The Federal Government is set to stop henceforth cash withdrawals from all public accounts.
The Director-General/CEO of the Nigerian Financial Intelligence Unit (NFIU) Mr. Modibbo Hamman Tukur, the disclosure at a parley with the Chairman, of the Independent National Electoral Commission (INEC), Prof. Mahmud Yakubu, in Abuja.
Tukur, who frowned at excessive cash withdrawals from government accounts including payment of estacode, said it contravened the Money Laundering Act.
He urged state governors and council chairmen to organize seminars for market men and women on how to use the Automated Teller Machine (ATM) and the Point of Sales (POS).
“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,” he said.
Section (1) of the Money Laundering (Prevention and Prohibition) Act harps on expanding and strengthening the existing legal and institutional framework for combating and preventing money laundering in Nigeria.
He also said the NFIU is in consultation with the Secretary to the Government of the Federation, governors, and local government council chairmen to give a directive to all public servants to open domiciliary and Naira accounts.
-Advertisement-
Meanwhile, the Chief Media Analyst of NFIU, Mr. Ahmed Dikko, has debunked rumours that Federal Government accounts will be blocked by NFIU from January 2023.
We do everything possible to supply quality news and information to all our valuable readers day in, day out and we are committed to keep doing this.
Your kind donation will help our continuous research efforts.
-Advertisement-
-Want to get the news as it breaks?-
