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Nairaland Forum / Nairaland / General / Politics / LG Funds: Banks Reject Cheques Issued By Govs, Says NFIU (15733 Views)
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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 (, 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
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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 |
Re: LG Funds: Banks Reject Cheques Issued By Govs, Says NFIU by seunfly: 10:38am On Jun 07, 2019 |
pawesome: 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 |
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: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: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: 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: 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: 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: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: 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 |
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Re: LG Funds: Banks Reject Cheques Issued By Govs, Says NFIU by Westsida: 10:53am On Jun 07, 2019 |
molas02: Okay, so what happened? Hope the property is still safe? Hope you didn’t send them any money? |
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