The Federal Government has said it is putting all necessary measures in place to stop cash withdrawal from federal, states and local government areas’ bank accounts.
The Director and Chief Executive Officer, Nigerian Financial Intelligence Unit, Modibbo Tukur, made the revelation Monday night at a parley with the Chairman, Independent National Electoral Commission, Prof. Mahmud Yakubu, according to a Tuesday statement by the Chief Media Analyst, NFIU, Ahmed Dikko, obtained by journalists.
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”.
Tukur further stated 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.
This, he said, 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.
According to Dikko, Tukur also noted that governors and council chairmen will need to organise training for market men and women on how to use ATM and POS services, while refuting reports making the rounds that the NFIU will block FG’s accounts in January 2023
