The Nigeria Customs Service (NCS) has imposed a three per cent penalty on Designated Banks that fail to remit collected revenue within the stipulated timelines, following the discovery of lapses in remittances processed on its B’odogwu platform. The Service said reconciliation of transactions revealed delays by some banks in transferring revenues due to the Federal Government, a development it noted undermines established remittance obligations and poses risks to the transparency, credibility and effectiveness of government revenue administration......................... . . . . . . . READ MORE