NFIU talks tough on cash withdrawal limits, threatens offenders with imprisonment
Nigerian Financial Intelligence Unit (NFIU), yesterday, declared that from March 1, public servants, including governors, would be committed to prison if they make withdrawals above the threshold set by the Central Bank of Nigeria (CBN).
It said despite introduction of the cash withdrawal limits in the country, state governments withdraw N701 billion far above the N225 billion withdrawn by the Federal Government and N156 billion by councils from 2015 to date.
Specifically, NFIU announced that effective March 1, all government monetary dealings would be facilitated via electronic transfer if amount exceeds the approved daily withdrawal in line with the apex banks new monetary policy.
The body warned that defaulters risks combined investigation by NFIU, Economic and Financial Crimes Commission (EFCC) and Independent Corrupt Practices and other related Offences Commission (ICPC).
NFIU’s Director and Chief Executive Officer, Modibbo Haman Tukur, who addressed a media briefing in Abuja, said defaulters risk a three-year jail term, explaining that under the guidelines, only the President could grant a waiver.
He said the warning became expedient following flagrant violation of the directive at all levels. Tukur warned NFIU would not hesitate to prosecute an erring chief executive or public servant in accordance to Section 2 of the extant law, which created thresholds.
Recall that the apex bank, recently, raised its weekly cash withdrawal limits for individuals and corporate organisations to N500,000 and N5 million. The earlier thresholds pegged individual cash withdrawals per week at N100,000, while corporate organisations were limited to weekly withdrawals of N500,000.
The review was contained in a circular numbered BSD/DIR/PUB/LAB/015/073 and dated December 21, 2022.