The Nigerian Customs Service has warned that commercial banks which fail to remit Customs revenue within contracted timeline will now pay a penalty of 3% above the prevailing Nigerian Interbank Offered Rate (NIBOR) for the duration of the delay.
The Customs in a statement on Wednesday said some banks designated to collect import and export duties on the B’Odogwu platform had turned on their delay tactics for too long, warning that such banks would pay heavily for the delay in remitting public funds collected through it.
The statement signed by the agency’s national spokesman, Dr Abdullahi Maiwada read in part: “The Nigeria Customs Service (NCS) has noted instances of delayed remittance of Customs revenue by some Designated Banks following reconciliation of collections processed through the B’odogwu platform. 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 (SLA) 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.
“Accordingly, 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%) above the prevailing.
By: Nkpemenyie Mcdominic, Lagos