The Nigeria's Financial Intelligence Unit (NFIU) has banned cash withdrawals from accounts belonging to the federal government, ahead of the February’s general elections. It also includes accounts belonging to Federal Government agencies and parastatals, as well as state and local governments. The NFIU Head, Moddibo Tukur, announced the ban on Thursday, during a press briefing in the Federal Capital Territory, Abuja.
Nigeria’s Intelligence Agency, NFIU Bans Cash Withdrawals From Government Accounts Ahead Of February’s General ElectionsIt also includes accounts belonging to Federal Government agencies and parastatals, as well as state and local governments.
The Nigeria's Financial Intelligence Unit has banned cash withdrawals from accounts belonging to the federal government, ahead of the February’s general elections. It also includes accounts belonging to Federal Government agencies and parastatals, as well as state and local governments. The NFIU Head, Moddibo Tukur, announced the ban on Thursday, during a press briefing in the Federal Capital Territory, Abuja.
Tukur said that the new directive became necessary to arrest fraudulent withdrawals from public accounts without recourse to the money laundering laws and sometimes for corruption purposes.He decried that the rate of withdrawals above the threshold from public accounts had been alarming, adding that over N701billion was withdrawn in cash from 2015 till date.
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