FG Bans Cash Withdrawals From Public Accounts
The Federal Government is required to immediately implement the suspension of cash withdrawals from all public accounts.
Prior to the implementation of the new policy, which follows the Central Bank of Nigeria’s new Naira withdrawal policy, public officials are required to open domestic accounts in both foreign and local currencies (CBN).
According to a statement published yesterday and made available to the media, Prof. Mahmud Yakubu, Chairman of the Independent National Electoral Commission (INEC), and Modibbo Hamman Tukur, Director/CEO of the Nigerian Financial Intelligence Unit (NFIU), discussed the new instruction in Abuja.
According to a statement published yesterday and made available to the media, Prof. Mahmud Yakubu, Chairman of the Independent National Electoral Commission (INEC), and Modibbo Hamman Tukur, Director/CEO of the Nigerian Financial Intelligence Unit (NFIU), discussed the new instruction in Abuja.
The introduction of the new policy became necessary as a result of the consistent devaluation of the Naira and the introduction of a new Naira Policy, which immediately activates Section 1 of the Money Laundering Prohibition Act, according to the statement, which was signed by Ahmed Dikko, the Chief Media Analyst for the NFIU.
Additionally, it is claimed that the action was brought about as a result of the discovery that the majority of cash withdrawals from government accounts, including payments for estacode for public employees, frequently exceed the cash withdrawal cap stipulated by the Money Laundering Act.
The NFIU boss claims that the development puts innocent public officials at risk of incarceration.
Tukur added that the NFIU is already working on a recommendation for the Secretary to the Government of the Federation, state governors, and local government chairmen across the nation, advising them to tell all public employees under their employment to open domiciliary and Naira accounts before the policy goes into effect and becomes mandated by law.
He said local government chairmen and governors will also need to arrange training for market men and women on how to use ATM and POS services.
Tukur also denied as untrue the assertions made by ignorant people that the NFIU would shut down all Federal Government accounts starting in 2023.
Source; Sweetloaded.com