Cash Withdrawal Limit: Again, FG Makes Fresh Announcement on for Public Accounts

Cash Withdrawal Limit: Again, FG Makes Fresh Announcement on for Public Accounts

  • All cash withdrawals from public accounts across Nigeria will be banned, the Federal Government has said
  • This was disclosed by the director of the Nigerian Financial Intelligence Unit (NFIU), Modibbo Tukur
  • The NFIU boss said that the new cash withdrawal limit policy will put civil servants at risk unless necessary measures are put in place

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The Federal Government of Nigeria has announced its plan to ban all cash withdrawals from publicly owned accounts.

The director of the Nigerian Financial Intelligence Unit (NFIU), Modibbo Tukur, while speaking at a parley with the chairman of the Independent National Electoral Commission (INEC), Mahmood Yakubu, said necessary efforts are being put in place by the FG to stop such cash withdrawals.

Cash withdrawal limit, Godwin Emefiele, cashless policy, NFIU, civil servants, public accounts
FG has announced plans to ban cash withdrawals from all public accounts. Photo: Central Bank of Nigeria
Source: Twitter

In a statement signed by Ahmed Dikko, the unit’s chief media analyst, the move by the FG is due to the consistent devaluation of the naira and the introduction of a new naira policy.

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His words:

“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."

The NFIU director further noted that most of the cash withdrawals from government accounts which include payments for estacode are often in excess of the cash withdrawal limit provided by the money laundering act.

According to Tukur, the limit and policy will put civil servants at risk of imprisonment.

Additionally, Tukur said the NFIU has already prepared recommendations to the secretary to the government of the federation; all governors; and local council chairs, to direct all civil servants to open domiciliary and naira accounts prior to the commencement of the policy.

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Pro-democracy groups, Stand Up For Nigeria, and the National Conscience Movement reacted to the allegations levelled against the governor of the Central Bank of Nigeria, Godwin Emefiele.

The groups at a press conference in Abuja on Tuesday, December 20, said it is important for the CBN governor to resign to allow for a swift investigation into the allegations against him.

The convener, Tobias Ogbeh, said the call became necessary following the abrupt indictment of the apex bank's governor for terrorism, financing, sundry economic crimes and abuse of office by the State Security Services (SSS).

Alleged terrorism financing: Court gives verdict on DSS' move to arrest CBN Governor Emefiele

The alleged move by the Department of State Services (DSS) to arrest and detain CBN governor Godwin Emefiele has hit a legal brick wall.

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A Federal High Court sitting in Abuja allegedly declined the application filed by the secret police to get Emefiele remanded.

The presiding judge, Justice JT Tsoho, reportedly said the DSS did not provide any concrete evidence to substantiate its claims that Emefiele was involved in terrorism financing.

Source: Legit.ng

Authors:
Nnenna Ibeh avatar

Nnenna Ibeh Nnenna Ibeh is a journalist with over 10 years of experience with various media organisations including Premium Times. Being on the front burner of reporting politics and the different dimensions of governance, she is also passionate about girls' education and women's and children's health. With degrees in Journalism, Peace Studies & Conflict Res., and Dev. Studies, Nnenna has worked in the dev. sector as a communications officer for the Centre for Democracy and Dev. email: ibehnnenna@gmail.com

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