JUST IN: NFIU Publicizes Complete Ban on Money Withdrawals from Authorities Accounts

NFIU
NFIU


FIRS

The Nigeria Monetary Intelligence Unit (NFIU) has introduced the prohibition of money withdrawals from accounts belonging to the federal authorities, its companies or parastatals, in addition to state and native governments.

Addressing journalists in his workplace in Abuja on Thursday, NFIU Head, Moddibo Haman Tukur, mentioned this was essential to arrest the speed by which monies are taken out of public accounts with out recourse to the cash laundering legal guidelines and typically for corruption functions.

Based on him, the speed of withdrawals above the edge from public accounts has been alarming, including that over 701 billion naira has been withdrawn in money from 2015 until date.

The NFIU boss mentioned he had instructed all monetary establishments to cease money withdrawals from authorities accounts from March 1, 2023, including that any authorities official who flout the order will probably be prosecuted alongside his or her accomplices.

He mentioned the NFIU had advised banks and authorities companies in any respect ranges to maneuver totally into on-line, as all transactions involving public cash should be routed by way of the banks for the aim of accountability and transparency.

Tukur emphasised that this transfer is in step with the resolve to totally transit the nation into cashless financial system which the Central Financial institution of Nigeria (CBN) has been main.

“So far as we’re involved, Nigeria will develop into a full non-cash financial system by March 1 this 12 months. As a consequence, any authorities official that withdraws even one naira money from any public account from March 1 will probably be investigated and prosecuted in collaboration with related companies like EFCC and ICPC.

“This isn’t reversible as we’re solely imposing the regulation,” he added.

Speaking about those that could need to flout the regulation below the excuse of presidency exigencies and all that, Tukur famous that solely President Muhammadu Buhari has the ability to grant any waiver to any official.

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