The Federal Government on Tuesday, said it will stop cash withdrawal from all public accounts with immediate effect.

 The Director and Chief Executive Officer of Nigerian Financial Intelligence Unit (NFIU), Modibbo Hamman Tukur, gave the new directive at a parley with the Chairman of Independent National Electoral Commission (INEC), Prof. Mahmood Yakubu.

He said: “Because of the consistent devaluation of the naira and introduction of a new naira policy, Section 1 of the Money Laundering Prohibition Act is automatically activated.”

Section 1 of Money Laundering Prohibition Act activated

A statement in Abuja by NFIU’s Chief Media Analyst, Ahmed Dikko, quoted Tukur as saying most cash withdrawals from government accounts, including payments for estacode, were often in excess of the limit provided by the Money Laundering Act.

This, he said, makes innocent public servants liable to imprisonment. He added that NFIU is already developing an advisory to the Secretary to the Government of the Federation, all governors and council chairmen, to direct public servants to open domiciliary and naira accounts, ahead of commencement of the policy, which becomes compulsory by law.

Tukur said governors and council chairmen will also need to organise training for market men and women on how to use Automated Teller Machines and Point of Sales services.

Also, Dikko refuted news making the rounds that the unit is set to block Federal Government accounts in January 2023.”