The Nigeria Customs Service (NCS) has stated that designated banks are required to remit collected Customs revenue within the prescribed period.

The NCS warned that failure to comply would attract penalty interest, calculated at three per cent (3%) above the prevailing Nigerian Interbank Offered Rate (NIBOR) for the duration of the delay.

The spokesperson of the NCS, Abdullahi Maiwada, disclosed this in a statement on Wednesday, stating that the action is in line with the Service Level Agreement (SLA) signed with designated banks, stressing that adherence to agreed remittance timelines is mandatory.

The statement reads: “Accordingly, any designated bank that fails to remit collected Customs revenue within the prescribed period shall be liable to penalty interest calculated at three per cent (3%) above the prevailing Nigerian Interbank Offered Rate (NIBOR) for the duration of the delay.

“Designated banks are therefore advised to strengthen internal controls, ensure strict adherence to remittance timelines, and comply fully with the provisions of the SLA.”

Affected banks, Customs said, will receive formal notifications detailing the outstanding amount, applicable penalty, and deadline for settlement.

Customs further warned that banks with persistent or repeated breaches of the SLA could face stiffer sanctions, including regulatory and administrative measures as provided by law.

The Service cautioned that payment of collected revenue into unauthorised accounts, whether intentional or accidental, would be treated as a serious violation and dealt with accordingly.

Reaffirming its commitment to accountability, the NCS urged all designated banks to strengthen internal controls, ensure timely remittance of funds, and comply fully with the terms of the SLA.

The development comes as the Minister of Finance on Tuesday said the Federal Government missed its 2025 revenue target.