NFIU: Cash Withdrawals from Govt Accounts to End March 1

The Nigeria Financial Intelligence Unit (NFIU) says cash withdrawals from all federal, state, and local government accounts will cease on March 1, 2023.

The NFIU also announced a ban on the payment of estacode and overseas allowances in cash to civil and public servants.

Modibbo Tukur, the NFIU’s director and chief executive officer, made the announcement on Thursday in Abuja. The new measures follow the Central Bank of Nigeria’s (CBN) recent announcement of cash withdrawal limits for individuals and corporate bodies.

Speaking on the new measures, Modibbo said the directive was in compliance with its statutory responsibility under Section 3(1) a – s and Section 23 (2) a of the NFIU Act, 2018, and other provisions under the Money Laundering (Prevention and Prohibition) Act, 2022 (MLPPA, 2022).

Addressing journalists, Modibbo said: “From the 1st of March, if there is cash withdrawal from a government account of even N1, we are going to trigger a money laundering and corruption investigation in the Economic and Financial Crime Commission (EFCC), the Independent Corrupt Practices Commission (ICPC), or the Nigeria Police.

“This guideline is not reversible because we are going by the provisions of the law. If the National Assembly deems it fit to accompany it with an act of the parliament to outlaw cash withdrawals from the public accounts, then we are happy.”

 

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