NFIU Insists State Governors, Financial Institutions Must Comply With Directives On Local Government Funds On June 1

SAN FRANCISCO, May 15, (THEWILL) – The Nigerian Financial Intelligence Unit (NFIU) has reiterated its earlier position that June 1, 2019, is the effective date for implementation of the guidelines to all financial institutions and public officials on the local government funds.

The agency also said its understanding of the 1999 constitution is that no debit is allowed on any local government funds unless and until the funds are credited to and reach the bank accounts of a local government in any state of the federation.

The provision of the cumulative cash withdrawal not exceeding N500, 000 per day is also firmly in place effective 1st June 2019, it said in a statement by Ahmed Dikko, its spokesman.

“We observed isolated comments to the contrary in the past few days which in our assessment only amounted to willful misinterpretation of the 1999 constitution and therefore, of no consequences to the operations of the entire financial system.

“The provision of the guidelines to the financial institutions was also on account of legitimate powers provided by the NFIU Act 2018 and any violations of the said guidelines will be sanctioned appropriately,” the statement added.

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