The Nigeria Customs Service (NCS) has suspended two commercial banks for failing to remit import duties and other statutory charges. The banks, whose names were not disclosed, were unable to meet the Service-Level Agreements (SLAs) set by the NCS. The suspension, aimed at ensuring transparency and efficiency in revenue collection, involves a substantial sum of over N10 billion. Importers are urged to use authorized dealer banks that comply with NCS regulations.
The Nigeria Customs Service (NCS) has taken a firm stance against commercial banks that have failed to meet their obligations regarding the collection and remittance of import duties and other statutory charges. In a move to uphold transparency and accountability in revenue collection, the NCS has suspended two undisclosed commercial banks from carrying out such transactions.
The decision comes as a result of a thorough audit and due process conducted by the NCS, aligning with their commitment to ensuring accuracy, timeliness, and efficiency in revenue collection. By holding the banks accountable for their failure to meet Service-Level Agreements (SLAs), the NCS aims to safeguard national development by upholding the integrity of the duty collection system.
Although the names of the suspended banks were not made public, it is reported that the amount involved in the failed remittances exceeds N10 billion. This substantial sum underscores the gravity of the issue and the significance of the NCS's actions to address the lapses.
The NCS emphasizes the importance of accurate and timely remittances of Customs duties and other essential funds in its pursuit of national development. Consequently, importers who previously relied on the deactivated banks for duty payments are urged to use alternative authorized dealer banks that adhere to NCS regulations. The aim is to minimize disruptions within the trading ecosystem and ensure that importers and stakeholders can continue their business operations without hindrance.
While the affected banks face suspension, they are afforded the opportunity to be reactivated once they fulfill all regulatory requirements and settle outstanding remittances. The NCS is actively collaborating with financial regulators and stakeholders to strengthen the efficiency and integrity of the Customs duty collection system.
The NCS assures the trading community that all pending assessments will undergo clearance processes in line with international best practices. Importers can have confidence that their transactions will proceed smoothly, despite the temporary disruption caused by the suspension of the two commercial banks.
It is imperative that the Customs duty collection system functions effectively to support national development initiatives. By holding banks accountable and promoting transparency and efficiency, the NCS plays a vital role in ensuring that revenue collection contributes to the growth and progress of the country.
Source of content: OOO News 2023-09-11 News
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