Customs To Penalise Banks Over Delayed Revenue Remittance

The Nigeria Customs Service says it would enforce penalties against designated banks that delay the remittance of Customs revenue, in a move aimed at strengthening transparency and safeguarding government earnings.

Disclosing this in a statement on Wednesday, NCS spokesman Abdullahi Maiwada, said the delays undermine the efficiency, transparency, and integrity of government revenue administration.

“The Nigeria Customs Service has noted instances of delayed remittance of Customs revenue by some designated banks following reconciliation of collections processed through the B’odogwu platform,” the statement read.

“Such delays constitute a breach of remittance obligations and negatively impact the efficiency, transparency, and integrity of government revenue administration.

“In line with the provisions of the Service Level Agreement 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.”

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PRESS RELEASE

NIGERIA CUSTOMS SERVICE COMMENCES ENFORCEMENT OF PENALTIES AGAINST DESIGNATED BANKS FOR DELAYED REMITTANCE OF CUSTOMS REVENUE

1.The Nigeria Customs Service (NCS) has noted instances of delayed remittance of Customs revenue by some Designated Banks following… pic.twitter.com/lXTzXANQ8J

— NIGERIA CUSTOMS (@CustomsNG) December 17, 2025

Maiwada disclosed that any bank that fails to remit collected Customs revenue within the prescribed timeline will be liable to penalty interest calculated at three per cent above the prevailing Nigerian Interbank Offered Rate for the period of the delay.

He added that affected banks would be formally notified of the delayed amounts, the applicable penalty, and the deadline for settlement.

“Accordingly, any designated bank that fails to remit collected Customs revenue within the prescribed period shall be liable to penalty interest calculated at three per cent above the prevailing Nigerian Interbank Offered Rate for the duration of the delay.

“Affected banks will receive formal notifications indicating the delayed amount, applicable penalty, and the timeline for settlement,” the statement read.