Customs Deactivates Bank

Customs Deactivates Two Approved Dealer Banks For Non-Remittance

The Nigeria Customs Service (NCS) has terminated a specific pair of authorized dealer banks that didn’t adhere to the Service-Level Agreements (SLAs) regarding repatriation of customs tax and statutory charges.

Bashir Adewale Adeniyi, the NCS’s acting comptroller general, stated that the decision was made after a careful audit and following the proper procedures, in line with the NCS’s commitment to ensuring openness, accountability, and efficiency in revenue collection.

In a statement issued by Abdullahi Maiwada, the Customs National Public Relations Officer, Adeniyi stated that the agreement’s goal was to guarantee the precise and prompt return of Customs taxes and other crucial revenues for national development.

While the banks are inactive, according to Adeniyi, the Customs Service has taken steps to limit disruptions for importers and other system stakeholders.

He gave the business community his assurance that any outstanding evaluations will go through clearance procedures in accordance with global best practices. Adeniyi recommended that importers who had previously used the inactive banks use other authorized dealer banks that adhere to NCS requirements.

“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,” he stated.

The head of Customs emphasized that joint initiatives with financial regulators and stakeholders are underway to guarantee the effectiveness and reliability of the system for collecting customs duties.

Even in the face of non-compliance by some approved dealer banks, he claimed that NCS prioritizes trade facilitation, putting stakeholders and citizens first.

He claims that this action demonstrates the NCS’s dedication to upholding a fair and open customs revenue collection procedure.

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