remittance of revenue accruing to the government.
NCS said going forward, any designated bank that fails to remit Customs revenue within the prescribed period shall be liable to penalty interest calculated at three percent above the prevailing Nigerian Interbank Offered Rate, NIBOR.
The spokesperson of NCS, Abdullahi Maiwada, disclosed this in a statement on Wednesday.
The NCS explained that the action is in line with the Service Level Agreement, SLA, signed with designated banks, stressing that adherence to agreed remittance timelines is mandatory.
Affected banks, Customs said, will receive formal notifications detailing the outstanding amount, applicable penalty, and deadline for settlement.
Customs further warned that banks with persistent or repeated breaches of the SLA could face stiffer sanctions, including regulatory and administrative measures as provided by law.
The Service cautioned that payment of collected revenue into unauthorized accounts, whether intentional or accidental, would be treated as a serious violation and dealt with accordingly.
Reaffirming its commitment to accountability, the NCS urged all designated banks to strengthen internal controls, ensure timely remittance of funds, and comply fully with the terms of the SLA.
āAccordingly, 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 percent) above the prevailing Nigerian Interbank Offered Rate (NIBOR) for the duration of the delay.
āDesignated banks are therefore advised to strengthen internal controls, ensure strict adherence to remittance timelines, and comply fully with the provisions of the SLA,ā the statement reads.
The development comes as the minister of finance on Tuesday said the Federal Government missed its 2025 revenue target.
Delayed remittances: Customs enforces 3% penalty interest on Nigerian banks
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