OPINION BY ADEBAYO ABUBAKAR: NFIU’s zero-cash withdrawal enforcement: Better late than never | TheCable
to signpost its pretence of having a “zero-tolerance” for graft. Each of them has always come up with one slogan, or the other, to drive that home. But paying “lip service” to it is the best some, if not all, of them, have achieved.
Then came, General Sani Abacha, with ‘War Against Indiscipline and Corruption’ . It turns out that there might not be any regime under which Nigerians’ common patrimony was looted, as under this regime. The dictator himself died on June 8, 1998, which ought to have brought a definitive closure to his “lootocratic” chapter, in our nation’s history, but that has not been the case.
Corruption, as it is known, is multi-faced and multifaceted. But for the purpose of this piece, I will contextualise it within the scopes of embezzlement, misapplication, and diversion of public funds for personal benefits. It manifests in the colours of contract inflation, outright stealing, money laundering etc. The usual practice is; the sum for the execution of a contract is inflated.
All these would not have been possible without consequences, had those transactions been mandated to be conducted electronically. I was, therefore, very elated but at the same time, dejected, when I read on Thursday that,. The NFIU director-general, Modibo Tukur at a press conference in Abuja said the agency is set to enforce the ban on cash withdrawals from the accounts of all the governments – federal, state, and local. The ban, according to Tukur, takes effect from March 1, 2023.
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