Politics
The Nigerian Financial Intelligence Unit special task teams have been monitoring banks’ compliance with its directives on financial guidelines in respect of local government transactions.
Saturday PUNCH gathered on Friday that the agency had placed the accounts of the 774 local government areas in the country under surveillance to ensure that they did not flout the financial guidelines which took effect from June 1.
The NFIU had threatened sanctions against any commercial bank which allowed transactions from any local government account without money first reaching the LG account.
In addition, the agency 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.
Officials of the agency were not willing to speak but sources familiar with the ongoing surveillance of banks and the LG accounts explained that the unit had not noticed any infraction either by the banks, the local or state government officials.
A source 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.”
Our correspondent learnt the Economic and Financial Crimes Commission was not involved in the surveillance which was being carried out solely by the NFIU, hitherto a department under the Commission.
When contacted, 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.
– June 29, 2018 @ 12:29 GMT |
Tags: Financial guidelines: NFIU monitors banks LG’s accounts
