NIGERIA CUSTOMS SERVICE COMMENCES ENFORCEMENT OF PENALTIES AGAINST DESIGNATED BANKS FOR DELAYED REMITTANCE OF CUSTOMS REVENUE
The Nigeria Customs Service NCS has stated that it will penalize designated banks which delays remittance of customs revenues collected by the at the stipulated time. It stated that the banks shall be liable to penalty interest calculated at three percent (3%) above the prevailing Nigerian Interbank Offered Rate (NIBOR) for the duration of the delay. This was disclosed in a statement issued on behalf of the Comptroller General of the NCS CGC Bashir Adewale Adeniyi mfr phd, by the National Public Relations Officer NPRO of the Service, Deputy Comptroller DC Abdullahi Maiwada PhD, mnipr. The statement reads in full, " 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 admini...