The Nigeria Financial Intelligence Unit has vowed sanctions any commercial bank that allows transactions from any local government account without monies 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 with effect from June 1,2019, noting that any other transaction must be done through valid cheques or electronic funds transfer. The NFIU in an emailed statement by its acting Chief Media Analyst, Ahmed Dikko, on Monday, directed all financial institutions, relevant stakeholders, public servants…
Read MoreLocal Governments To Receive Direct Allocations From June – NFIU
