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NFIU Bans Cash Withdrawals From Public Accounts

Nigeria Financial Intelligence Unit (NFIU) has banned all banks from executing demands for cash withdrawals from all public accounts.

Lifestyle Nigeria reports that the NFIU Head, Moddibo Haman Tukur, said this has become necessary to stop the rate at which cash was being taken out of public accounts.

He said this was done “without recourse to the money laundering laws and sometimes for corruption purposes”.

He said the NFIU had told banks and government agencies at all levels and all tiers to move fully into online.

He said ll transactions involving public money must be routed through the banks for the purpose of accountability and transparency”.

Tukur said any governor who withdrawals one Naira cash from any bank will be investigated immediately not minding the governor’s immunity.

However, any cash withdrawal from a public account will henceforth require a waiver from the President and such waiver will be considered on their merits.

This is a developing story.

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