December 20, (THEWILL) – The Federal Government is set to stop cash withdrawal from all public accounts.
The Chief Executive Officer of the Nigerian Financial Intelligence Unit (NFIU), Modibbo Hamman Tukur, who gave the new directive at a parley with the Chairman of the Independent National Electoral Commission (INEC), Prof. Mahmud Yakubu, in Abuja, said in place of cash withdrawals, public officers are to open domiciliary accounts in foreign and local currencies ahead of the commencement of the new policy
NFIU in a statement, signed by its Chief Media Analyst, Ahmed Dikko, said the introduction of the new policy became necessary following the consistent devaluation of the Naira and the introduction of a new Naira Policy, which automatically activates Section 1 of the Money Laundering Prohibition Act.
The action is also said to have been activated following the observation that most cash withdrawals from government accounts including payments for estacode for public officials are often in excess of the cash withdrawal limit provided by the Money Laundering Act.
Tukur said the development exposes innocent public officials to being liable to imprisonment.
He said NFIU is already developing an advisory to the Secretary to the Government of the Federation, State Governors and Local Government Chairmen across the country to direct all public servants in their employ to open domiciliary and Naira accounts ahead of the commencement of the policy, which becomes compulsory by law.
Tukur said Governors and LG Chairmen will also need to organize training for market men and women on how to use ATM and POS Services.
He also refuted reports that the NFIU would block Federal Government accounts in January 2023.
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