Trending News

FG To Stop Cash Withdrawal From Public Accounts

According to the federal government, steps are being taken to prevent cash withdrawals from accounts belonging to the federal, state, and municipal governments.

This was disclosed on Tuesday during a discussion between the Chairman of the Independent National Electoral Commission (INEC), Prof. Mahmud Yakubu, and the Chief Executive Officer of the Nigerian Financial Intelligence Unit (NFIU), Modibbo Hamman Tukur.

READ ALSO: I left APC 4 Months Ago to Support Makinde’s Visionary Govt. – Ojo

The head of the NFIU asserts that Section 1 of the Money Laundering Prohibition Act is automatically triggered because of the ongoing depreciation of the naira and the implementation of a new currency policy.

Tukur added that the majority of cash withdrawals from government accounts, including payments, frequently exceeded the cash withdrawal cap stipulated by the Money Laundering Act.

According to him, this made innocent public employees criminally culpable.

READ ALSO: Makinde Appoints New Rector for Oke-Ogun Poly

In addition, he said that the NFIU will advise the Secretary to the Government of the Federation, each governor, and the chairmen of local government councils to require all public employees to open domiciliary and naira accounts before the policy’s implementation, which will be mandated by law.

He said that training sessions on how to utilize ATM and PoS services would need to be organized by governors and local government council chairs.

In the same vein, Ahmed Dikko, the NFIU’s chief media analyst, has denied a rumor that the organization will begin blocking federal government accounts in January 2023.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button

Adblock Detected

Please consider supporting us by disabling your ad blocker