NFIU To Stop Cash Withdrawals From Govt Accounts
The Nigerian Financial Intelligence Unit (NFIU) has banned cash withdrawal for all federal and states accounts, effective from March 1, 2023.
NFIU Director General, Modibo Tukur, who said this at a conference in Abuja on Thursday, stated that the agency will trigger investigation processes on any public office holder who engages in cash transactions after the end of February this year.
He added that the NFIU will work hand-in-hand with the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices Commission (ICPC), and the Nigeria Police Force (NPF) in investigating government officials that withdraws cash from public accounts.
According to Modibbo, the directive to go cashless will help to put an end to corruption in public offices, as the country’s money laundering laws as well as other anti-graft laws will be fully applied on stubborn government officials.
He also maintained that the decision is in accord with Nigeria’s full transition into a cashless economy started by the Central Bank of Nigeria (CBN).
