Nigeria Customs is cracking down on banks that are slow to send in collected revenue. Their spokesperson, Abdullahi Maiwada, said delays break their service agreement and hurt government income transparency.
The agency will start penalizing any designated bank that misses its remittance deadline. The fine will be an interest charge set at three percent above the current interbank lending rate. Banks will get official notices detailing the late amount and the penalty owed.
Continued non-compliance could lead to further regulatory sanctions. Customs emphasized that moving payments into the wrong accounts is a major violation. Banks are being told to tighten their internal controls and follow the agreed-upon timelines strictly. The service says it is committed to enforcing accountability for national economic development.
The agency will start penalizing any designated bank that misses its remittance deadline. The fine will be an interest charge set at three percent above the current interbank lending rate. Banks will get official notices detailing the late amount and the penalty owed.
Continued non-compliance could lead to further regulatory sanctions. Customs emphasized that moving payments into the wrong accounts is a major violation. Banks are being told to tighten their internal controls and follow the agreed-upon timelines strictly. The service says it is committed to enforcing accountability for national economic development.
