LG Funds: NFIU Says Banks Reject Cheques Issued By Governors - Liberty TV/Radio - News - Voice For All! Vision For Alll!
Publisher (J.T)
June 7, 2019
Following the directive by the Nigerian FinancialIntelligence Unit, NFIU barring state governments from spending funds meant forlocal governments, banks have begun to dishonour cheques coming from states onbehalf of local governments.
The Spokesman for the NFIU Sani Tukur confirmed  that the directive had recorded hundred percent compliance. He appreciated the banks and the efforts they have made inensuring that only cheques from local governments are honoured.
The NFIU had on May 6th, issued ‘Guidelines toReduce Vulnerabilities Created by Cash Withdrawals from Local Government Fundsthroughout Nigeria,’ which barred governors from tampering with funds meant forlocal government areas from June 1.
Banks were directed to ensure the fullimplementation of the guidelines with effect from June 1.