“Use Other Authorized Banks”: Nigerian Banks Deactivated by Customs for Failing to Remit Duties Collected

“Use Other Authorized Banks”: Nigerian Banks Deactivated by Customs for Failing to Remit Duties Collected

  • Customs Service has said some banks have been deactivated for not remitting levies collected
  • This decision was reached after examination in line with NCS' commitment
  • It noted that measures are in place to minimise disruptions for importers and stakeholders

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Adewale Adeniyi, the Nigeria Customs Service's acting Comptroller-General, has ordered the deactivation of some banks because they have not remitted levies collected.

This was said in a statement released on Thursday by Abdullahi Maiwada, the service's national public relations officer.

The Central Bank of Nigeria (CBN) recently assured Nigerians that the banking system is healthy and has no cause for concern.

Bank in Nigeria
Authorised dealer banks were deactivated because they didn't adhere to service-level agreements. Photo Credit: Leadership
Source: UGC

Legit.ng had earlier reported that the Nigeria Deposit Insurance Corporation (NDIC) has started verifying the insured depositors of failed bank from 20 years ago.

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Several banks affected

According to Adeniyi, several authorised dealer banks were deactivated because they didn't adhere to service-level agreements for remittances of customs duty and regulatory charges, Punch reported.

According to him, the choice was made after a careful audit and the due process, which were in line with the NCS's commitment to upholding accountability, efficiency, and transparency in revenue collection.

In accordance with the NCS' commitment to promoting transparency, accountability, and efficiency in revenue collection, he claimed that the decision was made after a careful audit and following the proper procedures..

He said:

“This decision follows a thorough audit and due process, aligning with the NCS’ commitment to upholding transparency, accountability, and efficiency in revenue collection.
“The primary objective is to ensure the accurate and timely remittance of customs duties and other essential funds for national development.”

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However, the statement noted that steps had been taken to limit disruptions for importers and other trading ecosystem participants.

It added that the Comptroller-General has implemented measures to minimise disruptions for importers and stakeholders within the trading ecosystem despite the deactivation of these banks.

He guarantees that any outstanding assessments will go through clearance procedures in accordance with global best practices.

He said:

“Importers who previously relied on the deactivated banks for duty payments are advised to utilise other authorised dealer banks that comply with NCS regulations.
“Stakeholders encountering challenges with a particular bank are encouraged to use alternatives that function appropriately.”

The head of customs did not give the names of the affected banks, but he did state that they would be reactivated as soon as they satisfied all regulatory criteria and paid back any overdue remittances.

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The Central Bank of Nigeria(CBN) has assured Nigerians that the banking system is healthy and has no cause for concern, Legit.ng had reported

The apex bank's assurance is coming as the Nigeria Deposit Insurance Corporation(NDIC) commenced the process of paying depositors of failed banks.

Efforts are currently ongoing by NDIC to ensure depositors with funds in the banks get their money back.

Source: Legit.ng

Zainab Iwayemi avatar

Zainab Iwayemi (Business Editor) Zainab Iwayemi is a business journalist with over 5 years experience reporting activities in the stock market, tech, insurance, banking, and oil and gas sectors. She holds a Bachelor of Science (B.sc) degree in Sociology from the University of Ilorin, Kwara State. Before Legit.ng, she worked as a financial analyst at Nairametrics where she was rewarded for outstanding performance. She can be reached via zainab.iwayemi@corp.legit.ng

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