• Home
  • Anti-Corruption
  • Fact-Check
  • Economy
  • National
    • Government
  • Security
  • Features
  • State
  • Event
    • PR Nigeria Award
  • E-Paper
Search
  • Home
  • About
  • Adverts
  • Contact
Sign in
Welcome! Log into your account
Forgot your password? Get help
Password recovery
Recover your password
A password will be e-mailed to you.
PRNIGERIA PRNigeria News
PRNIGERIA PRNIGERIA
  • Home
  • Anti-Corruption
    • Chinese nationals jailed in Lagos

      Court Jails Nine Chinese Nationals for Cybercrime in Lagos

      ASUU

      Tackle Corruption, Institutional Decay – ASUU Charges FG

      EFCC Arraigns Bauchi Accountant General Over N8bn Fraud as Court Sentences…

      PRNigeria logo fearured image

      EFCC Arraigns Ex-Convict, Other for Naira Abuse in Lagos

      EFCC Arrests 37 Suspected Internet Fraudsters in Ilorin

  • Fact-Check
  • Economy
    • Comptroller General Nigerian Customs Bashir Adewale

      Nigeria Customs, ICPC and the Audit of Conscience

      Customs Diplomacy: Nigeria, Saudi Arabia Ink Mutual Assistance Deal

      Comptroller General Nigerian Customs Bashir Adewale

      Nigeria, Belarus Forge Alliance to Combat Smuggling, Facilitate Trade

      President Bola Ahmed Tinubu and CG Customs, Bashir Adewale Adeniyi

      Tinubu Hails Customs Boss Wale Adeniyi on Historic Election as WCO…

      WTO Lauds Nigeria Customs for Embracing Global Trade Standards

  • National
    • Police Arrest 43 Illegal Immigrants, Human Traffickers, Rescue Victim

      Multichoice logo

      NDPC Fines MultiChoice ₦766m for Data Protection Breach in Nigeria

      Abdullahi Aliyu Maiwada

      Customs Debunks Fake CBT Recruitment Shortlist Circulating Online

      NDLEA Logo

      NDLEA Intercepts UK, Saudi-Bond Cocaine Hidden in Lipsticks in Lagos, Arrests…

      Troops of the Nigerian Army giving a salute

      162nd Anniversary: Tinubu Salutes Nigerian Army, Hails Troops as Guardians of…

    • Government
      • Soldiers

        Soldiers, forest guards to tackle insecurity in Kwara State

        MUSWEN Muslim Ummah of South West

        MUSWEN Renews Call for Shariah Courts to Regulate Affairs of Muslims

        Corporate Affairs Commission

        CAC Unveils AI-Powered Registration Portal to Revolutionize Business Registration in Nigeria

        Employment: ICPC Secures Conviction of FAAN Staff

        Staff of PRNigeria with federal lawmakers

        Federal Lawmakers Endorse PRNigeria Fellowship, Pledge Support for Youth Empowerment

  • Security
    • Soldiers

      Soldiers, forest guards to tackle insecurity in Kwara State

      Police Officer

      Anambra Police Arrest Man with Human Breast; Rescue Abducted Driver, Recover…

      Police Arrest 43 Illegal Immigrants, Human Traffickers, Rescue Victim

      Abdullahi Aliyu Maiwada

      Customs Debunks Fake CBT Recruitment Shortlist Circulating Online

      NDLEA Logo

      NDLEA Intercepts UK, Saudi-Bond Cocaine Hidden in Lipsticks in Lagos, Arrests…

  • Features
    • From SDP to ADA to ADC: Can the New Opposition Coalition…

      Bashir Adewale Adeniyi MFR

      Adeniyi: Lifting Nigeria to the Pinnacle of Global Customs Authority

      Nigeria’s Growth Numbers Tell Only Half the Story By Umar Farouk…

      NYSC Corps Members in Camp

      The Burden Too Many Nigerian Youths Bear Alone

      Combating Deepfake Videos: A Fight for Nigeria’s Soul By Mukhtar Ya’u…

  • State
    • Soldiers

      Soldiers, forest guards to tackle insecurity in Kwara State

      NDLEA Logo

      NDLEA Intercepts UK, Saudi-Bond Cocaine Hidden in Lipsticks in Lagos, Arrests…

      MUSWEN Muslim Ummah of South West

      MUSWEN Renews Call for Shariah Courts to Regulate Affairs of Muslims

      Police Officer

      Police Foil Bandit Attacks in Katsina, Rescue Victims as Traditional Leader…

      Customs Hands Over N172m Worth of Cannabis to NDLEA in Ogun,…

  • Event
    • Troops of the Nigerian Army giving a salute

      162nd Anniversary: Tinubu Salutes Nigerian Army, Hails Troops as Guardians of…

      President & Chairman of Governing Council, Dr. Ike Neliaku

      NIPR Lauds Nigerian PR Firms for Outstanding Performances at 2025 SABRE…

      SCN NGO signs partnership with PRNIGERIA

      SCN NGO Seals Partnership with PRNigeria to Amplify its Humanitarian Projects

      NELFUND

      NELFUND Warns Students Against Fake Loan Application Portal

      EFCC Witness: Yahaya Bello Had No Property Dealings With EFAB

    • PR Nigeria Award
  • E-Paper
Home Anti-Corruption Finally, NFIU Monitors Revenue Allocations to Local Governments
  • Anti-Corruption

Finally, NFIU Monitors Revenue Allocations to Local Governments

By
Ahmed Dikko
-
May 6, 2019

NFIU Boss Modibbo Hamman-Tukur of Nigerian Financial Intelligence Unit
NFIU Boss Modibbo Hamman-Tukur of Nigerian Financial Intelligence Unit

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.

Read Also:

  • Soldiers, forest guards to tackle insecurity in Kwara State
  • Anambra Police Arrest Man with Human Breast; Rescue Abducted Driver, Recover Goods Worth N9.5m
  • Police Arrest 43 Illegal Immigrants, Human Traffickers, Rescue Victim

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

VISIT OUR OTHER WEBSITES
PRNigeria.com EconomicConfidential.com PRNigeria.com/Hausa/
EmergencyDigest.com PoliticsDigest.ng TechDigest.ng
HealthDigest.ng SpokesPersonsdigest.com TeensDigest.ng
ArewaAgenda.com Hausa.ArewaAgenda.com YAShuaib.com
  • TAGS
  • Local Governments
  • NFIU
  • Revenue Allocations
Previous articleICPC Arraigns NSCDC Staff for Job Scam, Appeals Against Gwarzo’s Acquittal 
Next articleOluyeyi, Iramofu Bag 31 Years for Cyber Fraud, Others
Ahmed Dikko
Ahmed Dikko
http://www.PRNigeria.com

RELATED ARTICLESMORE FROM AUTHOR

Chinese nationals jailed in Lagos

Court Jails Nine Chinese Nationals for Cybercrime in Lagos

ASUU

Tackle Corruption, Institutional Decay – ASUU Charges FG

EFCC Arraigns Bauchi Accountant General Over N8bn Fraud as Court Sentences Kano Make-Up Artist for Naira Abuse

PRNigeria logo fearured image

EFCC Arraigns Ex-Convict, Other for Naira Abuse in Lagos

EFCC Arrests 37 Suspected Internet Fraudsters in Ilorin

EFCC, CCC and the Battle Against Corruption in Nigeria, By Mukhtar Ya’u Madobi

Ola Olukoyede, EFCC Chairman

EFCC’s Anti-Corruption War: Between Media Trial and Intelligence-Driven Operations

Olayiwola Oguntade

Court Sentences Ex JAMB Staff for N10m Fraud in Ibadan

Diezani-Alison-Madueke

Nigeria, US sign MoU to repatriate $53m linked to former oil minister, Diezani

EFCC Sacks 27 Fraudulent Officers for Misconduct

Court Okays EFCC’s Request to Freez 67 Bank Accounts Over Alleged Fraud

Official_JAMB_logo

JAMB, NRC Top ICPC Integrity Ranking

LEAVE A REPLY Cancel reply

Log in to leave a comment

Recent Posts

  • Soldiers, forest guards to tackle insecurity in Kwara State
  • Anambra Police Arrest Man with Human Breast; Rescue Abducted Driver, Recover Goods Worth N9.5m
  • Police Arrest 43 Illegal Immigrants, Human Traffickers, Rescue Victim
  • NDPC Fines MultiChoice ₦766m for Data Protection Breach in Nigeria
  • Customs Debunks Fake CBT Recruitment Shortlist Circulating Online
  • Home
  • About
  • Adverts
  • Contact
© 2020 PRNigeria. All Rights Reserved.
Latest News
Anambra Police Arrest Man with Human Breast; Rescue Abducted Driver, Recover Goods Worth N9.5mPolice Arrest 43 Illegal Immigrants, Human Traffickers, Rescue VictimNDPC Fines MultiChoice ₦766m for Data Protection Breach in NigeriaCustoms Debunks Fake CBT Recruitment Shortlist Circulating OnlineNDLEA Intercepts UK, Saudi-Bond Cocaine Hidden in Lipsticks in Lagos, Arrests Other SuspectsFrom SDP to ADA to ADC: Can the New Opposition Coalition Unseat Tinubu in 2027?IGP Egbetokun Mourns Retired AIG Liman ShettimaNAF Hosts Nationwide Parley to Honour Veterans’ Courage, SacrificeCybercrime Allegation: PRNigeria Petitions Police Against NIPSS Officials‎FACT-CHECK: Was a Man Trapped in Ceiling after Trying to Hack FCMB Bank?FACT-CHECK: Did a Man Catch His Wife and Driver “Knacking” in a Hotel Room?162nd Anniversary: Tinubu Salutes Nigerian Army, Hails Troops as Guardians of National UnityAdeniyi: Lifting Nigeria to the Pinnacle of Global Customs AuthorityMUSWEN Renews Call for Shariah Courts to Regulate Affairs of MuslimsPolice Foil Bandit Attacks in Katsina, Rescue Victims as Traditional Leader Abducted
X whatsapp