The Nigeria Customs Service (NCS) has warned designated banks that delays in remitting collected customs duties will now attract penalty interest of three per cent above the prevailing Nigerian Interbank Offered Rate (NIBOR) for the period of default.
The warning follows repeated cases of late remittances uncovered after reconciliation of collections processed through the B’odogwu platform.
The NCS said such lapses undermine efficiency, transparency, and the integrity of government revenue administration.
In a statement, the Service’s National Public Relations Officer, Abdullahi Maiwada, said enforcement actions have commenced against banks that fail to meet agreed timelines, in line with the Service Level Agreement (SLA) signed with designated collecting institutions.
The NCS added that persistent or repeated breaches of the SLA could trigger further regulatory and administrative sanctions under existing laws governing customs revenue collection.
The Service stressed that prompt, accurate, and complete remittance of customs revenue is a core obligation of designated banks, warning that payments into unauthorised accounts—whether deliberate or accidental—will be treated as serious violations.
Banks were therefore urged to tighten internal controls and strictly comply with remittance timelines under the SLA.