Finally, NFIU Monitors Revenue Allocations to Local Governments


The Nigeria Financial Intelligence Unit (NFIU) requests all financial institutions, other relevant stakeholders, public servants and the entire citizenry to ensure full compliance with the provisions of the guidelines already submitted to Financial institutions and relevant enforcement agencies including full enforcement of corresponding sanctions against violations from 1st June, 2019

Having realized through analysis that cash withdrawal and transactions of the State, Joint Local Government Accounts (SJLGA), poses biggest corruption, money laundering and security threats at the grassroots levels and to the entire financial system and the country as a whole, decided to uphold the full provisions of section 162 (6) (8)of the 1999 Nigerian Constitution as amended which designated “ State Joint Local Government Account into which shall be paid allocations to the local government councils of the state from the federation account and from the government of the state”

“The amount standing to the credit of local government councils of a state shall be distributed among the local government councils of that state” and not for other purposes. 

As far as the NFIU is concerned the responsibility of the account as a collection account is fully reinstated. 

In addition, taking such measures was necessitated by prompting reasons on the NFIU to respond to threats of isolating the entire Nigerian financial system by other International financial systems because of deficiencies in our anti money laundering and counter terrorism financing implementation. 

Therefore, it is no longer possible to allow the entire system to suffer the deliberate and expensive infractions or violations by public officials and/or private business interests. 
Henceforth, all erring individuals and companies will be allowed to face direct international and local targeted sanctions, in order not to allow any negative consequences to fall on the entire country. 

To be precise, with effect from 1st June any bank that allows any transaction from any local government account without monies first reaching a particular local government account will be sanctioned 100%, both locally and internationally. 

In addition, a provision is also made to the effect that there shall be no cash withdrawal from any local government for a CUMULATIVE AMOUNT exceeding N500,000:00 per day. Any other transaction must be done through valid cheques or electronic funds transfer. 

The complete guidelines has been released to the Governor of the Central Bank of Nigeria, the Chairman, Economic and Financial Crimes Commission (EFCC), the Chairman, Independent Corrupt Practices Commission (ICPC) and Chief Executive Officers of all Banks and other financial institutions. 

Any state government that is willing to seek any expert economic advice in the unlikely event of these guidelines constituting an inconvenience to the management of the state can work with the NFIU and /or CBN. 

 Ahmed Dikko
Ag. Chief Media Analyst
NFIU__._,_.___

PRNigeria

42 thoughts on “Finally, NFIU Monitors Revenue Allocations to Local Governments

  • March 14, 2021 at 9:04 am
    Permalink

    248901 982163What a lovely blog. Ill certainly be back. Please preserve writing! 19326

  • April 16, 2021 at 9:00 am
    Permalink

    We are a group of volunteers and opening a new scheme in our community.
    Your web site provided us with valuable info to work
    on. You have done an impressive job and our entire community will be thankful to you.
    0mniartist asmr

  • April 28, 2021 at 2:32 am
    Permalink

    Excellent goods from you, man. I have understand your stuff previous to and you’re just extremely fantastic.
    I really like what you’ve acquired here, certainly like what you’re stating and the way in which you say it.
    You make it enjoyable and you still take care of to keep
    it sensible. I cant wait to read far more from you. This is really a great web site.

  • April 29, 2021 at 6:40 am
    Permalink

    After I originally left a comment I seem to have clicked on the
    -Notify me when new comments are added- checkbox and
    now every time a comment is added I receive four emails with the exact same comment.
    Perhaps there is a means you can remove me from that service?

    Thank you!

  • April 29, 2021 at 10:49 am
    Permalink

    Hi there to all, it’s really a good for me to pay a quick visit this
    web page, it includes priceless Information.

  • April 29, 2021 at 12:57 pm
    Permalink

    It’s amazing to pay a visit this web site and reading
    the views of all mates on the topic of this post, while I am also eager of getting familiarity.

  • May 4, 2021 at 2:17 am
    Permalink

    Greetings! I’ve been reading your web site for some time now and finally got the bravery to go ahead and give you a shout out from
    Atascocita Tx! Just wanted to say keep up the good work!

  • May 4, 2021 at 11:55 am
    Permalink

    I think this is among the most important info for me.
    And i am glad reading your article. But should remark on few general things, The site style is great, the articles is really nice :
    D. Good job, cheers

  • May 7, 2021 at 12:39 pm
    Permalink

    Pretty part of content. I simply stumbled upon your blog and in accession capital to assert that I get actually loved account your weblog posts.
    Any way I’ll be subscribing for your augment or even I achievement you access consistently fast.

  • May 8, 2021 at 12:34 pm
    Permalink

    Superb blog! Do you have any suggestions for aspiring writers?
    I’m planning to start my own blog soon but I’m a little lost on everything.
    Would you suggest starting with a free platform like
    Wordpress or go for a paid option? There are so many options out there that I’m completely confused ..

    Any tips? Appreciate it!

  • May 9, 2021 at 3:19 am
    Permalink

    Hey just wanted to give you a brief heads up and let
    you know a few of the images aren’t loading correctly. I’m not sure why but I think its a linking issue.
    I’ve tried it in two different browsers and both show
    the same results.

  • May 15, 2021 at 12:41 pm
    Permalink

    scoliosis
    This is the right site for anyone who wishes to understand this
    topic. You know a whole lot its almost tough to argue with you (not that I personally would want to…HaHa).
    You definitely put a new spin on a topic that has been discussed for many years.
    Excellent stuff, just great! scoliosis

  • May 16, 2021 at 10:57 am
    Permalink

    scoliosis
    Hi, I log on to your blog like every week. Your humoristic style is witty,
    keep up the good work! scoliosis

  • May 20, 2021 at 5:13 pm
    Permalink

    free dating sites
    My developer is trying to convince me to move to .net from PHP.
    I have always disliked the idea because of
    the expenses. But he’s tryiong none the less. I’ve been using Movable-type on a number of
    websites for about a year and am concerned about switching to another platform.
    I have heard fantastic things about blogengine.net. Is there a way I can import
    all my wordpress posts into it? Any help would be greatly appreciated!
    free dating sites

  • May 21, 2021 at 2:25 pm
    Permalink

    you’re in point of fact a good webmaster. The site loading pace is incredible.
    It kind of feels that you are doing any distinctive trick.
    Furthermore, The contents are masterpiece. you’ve performed a wonderful
    activity on this topic!

  • May 26, 2021 at 10:42 am
    Permalink

    Hello, i feel that i noticed you visited my blog thus i came to return the prefer?.I’m trying to to find things to enhance my web site!I
    assume its ok to make use of a few of your ideas!!

  • May 26, 2021 at 5:56 pm
    Permalink

    Heya i am for the first time here. I found this board
    and I find It truly useful & it helped me out much. I hope to give something back
    and help others like you aided me.

  • May 29, 2021 at 9:17 am
    Permalink

    I have read so many content on the topic of
    the blogger lovers however this piece of writing is actually a
    good paragraph, keep it up.

  • May 30, 2021 at 12:00 pm
    Permalink

    Hi! I just wanted to ask if you ever have any issues with hackers?
    My last blog (wordpress) was hacked and I ended up losing a few months of
    hard work due to no back up. Do you have any methods
    to prevent hackers?

  • May 31, 2021 at 12:47 am
    Permalink

    I’m not certain the place you’re getting your info, however good
    topic. I must spend some time finding out much more or understanding more.
    Thanks for great information I was in search of this information for my
    mission.

  • May 31, 2021 at 4:04 pm
    Permalink

    Spot on with this write-up, I truly feel this
    amazing site needs far more attention. I’ll probably be returning to read through more, thanks
    for the information!

  • June 1, 2021 at 3:47 am
    Permalink

    My partner and I stumbled over here from a different web page and thought I might check things out.
    I like what I see so now i’m following you. Look
    forward to looking at your web page yet again.

  • June 10, 2021 at 1:33 am
    Permalink

    668020 874644I visited a lot of site but I believe this one contains something extra in it in it 843149

  • June 13, 2021 at 8:29 pm
    Permalink

    Hmm it appears like your website ate my first comment (it was extremely long) so I guess I’ll just
    sum it up what I submitted and say, I’m thoroughly enjoying your blog.
    I too am an aspiring blog writer but I’m still new to everything.
    Do you have any points for beginner blog writers?
    I’d really appreciate it.

  • June 21, 2021 at 4:11 am
    Permalink

    Much props for the post with your OK I would share this post with my team?

  • June 21, 2021 at 5:01 am
    Permalink

    I appreciate the information with your permission I would share this post with my network?

  • June 21, 2021 at 5:46 am
    Permalink

    I appreciate the information with your Okay I’d share this info with my network?

  • July 26, 2021 at 2:20 am
    Permalink

    The question is interesting, I will also take part in the discussion. Together we can come to the right answer.

Leave a Reply

Your email address will not be published.

%d bloggers like this: