Global Upfront Newspapers
Cover Justice News

FG Floors Governors On Local Government Financial Autonomy, Now All Joint Account Transactions Must Be Reported To ICPC, EFCC

A Federal High Court sitting in Abuja presided over by Hon. Justice Inyang Ekwo on Monday delivered a judgement in favour of the Federal government and Nigerian Financial Intelligence Unit (NFIU), on Local Government Joint Accounts nationwide.

The NFIU had in June 2019 issued guidelines aimed at curbing crime vulnerabilities created by cash withdrawals from Local Government accounts by various State governments.

The Nigerian Governors Forum sued the FG and NFIU for interfering with State government powers to initiate transactions on Local Government Joint accounts citing provisions of the 1999 constitution.

The NFIU issued a guideline on money laundering risk and vulnerabilities advising all banks not to honour transactions from joint accounts. It directed that the States/Local Governments Joint Accounts should used only for receiving funds and subsequently transferring them to Local government accounts only.

The guidelines also reduced cash withdrawal from local government accounts to five hundred thousand Naira daily.
Immediately after the guidelines came into place, most local governments across the country stopped facing challenges in payment of staff salaries.

While reacting to the judgement the Director/CEO of NFIU, Mr Modibbo Tukur said the judgement is good because the Federal government is always ready to protect both States and Local Governments by making funds available for their governance responsibility.

He stressed further that funds can now be decided on by local councils which can be channelled to improving local security.

The CEO NFIU said in a statement that “from this judgement and from today (May 23, 2022) all transactions on Local Government funds will be disclosed to ICPC and EFCC 100% and will be reported continuously.”

Advertize With Us

See Also

Bishop Kukah lambasts Buhari, says Nigeria “is falling apart. We have never been this divided”

Global Upfront

Mixed reactions as Governor Ortom “reconciles” Channels TV Reporter, Pius Angbo and wife over battery allegations

Global Upfront

New U.S. Armed Forces Rules Forbid Soldiers From Non-official Travel To Israel, Middle East Region

Global Upfront

Chinese banks set to open in Nigeria

Global Upfront

Execute crushing defeat against bandits, Buhari directs military

Global Upfront

U.S. Evacuates Ukraine Embassy Amid Russian Invasion Fears

Global Upfront

Attack on Governor Ortom: IGP orders full speedy investigations

Global Upfront

Anambra Elections: IGP meets Police Commanders, assures of safe, secure electoral process, security of public space

Global Upfront

Buhari formally suspends Magu, approves EFCC Director of Operations, Mohammed Umar, as Acting Chairman

Global Upfront

U.S. donates 5 million insecticide-treated Bed Nets to Control Malaria in Oyo State, Southwest Nigeria

Global Upfront

This website uses Cookies to improve User experience. We assume this is OK...If not, please opt-out! Accept Read More