Nigerian Banks to Face 3% Penalty for Delayed Customs Duty Remittances

The Nigerian Customs Service has introduced a 3% penalty for banks that fail to remit custom duties within the stipulated time frame. This move is to tackle the recurring issue of delayed remittances leading to significant revenue loss for the government.

Banks collect import duties on behalf of the Customs Service, but delays in remittances have resulted in clearance delays for goods. The penalty is expected to deter banks from delaying remittances and encourage timely compliance.

Failure to comply with the new directive may lead to further sanctions, including deactivation of the customs duty collection process. The penalty will be calculated at 3% above the Nigerian Interbank Offer Rate (NIBOR) for the period of delay.