The Nigeria Customs Service (NCS) has launched a strict enforcement drive against designated banks that delay remitting collected Customs revenue, in a decisive step to strengthen transparency, accountability, and safeguard government funds. The move targets financial institutions responsible for handling revenue on behalf of the Federal Government, following reports of delayed transfers identified during reconciliation via the NCS’s electronic B’odogwu platform.

In a statement issued on Wednesday, Deputy Comptroller and National Public Relations Officer, Abdullahi Maiwada, noted that delays by banks undermine the efficiency, transparency, and integrity of government revenue administration. “The Nigeria Customs Service 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,” the statement read.

Under the Service Level Agreement (SLA) between the NCS and the banks, any institution that fails to remit collected revenue within the prescribed timeline will now incur a penalty interest set at three per cent above the prevailing Nigerian Interbank Offered Rate (NIBOR) for the period of delay. Banks identified as defaulting will receive formal notifications detailing the amount delayed, the applicable penalty, and the timeline for settlement. Persistent or repeated violations may attract more stringent sanctions, including regulatory and administrative measures, in accordance with the SLA and relevant Nigerian laws governing customs revenue collection.

The NCS further emphasized that depositing collected revenue into unauthorised accounts—whether through error or deliberate action—would be treated as a serious violation. Banks are therefore being urged to reinforce internal control mechanisms, ensure strict adherence to remittance timelines, and fully comply with the provisions of the SLA. The Service underlined that this enforcement action aligns with broader reforms aimed at improving revenue collection, including automation, monitoring, and reconciliation processes to reduce leakages.

Customs revenue forms a vital part of Nigeria’s non-oil income, funding crucial budgetary allocations and development projects across the country. The NCS has highlighted its commitment to enforcing accountability, promoting a transparent and predictable financial system, and supporting national economic growth through efficient revenue mobilisation. The agency reported that it has set a revenue target of N10 trillion for 2025 and has already collected N3.6 trillion in the first half of the year, illustrating both the scale of operations and the importance of timely remittances.

Officials have warned that designated banks must not only comply with remittance timelines but also maintain accurate reporting standards and robust internal audit practices to prevent financial discrepancies. The NCS stressed that the integrity of the revenue collection system relies heavily on the cooperation of banks and their ability to ensure that collected funds are safely and promptly transferred to government accounts. By taking these measures, the NCS aims to enhance public confidence, safeguard national revenue, and ensure that critical government projects receive adequate funding without delay.