‎The Nigeria Customs Service (NCS) has moved to enforce strict financial discipline by activating penalties against designated banks failing to remit collected revenue on time. The decision follows a reconciliation exercise of collections processed through the B’odogwu platform, which revealed significant delays by several financial institutions.
‎​The NCS stated that these delays breach Service Level Agreements (SLAs) and undermine the transparency of government revenue administration. To curb this trend, the Service has introduced a penalty interest rate of 3% above the prevailing Nigerian Interbank Offered Rate (NIBOR) for the duration of any delay.
‎​The Service warned that “persistent non-compliance” could lead to more severe administrative and regulatory sanctions. Furthermore, any diversion of revenue into unauthorized accounts will be treated as a serious legal violation. Banks are now urged to strengthen internal controls to ensure prompt and accurate transfers to the federal government.