The Federal Government said is putting all measures in place to stop cash withdrawals from federal, states and local governments accounts, Director/CEO of the Nigerian Financial Intelligence Unit (NFIU), Modibbo Tukur has said.
He said the policy had been automatically activated because of the consistent devaluation of the naira and the introduction of a new naira policy, Section 1 of the Money Laundering Prohibition Act.
Modibbo Tukur, director/chief executive officer (CEO), NFIU, disclosed this in a statement on Tuesday, signed by Ahmed Dikko, the unit’s chief media analyst.
Tukur spoke at a parley with Mahmud Yakubu, chairman of Independent National Electoral Commission (INEC), on Monday.
“The government is putting all necessary measures in place to stop cash withdrawal from federal, states and local government accounts.”
“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 stated that most cash withdrawals from government accounts, including payments for estacode are often in excess of the cash withdrawal limits provided by the Money Laundering Act.
This according to him exposed innocent public servants to being liable to imprisonment, adding that the NFIU was already developing an advisory to the Secretary to the Government of the Federation, all governors and local government council chairmen to direct all public servants to open domiciliary and naira accounts ahead of the commencement of the policy which becomes compulsory by law.
He also called for the need for governors and council chairmen to organise training for market men and women on how to use ATMs and point of sale services.
