The Nigeria Financial Intelligence Unit (NFIU) has banned all banks from execting demands for cash withdrawals from all Federal government accounts.

The NFIU noted that this would take effect from March 1, 2023, and that any government officials who does so runs the risk of being subject to an investigation from the NFIU, the Economic and Financial Crimes Commission, the Independent Corrupt Practices Commission, and the Nigeria Police force, depending on the severity of the situation.

NFIU boss, Moddibo Tukur, said the ban was necessary to curb the rate at which monies are withdrawn from public accounts in flagrant disregard to the money laundering laws and sometimes for corruption purposes.

He said, “Any government official who flouts the order will be prosecuted alongside his or her accomplices, adding that the decision was in sync with the full transition of Nigeria into a cashless economy which the Central Bank of Nigeria has been leading.

“The rate of withdrawals above the threshold from public accounts has been alarming, over N701billion has been withdrawn in cash from 2015 till date.

“The NFIU had told banks and government agencies at all levels to go fully digital by moving online, as all transactions involving public money must be routed through the banks for the purpose of accountability and transparency.

This is not reversible as we are only enforcing the law. As far as we are concerned, Nigeria will become a full non-cash economy by March 1, 2023 this year. As a consequence, any government official that withdraws even one naira cash from any public account from March 1 will be investigated and prosecuted in collaboration with relevant agencies like EFCC, ICPC and the NPF.”