Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,143,468 members, 7,781,357 topics. Date: Friday, 29 March 2024 at 01:06 PM

LG Funds: Banks Reject Cheques Issued By Govs, Says NFIU - Politics - Nairaland

Nairaland Forum / Nairaland / General / Politics / LG Funds: Banks Reject Cheques Issued By Govs, Says NFIU (15733 Views)

Memoranda Submission For State Police By Govs A Waste Of Time – Makinde / El-Rufai's Son Attacked As Banks Reject Old Notes In Kaduna (Pictures) / LG Funds: Amidst Governors protests, Court refuses to stop NFIU directive (2) (3) (4)

(1) (2) (Reply) (Go Down)

LG Funds: Banks Reject Cheques Issued By Govs, Says NFIU by seunfly: 10:30am On Jun 07, 2019
Following the directive by the Nigerian Financial Intelligence Unit barring state governments from spending funds meant for local governments, banks have begun to dishonour cheques emanating from states on behalf of local governments, The PUNCH has learnt.

The spokesman for the NFIU, Mr Sani Tukur, confirmed to our correspondent that the directive had recorded 100 per cent compliance.

He said, “So far, there has been 100 per cent compliance, thanks to the banks and the efforts they have made in ensuring that only cheques from local governments are honoured.

“I am aware that some banks have been calling to say they received cheques from state governments but they have not been cleared by the bank. Of course, they should know by now that only cheques issued by specific local governments will be cleared.

“As long as the cheques are not from the local government, they will not be honoured by any bank because they stand the risk of being sanctioned.”

The NFIU had on May 6, 2019 issued ‘Guidelines to Reduce Vulnerabilities Created by Cash Withdrawals from Local Government Funds throughout Nigeria,’ which barred governors from tampering with funds meant for local government areas from June 1.

Essentially, the guidelines stipulate that state and local government joint accounts be operated solely as transit accounts from which funds will be distributed directly to the accounts of local governments.

Banks were directed to ensure the full implementation of the guidelines with effect from June 1.

But the governors, under the aegis of the Nigerian Governors Forum, had in a protest letter to the President on May 19, 2019, argued that nothing in the NFIU Act 2018 gives the agency the power to give such a directive.

Citing Sections 7 (6) (a) and (b); Sections 162 (6), (7) and (cool, the NGF contended that the constitution expressly confers on only the National Assembly and the state Houses of Assembly the powers to make provisions for statutory allocation of public revenue to the local councils in the federation.

The Akwa Ibom State Government had approached the Federal High Court in Uyo, last week asking the court to stop the implementation of the guidelines.

Justice A. Okeke refused to grant the restraining order and adjourned the matter till June 21.

https://punchng.com/lg-funds-banks-reject-cheques-issued-by-govs-says-nfiu/

8 Likes 2 Shares

Re: LG Funds: Banks Reject Cheques Issued By Govs, Says NFIU by Babadee1900(m): 10:32am On Jun 07, 2019
Let me pitch my tent here. Waiting for the ‘See below’ guys

4 Likes

Re: LG Funds: Banks Reject Cheques Issued By Govs, Says NFIU by seunfly: 10:35am On Jun 07, 2019
FG needs to reduce the power of governors on appointment and sacking of LG chairman otherwise this gain will soon be eroded.

47 Likes 3 Shares

Re: LG Funds: Banks Reject Cheques Issued By Govs, Says NFIU by chigoziri2403(m): 10:35am On Jun 07, 2019
Good one, most state governors contributed to the underdevelopment of local government in their states by Refusing to make use of the funds appropriately

22 Likes 2 Shares

Re: LG Funds: Banks Reject Cheques Issued By Govs, Says NFIU by pawesome(m): 10:37am On Jun 07, 2019
This is the sweetest thing ever...


But very soon, governors will hijack it as they will want their right wing man to be LG chairman and that's all

21 Likes 1 Share

Re: LG Funds: Banks Reject Cheques Issued By Govs, Says NFIU by Tastemoney(m): 10:38am On Jun 07, 2019
tongue
Re: LG Funds: Banks Reject Cheques Issued By Govs, Says NFIU by seunfly: 10:38am On Jun 07, 2019
pawesome:
This is the sweetest thing ever...

Governors will simply appoint chairmen that will sign tbe cheque and clear it for him. Local government needs to be fully autonomous from stated governors thesame way president does not have power over state government governors.

18 Likes 1 Share

Re: LG Funds: Banks Reject Cheques Issued By Govs, Says NFIU by theenchanter: 10:39am On Jun 07, 2019
Very good.
Re: LG Funds: Banks Reject Cheques Issued By Govs, Says NFIU by nrexzy: 10:39am On Jun 07, 2019
Nice move
Re: LG Funds: Banks Reject Cheques Issued By Govs, Says NFIU by Flyingngel(m): 10:40am On Jun 07, 2019
seunfly post:


FG needs to reduce the power of governors on appointment and sacking of LG chairman otherwise this gain will soon be eroded.



I agree with you but i think federal government shld sent a bill to the National Assembly to amend the constitution such that INEC will have sole responsibility of conducting Local government elections and also their tenure shld be 4 years like others.

22 Likes

Re: LG Funds: Banks Reject Cheques Issued By Govs, Says NFIU by Racoon(m): 10:40am On Jun 07, 2019
cheesy Good development! The worry is that may these new LGA chair never constitute themselves into another rival power blocks to corruptly enrich themselves with the LG funds or inturn league with the governors to continue the old order corruption

1 Like

Re: LG Funds: Banks Reject Cheques Issued By Govs, Says NFIU by pawesome(m): 10:40am On Jun 07, 2019
seunfly:


Governors will simply appoint chairmen tbat will sign tbe cheque nd clear it for him.
then as a local government worker, you should know that you are attacking the LG chairman directly.. Na this type de easy to beat

1 Like

Re: LG Funds: Banks Reject Cheques Issued By Govs, Says NFIU by BizBayo: 10:41am On Jun 07, 2019
This is nice... But we still need the full LG autonomy.

1 Like

Re: LG Funds: Banks Reject Cheques Issued By Govs, Says NFIU by youngsahito(m): 10:41am On Jun 07, 2019
seunfly:
FG needs to reduce the power of governors on appointment and sacking of LG chairman otherwise this gain will soon be eroded.
They should make them fully autonomous without any governor interfering

6 Likes 1 Share

Re: LG Funds: Banks Reject Cheques Issued By Govs, Says NFIU by seunfly: 10:42am On Jun 07, 2019
Flyingngel:
seunfly post:


FG needs to reduce the power of governors on appointment and sacking of LG chairman otherwise this gain will soon be eroded.



I agree with you but i think federal government shld amend the constitution such that INEC will have sole responsibility of conducting Local government elections and also their tenure shld be 4 years like others.

Exactly.

1 Like

Re: LG Funds: Banks Reject Cheques Issued By Govs, Says NFIU by jlinkd78(m): 10:42am On Jun 07, 2019
I honestly stand with Buhari FG on this one. When decisions that are pro-people are implemented d nerves of d common man is sweetened. We hail them irrespective of political inclinations. This is a yes not d draconian shutting down of Daar communications

3 Likes

Re: LG Funds: Banks Reject Cheques Issued By Govs, Says NFIU by eloghosa127: 10:43am On Jun 07, 2019
They sure have a reason for that
Re: LG Funds: Banks Reject Cheques Issued By Govs, Says NFIU by dukie25: 10:44am On Jun 07, 2019
That's great.
Re: LG Funds: Banks Reject Cheques Issued By Govs, Says NFIU by seunfly: 10:44am On Jun 07, 2019
Racoon:
cheesy Good development! The worry is that may these new LGA chair never constitute themselves into another rival power blocks to corruptly enrich themselves with the LG funds or inturn league with the governors to continue the old order corruption

This is true but one or two local government chairman in every state will always behave reasonable, this is a plus and it is far better than governors managing local government resources.

3 Likes

Re: LG Funds: Banks Reject Cheques Issued By Govs, Says NFIU by Jabioro: 10:45am On Jun 07, 2019
We expect more of this...let the local government be fully independent..

1 Like

Re: LG Funds: Banks Reject Cheques Issued By Govs, Says NFIU by Westsida: 10:46am On Jun 07, 2019
molas02:
FRAUD ALERT
i was just dupped on via OLX. this is the details of those guys that did the job. they have two phone number. one is nigeria number and the other is US number
+12567060193
08072942249.
the account number they ask me to pay into is
2031804406 ECWEB TECHNOLOGY FIRST BANK and
0241546210 ECWEB TECHNOLOGY GTBank.

the one with international number will be forming americaner and that of Nigeria number will be forming OLX agent or inpection team
not that am not smart or dense anyone can fall for the format....so pls dont abuse me


You wanna buy something from them or how did you got scammed?

1 Like

Re: LG Funds: Banks Reject Cheques Issued By Govs, Says NFIU by Shikini: 10:46am On Jun 07, 2019
Ew
Re: LG Funds: Banks Reject Cheques Issued By Govs, Says NFIU by bettercreature(m): 10:48am On Jun 07, 2019
Racoon:
cheesy Good development! The worry is that may these new LGA chair never constitute themselves into another rival power blocks to corruptly enrich themselves with the LG funds or inturn league with the governors to continue the old order corruption
They will rot in jail,EFCC is monitoring the situation
They will explain where the money is

1 Like

Re: LG Funds: Banks Reject Cheques Issued By Govs, Says NFIU by molas02: 10:49am On Jun 07, 2019
Westsida:



You wanna buy something from them or how did you got scammed?

i want to sell property worth of 50m and one with international number pretend to be a buyer

1 Like

Re: LG Funds: Banks Reject Cheques Issued By Govs, Says NFIU by Dukeolumidemans(m): 10:49am On Jun 07, 2019
Integrity is now a scarce commodity in Nigeria...no wonder other people from different part of the world keep avoiding us online and in person..
Re: LG Funds: Banks Reject Cheques Issued By Govs, Says NFIU by dingbang(m): 10:50am On Jun 07, 2019
I love this.

Buhari is working!

1 Like

Re: LG Funds: Banks Reject Cheques Issued By Govs, Says NFIU by Tobesky1: 10:50am On Jun 07, 2019
Do you know you can make a career in accounting even as a non accounting graduate?

Do you know you can become a Chartered Accountant within a short period of time?

Do you know being a Chartered Accountant can open a wide range of career opportunities for you?

So,why can't you enroll for ICAN & ACCA training today. For info on ICAN Registration, lectures and more... Call us on 08062402552 or 07033274589
Re: LG Funds: Banks Reject Cheques Issued By Govs, Says NFIU by Westsida: 10:53am On Jun 07, 2019
molas02:


i want to sell property worth of 50m and one with international number pretend to be a buyer


Okay, so what happened? Hope the property is still safe? Hope you didn’t send them any money?

(1) (2) (Reply)

No More Single Bill For Presidential Assent –reps / Igbo Man Not Problem Of Hausa Or Yoruba Man - Atiku / ‘PDP Lost Ekiti Because Fayose Took People For Granted’- Owoseni

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 25
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.