News  |  Nigeria  |  National  

FG to stop excess cash withdrawal from public accounts, says NFIU

By Terhemba Daka, Abuja |   21 December 2022   |   3:51 am  

The Federal Government, yesterday, said it was putting measures in place to stop excess cash withdrawals from federal, state and council accounts.

The Director and Chief Executive Officer of Nigerian Financial Intelligence Unit (NFIU), Modibbo Hamman Tukur, gave the hint at a parley with the Chairman of Independent National Electoral Commission (INEC), Prof. Mahmood Yakubu.

He said: “Because of the consistent devaluation of the naira and introduction of a new naira policy, Section 1 of the Money Laundering Prohibition Act is automatically activated.”

A statement in Abuja by NFIU’s Chief Media Analyst, Ahmed Dikko, quoted Tukur as saying most cash withdrawals from government accounts, including payments for estacode, were often in excess of the limit provided by the Money Laundering Act.

This, he said, makes innocent public servants liable to imprisonment. He added that NFIU is already developing an advisory to the Secretary to the Government of the Federation, all governors and council chairmen, to direct public servants to open domiciliary and naira accounts, ahead of commencement of the policy, which becomes compulsory by law.

Tukur said governors and council chairmen will also need to organise training for market men and women on how to use Automated Teller Machines and Point of Sales services.

Also, Dikko refuted news making the rounds that the unit is set to block Federal Government accounts in January 2023.

You may also like

12 Feb
The new line being chanted by both young and old is the “no cash” chorus; even those who do not have a #10 on their balance join in. Every day, banks are stuffed to the gills with “cashfull” guys who are in a “cashless” situation perhaps after bank security...
12 Feb
Leader of Yoruba socio-political organisation, Afenifere, Pa Ayo Adebanjo, recently noted that the forthcoming elections in Nigeria should not be seen as an ordinary poll. The respected Yoruba leader urged the electorate to take the ballot seriously because it.....
13 Feb
Ahead of Wednesday’s sitting of the Supreme Court to decide on the naira redesign policy of the Central Bank of Nigeria (CBN), the Nigeria Governors’ Forum (NGF) has urged its members to support the legal battle on the policy against the Federal Government at the apex court.