The Nigeria Financial Intelligence Unit has sanctioned commercial banks not to allow transactions from any local government account without monies first reaching the LG account.
This was made known in a statement by Acting Chief Media Analyst, NFIU , Ahmed Dikko.
The agency says cash withdrawal by local government should not exceed N500,000 per day with effect from June 1st, 2019. It adds that other transaction must be done through valid cheques or electronic funds transfer.
The NFIU added that the directive followed findings which showed that cash withdrawals and transactions of the State and Joint Local Government Accounts posed the biggest corruption, money laundering and security threats to the financial system and the country.
It has directed financial institutions stakeholders, public servants and the public to comply with the guidelines.
Related posts:
National trials, invitational relays to hold between June 16th and June 21st-AFN
Monthly Allocation: FG, states, LGs record N43bn shortfall
FG, states, LGs share N601bn for November
Seven LGs in Niger under siege by bandits- Sani Bello
NYSC governing board urges States, LGs to step up performance to scheme
FG to blame for poverty rate in LGs, rural areas-Ogunlaja
Gombe: IPAC faults appointment of fmr LGs chairmen as Caretakers
My administration augments federal allocations to LGs not hijack -Abiodun
