FG stops cash payment of estacode to workers

The Federal Government has said it is putting measures in place to stop cash withdrawal from bank accounts belonging to the Federal Government, states and local governments.

The Director-General and Chief Executive Officer, Nigerian Financial Intelligence Unit, Modibbo Tukur, said this on Monday at a parley with the Chairman of the Independent National Electoral Commission, Prof. Mahmud Yakubu, according to a statement issued by the Chief Media Analyst, NFIU, Ahmed Dikko, on Tuesday.

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

Tukur further stated that most cash withdrawals from government accounts, including payments for estacode are often in excess of the cash withdrawal limits provided by the Money Laundering Act.

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

Tukur also noted that governors and council chairmen would need to organise training for market men and women on how to use ATMs and point of sale services.