FG to ban cash withdrawals from public accounts from January 2023 — Tukur

An indication has emerged that the Federal Government is set to stop henceforth cash withdrawals from all public accounts.

Mr Modibbo Hamman Tukur, the Director-General/CEO of the Nigerian Financial Intelligence Unit (NFIU) made the disclosure at a parley with Prof. Mahmud Yakubu, the Chairman, Independent National Electoral Commission (INEC).

Tukur, who frowned at excessive cash withdrawals from government accounts including payment of estacode, said it contravened the Money Laundering Act.

He ugred state governors and council chairmen to organize seminars for marketmen and women on how to use Automated Teller Machine (ATM) and the Point of Sales (POS).

“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,” he said.

Section (1) of the Money Laundering (Prevention and Prohibition) Act harps on expanding and strengthening the existing legal and institutional framework for combating an preventing money laundering in Nigeria.

He also said the NFIU is in consultation with the Secretary to the Government of the Federation, governors and local government council chairmen to give directive to all public servants to open domiciliary and Naira accounts.

Meanwhile, the Chief Media Analyst of NFIU, Mr Ahmed Dikko, has debunked rumours that Federal Government accounts will be blocked by NFIU as from January 2023.