IReport247 has gathered that The Nigerian Financial Intelligence Unit (NFIU) is set to announce new guidelines on cash withdrawals from all government accounts on Thursday, January 5, 2023.
As at December 2022, the NFIU undertook measures in a bid to prevent cash withdrawals from Federal, State, and Local Government Areas’ bank accounts. This was made known by the Chief Executive Officer of NFIU, Modibbo Tukur, at a parley with the Chairman of Independent National Electoral Commission INEC, Professor Mahmud Yakubu, in Abuja.
Modibbo said that Section 1 of the Money Laundering Prohibition Act was automatically activated because of the consistent devaluation of the naira, and the introduction of a new naira policy. Cash withdrawals and payments for estacode are often more than the cash withdrawal limit provided by the Money Laundering Act, from government accounts. This exposes innocent public servants to possible imprisonment.
The NFIU is developing an advisory to the Secretary to the Government of the Federation, Governors, and Local Government Council Chairmen to enforce that public servants open domiciliary and naira accounts ahead of the policy becoming a law.
Mr. Modibbo concluded by saying that Governors and Council Chairmen ought to set up training sessions for market men and women, to learn how to utilize ATM and POS Services. Reports are that the Federal Government’s accounts will be blocked in January 2023 by the NFIU.