The Nigeria Customs Service (NCS) has announced a three per cent fine on Designated Banks that fail to remit collected revenue within the stipulated timelines, following discoveries of delays in transactions processed through its B’odogwu platform.

The Service noted that reconciliation of transactions revealed that some banks delayed transferring revenues owed to the Federal Government, a practice that undermines remittance obligations and threatens the transparency, credibility, and effectiveness of government revenue administration.

In response, the NCS has initiated enforcement actions in line with the Service Level Agreement (SLA) between the Service and Designated Banks to safeguard the integrity of the revenue collection process.

Under the new enforcement framework, any bank failing to remit Customs revenue on time will incur a penalty interest of three per cent above the prevailing Nigerian Interbank Offered Rate (NIBOR) for the period of default. Affected banks will be formally notified of the outstanding amount, the applicable penalty, and the settlement deadline.

Aliyu Maiwada, NCS National Public Relations Officer, warned that repeated breaches of the SLA could attract stricter sanctions, including regulatory and administrative measures as provided under the Agreement and relevant laws governing Customs revenue collection.

The NCS emphasized that prompt, accurate, and complete remittance of Customs revenue is a fundamental obligation of Designated Banks. Any payment of collected revenue into unauthorized accounts, whether intentional or due to error, will be treated as a serious violation and addressed in accordance with the SLA and legal frameworks.

The Service urged banks to strengthen internal controls, adhere strictly to remittance timelines, and comply fully with SLA provisions. It reiterated its commitment to enforcing accountability, safeguarding government revenue, and promoting a transparent, predictable financial system to support national economic development.