Nigerian Financial Intelligence Unit Bars Withdrawal from Federal, States Accounts

Nigerian Financial Intelligence Unit Bars Withdrawal from Federal, States Accounts (News Central TV)

Ahead of its 2023 national polls, plans are underway by the federal government of Nigeria to stop cash withdrawal from federal, states, and local government areas’ bank accounts.

This was revealed at a parley between the Chairman, Independent National Electoral Commission, Prof. Mahmud Yakubu, and the Director and Chief Executive Officer, Nigerian Financial Intelligence Unit (NFIU), Modibbo Tukur.

He said, “Because of the consistent devaluation of the Naira and the introduction of a new Naira Policy, section 1 of the Money Laundering Prohibition Act is automatically activated.”

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Tukur further explained that most cash withdrawals from government accounts including payments for estacode are often in excess of the cash withdrawal limit provided by the Money Laundering Act. 

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Such, he explained exposes innocent public servants to be liable to imprisonment, adding that the NFIU is already developing an advisory to the Secretary to the Government of the Federation, all governors and Local Government Council Chairmen to direct all public servants to open domiciliary and Naira accounts ahead of the commencement of the policy which becomes compulsory by law.

Tukur also noted that governors and council chairmen will need to organise training for market men and women on how to use ATM/POS services, while refuting reports making the rounds that the NFIU will block FG’s accounts in January 2023.

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