FG suspends cash withdrawal from all public accounts, defaulters risk imprisonment

In line with the introduction of the new Naira Policy, which automatically activates Section 1 of the Money Laundering Prohibition Act, the Federal Government, through the Nigerian Financial Intelligence Unit, NFIU has suspended cash withdrawals from all public accounts immediately.

Also, NFIU denied reports that it would block all Federal Government’s accounts from January 1.

DAILY POST reports that this was contained in a statement signed by the Chief Media Analyst NFIU, Ahmed Dikko, on Tuesday.

The directive follows the new Naira withdrawal policy introduced by the Central Bank of Nigeria (CBN).

NFIU urged Public officials to open domiciliary accounts in foreign and local currencies in place of cash withdrawal ahead of the commencement of the new policy.

According to the statement, the Director/CEO of NFIU, Modibbo Hamman Tukur gave the new directive at a conversation with the Chairman of the Independent National Electoral Commission (INEC), Prof. Mahmud Yakubu, in Abuja.

The statement noted that 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.

It stated that the move is necessary following the observation that most cash withdrawals from government accounts, including payments for estacode for public officials, often exceed the cash withdrawal limit provided by the Money Laundering Act.

The development, according to the NFIU boss, exposes innocent public officials to imprisonment.

Tukur also said the NFIU is coming up with an advisory to the Secretary to the Government of the Federation, state governors and local government chairpersons nationwide to direct all public servants to open domiciliary and Naira accounts ahead of the commencement of the Naira redesign policy.

Tukur said governors and LG chairpersons would also need to organise training for market men and women on how to use ATM and POS Services.

Tukur also dismissed false claims propagated by uninformed persons that the NFIU would block all Federal Government accounts from January 1, 2023.

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