Customs to Publish Names of Banks Delaying Duty Remittances, Introduces Penalty
- The Nigeria Customs Service (NCS) announced a penalty for banks and financial institutions defaulting on or delaying stamp duty remittances
- The NCS disclosed that defaulting banks face 3% fine if they fail to timely remit stamps and other duties to its accounts
- The Service also warned that the names of defaulting banks may be published, with repeat offenders facing stiffer sanctions
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
The Nigeria Customs Service (NCS) has announced tough new measures against banks that delay the remittance of customs duties, introducing a penalty regime aimed at protecting government revenue and speeding up cargo clearance at the ports.
Under the new directive, any bank that fails to remit customs revenue within the agreed timeline will be charged a penalty of three per cent on the total amount collected.
Source: Getty Images
The Service also warned that the names of defaulting banks may be published, with repeat offenders facing stiffer sanctions.
23 banks integrated into Customs payment platform
The move follows persistent complaints about delays in duty remittances, which have reportedly disrupted clearance processes and caused revenue shortfalls for the Federal Government.
About 23 commercial banks have been licensed and integrated into the NCS’s B’odogwu platform, which enables importers to pay customs duties electronically.
The platform was introduced to improve efficiency, transparency, and ease of payment across the import value chain.
Despite the system’s rollout, Customs officials say delays by some banks in transferring collected funds have undermined its effectiveness.
According to a report by Daily Trust, importers have complained that while payments are made promptly, delays at the bank level often result in stalled clearance of goods at the ports.
3% penalty to apply on delayed funds
Reacting to the situation, the NCS confirmed that a three per cent penalty will be imposed on the total customs duty collected by any bank that fails to remit funds within the stipulated period.
According to the Service, the penalty is designed to act as a deterrent and compel designated banks to prioritise the timely remittance of government revenue.
Customs also made it clear that penalties will be calculated for the duration of any delay.
Customs warns of further sanctions
In a statement issued on Wednesday, the National Public Relations Officer of the NCS, Dr. Abdullahi Maiwada, said the Service had identified multiple instances of delayed remittances following reconciliation of collections processed through the B’odogwu platform.
He described such delays as a breach of the Service Level Agreement (SLA) between Customs and designated banks, noting that they negatively affect efficiency, transparency, and the integrity of revenue administration.
Maiwada explained that enforcement actions have commenced against banks found to be in default of agreed remittance timelines. Affected banks will receive formal notifications detailing the delayed amount, applicable penalties, and deadlines for settlement.
Banks' risk deactivation and public exposure
The NCS further warned that persistent or repeated non-compliance could lead to additional regulatory and administrative sanctions, including possible deactivation from the customs duty collection process, a Punch report said.
Customs also cautioned that any payment of collected revenue into unauthorised accounts, whether deliberate or accidental, would be treated as a serious violation and handled under the SLA and relevant laws.
Source: Getty Images
Reaffirming its position, the Service urged designated banks to strengthen internal controls, strictly adhere to remittance timelines, and comply fully with agreed obligations, stressing its commitment to accountability, revenue protection, and a transparent financial system that supports national economic development.
CBN releases cheapest Customs rate
Legit.ng previously Nigerian importers will pay less to clear goods at Nigeria’s air and seaports following the naira’s appreciation.
Data from the Customs trade portal shows that the Central Bank of Nigeria (CBN) has lowered the foreign exchange rate for cargo clearance at Nigeria’s ports.
The apex bank fixed the Customs foreign exchange rate at N1,470.53 per dollar.
Source: Legit.ng
