Local Government Autonomy: NFIU Begins Monitoring of State, Councils’ Bank Accounts

0

Get real time updates directly on you device, subscribe now.

The Nigerian Financial Intelligence Unit (NFIU) has begun surveillance of local government transactions to ensure compliance with its directives on financial guidelines which took effect from June 1.

 

Recall that the NFIU had threatened sanctions against any commercial bank which allowed transactions from any local government account without money first reaching the LG account.

It also said no cash withdrawal exceeding N500,000 per day could be made from any local government account, noting that any other transaction must be done through valid cheques or electronic funds transfer.

 

READ ALSO: Ruga: My office not supervising Fulani herdsmen settlements – Osinbajo cries out

 

A source from the agency, which confided in ThePunch, stated, “We have teams monitoring the LG accounts in all the banks and once there is any infraction, the necessary action will be taken against the culprit financial institution without any warning. So far, the compliance to the guidelines is 100 per cent but we don’t want to comment because of the ongoing suit against the guidelines.”

 

Subtly confirming the development, the acting EFCC spokesman, Tony Orilade, simply said the anti-graft had been taking and would continue to take necessary action to ensure compliance with the guidelines on public funds.

 

“It is part of our mandate to ensure that the laws on public finance are not violated by all organs or tiers of government and this, we will continue to carry out with the support of all Nigerians,” he added.

Leave a Reply

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.