Nigeria Customs Warns Banks Over Late Remittance of Duties: Penalties Imposed for Delays

The Nigeria Customs Service (NCS) has issued a stern warning to designated banks that fail to remit collected customs duties within the required timeframe. In a statement on Wednesday, NCS National Public Relations Officer Abdullahi Maiwada emphasized that late remittances breach obligations and undermine the transparency and efficiency of government revenue administration.

Under the Service Level Agreement (SLA) with the banks, any delay in remitting customs revenue will attract a penalty interest of 3% above the prevailing Nigerian Interbank Offered Rate (NIBOR) for the period of the delay. Affected banks will be formally notified of the delayed amounts, applicable penalties, and deadlines for settlement.

The NCS highlighted that repeated or persistent non-compliance could lead to further sanctions, including regulatory and administrative measures under the SLA and relevant laws. The service stressed that payments into unauthorized accounts, whether intentional or accidental, will be treated as serious violations and addressed according to legal frameworks.

Banks have been urged to strengthen internal controls and ensure strict adherence to remittance timelines. The NCS reiterated that prompt, accurate, and complete remittance of customs revenue is a fundamental duty, central to maintaining accountability and a predictable financial system that supports national economic development.

The warning reflects the NCS’s commitment to enforcing accountability and safeguarding government funds. Under the Nigeria Customs Service Act, all duties, excise taxes, and other customs fees must be properly collected and remitted, with intermediaries—including banks—held legally responsible for any lapses, including fines or prosecution.

source: the sun