NFIU Fixes Date To Effect Ban On Cash Withdrawals Of All Government Accounts

The Nigerian Financial Intelligence Unit (NFIU) has fixed date to effect the ban of cash withdrawals from all federal, state and local government accounts.

Speaking at a press conference on Thursday in Abuja, NFIU Director-General, Modibo Tukur, said the ban of cash withdrawals would take effect on March 1, 2023.

Tukur disclosed that any public officials engaged in cash transactions from public accounts from March will be investigated by the unit in collaboration with the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices Commission (ICPC), and the Nigeria Police Force (NPF).

He said the country’s money laundering laws as well as other anti-graft laws will be fully applied on erring government officials, adding that the directive of the Central Bank of Nigeria (CBN) to go cashless will help to curb corruption in public offices.

Tukur, consequently, said all financial institutions have been directed to stop cash withdrawals from government accounts from the given date, stressing that defaulters will be prosecuted alongside their accomplices.

He said: “The rate of withdrawals above the threshold from public accounts has been alarming, over N701 billion has been withdrawn in cash from 2015 till date.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.

“For government exigencies, only the President has the power to grant any waiver to any government official considering the importance of the situation; either for national security, health, or other important reasons.”