To ensure the efficiency and integrity of the Customs Duty Collection system, the Nigeria Customs Service (NCS) on Thurday, announced the suspension of two Deposit Money Banks (DMBs) from collecting import duty on behalf of the service.
This is said to be due to the banks’ inability to accurately and timely remit the essential funds for national development.
According to LEADERSHIP, the non-remittance by the two defaulting banks has reached a whopping N10 billion.
In a press statement by NCS’ National Public Relations Officer, Abdullahi Maiwada, the acting Comptroller General, Bashir Adewale Adeniyi said the banks have been unable to meet Service-Level Agreements, related to Customs duty and statutory charge remittances.
The Customs boss stated that the ban would be lifted after the deactivated banks meet all regulatory requirements and settle outstanding remittances.
The statement read: “In a significant development, the Acting Comptroller General of the Nigeria Customs Service (NCS), Bashir Adewale Adeniyi, has taken decisive action in response to selected Authorised Dealer Banks failing to meet Service-Level Agreements (SLAs) related to Customs Duty and statutory charge remittances.
“This decision followed a thorough audit and due process, aligning with the NCS’s commitment to upholding transparency, accountability, and efficiency in revenue collection. The primary objective is to ensure the accurate and timely remittance of Customs duties and other essential funds for national development.
“Despite the deactivation of these banks, the Comptroller General has implemented measures to minimise disruptions for importers and stakeholders within the trading ecosystem, however, assuring the trading community that all pending assessments will undergo clearance processes in line with international best practices”.
The Customs boss advised importers who rely on the DMBs for duty payment to make use of other approved financial institutions.
“Importers who previously relied on the deactivated banks for duty payments are advised to utilise other Authorised Dealer Banks that comply with NCS regulations. Stakeholders encountering challenges with a particular bank are encouraged to use alternatives that function appropriately.
“The deactivated banks will have the opportunity to be reactivated once they meet all regulatory requirements and settle outstanding remittances. Collaborative efforts with financial regulators and stakeholders are underway to ensure the efficiency and integrity of the Customs Duty Collection system.”
“The NCS places a priority on trade facilitation, putting stakeholders and Nigerian citizens first, even in the face of non-compliance by some Authorised Dealer Banks. This action underscores the NCS’s commitment to maintaining a fair and transparent customs revenue collection process”, he stated.
