₦airaland Forum

Hmmm ....over 6 000 agents across 3 constituencies.... shouldn't the number be specific? ...were they going to drive around the three constituencies to distribute the cash? ... who had the list of names ...and addresses of the ones to be paid? ...and why do this on election day? ... were the 6000 agents to wait at the 169 polling stations to collect cash? ... whose brilliant idea it was to make cash payment...on election day? It was better he remained quiet .... now we have no doubt what the money was for.

So those people no get bank accounts even if na Opay as e say na 3k each you wan pay dem for staying in the sun from morning till evening?

You think say we be mumu like Obidients?

Oh I see. So the agents do not have bank accounts.

PDP can never change.

Who is funding PDP?

ChiefOloye:
What happened to disbursing the funds on Friday or earlier, why wait till on Saturday, when there was vehicular restrictions?
They should look for better and logical lies.

OR send the m9ney to the agent electronically

Porkies.
Who do they think they are talking to, toddlers?

Everyone involved should be arrested and sentences according to the law, because there is a law to stop the monetisation of elections.

Nigerians will never learn. Stop accepting bribes to vote. Look at where we are as a country after 25 years of collecting inducements to empower failed individuals to govern.

Only Obidients will believe this

ChiefOloye:
What happened to disbursing the funds on Friday or earlier, why wait till on Saturday, when there was vehicular restrictions?
They should look for better and logical lies.

Or even transfer the money directly into their Bank accounts since you know them.

Ameboperoo:
It's usual for money to be shared during elections. ALL political parties are guilty of this

The only difference now is that only the parties in power were allowed to share money yesterday with security personnel turning a blind eye. They only became very vigilant when they caught the opposition party with cash. It's nothing to complain about though. It only goes to show that APC keeping the people perpetually impoverished is an election-winning strategy in itself.

Lol…how many agents dey one PU and besides na by election ooo…no be general election…make una talk another one abeg

Lol they are your employees dont you do bank transfer awon werey

My thoughts exactly.

ChiefOloye:
What happened to disbursing the funds on Friday or earlier, why wait till on Saturday, when there was vehicular restrictions?
They should look for better and logical lies.

Do these people think they are talking to kids?

IBB007:
Lol…how many agents dey one PU and besides na by election ooo…no be general election…make una talk another one abeg

I gathered from the story....

3 Constituencies and 169 polling units....that's 56 polling units and 2000 agents average in each constituency.

Going directly that's, N25.9 million divided by 169 polling units which is roughly a budget of N153,000 to be paid to all agents per polling unit.

Now if they share 3k per agent in each polling unit, then they are saying that there will be roughly N153K divided by 3k which is 51 agents on ground.

The question now is how many people came out to vote for the party in each unit because there's no way 50 agents can gather in only one polling unit totalling 8,000 agents for 169 polling units for a bye election.

Believe this bullc.rap and you'd believe anything.
They were all buying votes.. na who pay pass Kaduna voters dey vote for.

OlujobaSamuel:
There is, although people still abuse it.
5m for individual, 10m for corporate, anything above that must pass through the banking system.
One of such ways of abusing it is this, having more than 20m to give to PU agents, the agent won't be going against the law in collecting such fund as they are likely to get it in thousands, but he already went against the law in having such fund as he cant claim any legitimacy either as a corporate or individual.

I did a research on this but couldn't find where it was lawfully and explicitly stated. Can you please share me a link to your source so I have read. I'll be grateful

Teymanhenry:
I did a research on this but couldn't find where it was lawfully and explicitly stated. Can you please share me a link to your source so I have read. I'll be grateful

Check the Money Laundering and Prevention Act 2022
Not sure of the section
Check Section 2

OlujobaSamuel:
Check the Money Laundering and Prevention Act 2022
Not sure of the section
Check Section 2

Ok thanks, though I couldn't find anything law that directly quoted an amount of cash. Section 2 was more centered on bank transactions.

SECTION 2

(1) No person or body corporate shall, except in a transaction through a financial institution, make or accept cash payment of a sum exceeding—

(a) N5,000,000 or its equivalent, in the case of an individual; or

(b) N10,000,000 or its equivalent, in the case of a body corporate.

(2) A person shall not conduct two or more transactions separately with one or more financial institutions or designated non-financial businesses and professions with intent to—

(a) avoid the duty to report a transaction which should be reported under this Act; and

(b) breach the duty to disclose information under this act by any other means.

Limitation to make or accept cash payment.



SECTION 3

(1) A transfer to or from a foreign country of funds or securities by a person or body corporate including a money service business of a sum exceeding US$10,000 or its equivalent shall be reported to the Unit, Central Bank of Nigeria and Securities and Exchange Commission in writing within one day from the date of the transaction.

(2) A report made under subsection (1) shall indicate the nature and amount of the transfer, the names and addresses of the sender and the receiver of the funds or securities.

(3) Transportation of cash or negotiable instruments in excess of US$10,000 or its equivalent by individuals in or out of Nigeria shall be declared to the Nigerian Customs Service.

(4) The Nigerian Customs Service shall report any declaration made under subsection (3) to the Central Bank and the Unit.

(5) Any person who falsely declares or fails to make a declaration to the Nigerian Customs Service under section 12 of the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, commits an offence and is liable on conviction to forfeit the undeclared funds or negotiable instrument or to imprisonment for a term of at least two years or both. Cap. F34, LFN, 2004.

Duty to report international transfer or transportation of funds, securities and cash.



SECTION 4

(1) A financial institution and a designated non-financial business and profession shall—

(a) identify a customer, whether permanent or occasional, natural or legal person or any other form of legal arrangements, using identification documents as may be prescribed in any relevant regulation;

(b) verify the identity of that customer using reliable, independent source documents, data or information;

(c) identify the beneficial owner using relevant information or data obtained from a reliable source such that the financial institution or the designated non- financial business and profession is satisfied that it knows who the beneficial owner is; and

(d) take reasonable measures to verify that any person purporting to act on behalf of the customer is so authorised, identified and verify the identity of that person.

(2) Financial institutions and designated non-financial businesses and professions shall undertake customer due diligence measures when—

(a) establishing business relationships;

(b) carrying out occasional transactions above the applicable designated threshold prescribed by relevant regulations, including transactions carried out in a single operation or in several operations that appear to be linked;

(c) carrying out occasional transactions that are wire transfers;

(d) there is a suspicion of money laundering or terrorist financing, regardless of any exemptions or thresholds; or

(e) the financial institution or designated non-financial business and profession has doubts about the veracity or adequacy of previously obtained customer identification data.

(3) Financial institutions or designated non-financial businesses and professions shall—

(a) conduct ongoing due diligence on a business relationship;

(b) scrutinise transactions undertaken during the course of the relationship to ensure that the transactions are consistent with the institution’s knowledge of the customer, their business and risk profile and where necessary, the source of funds; and

(c) ensure that documents, data or information collected under the customer due diligence process is kept up-to-date and relevant by undertaking reviews of existing records, particularly for higher risk categories of customers or business relationships.

(4) Financial institutions and designated non-financial businesses and professions shall take appropriate measures to manage and mitigate the risks and—

(a) where higher risks are identified, apply enhanced measures to manage and mitigate the risk;

(b) where lower risks are identified, take simplified measures to manage and mitigate the risks, provided that simplified customer due diligent measures are not permitted whenever there is suspicion of money laundering or terrorist financing; and

(c) in the case of cross-border correspondent banking and other similar relationships and in addition to carrying out customer due diligence measures— (i) gather sufficient information about a respondent institution, (ii) assess the respondent institution’s anti-money laundering and combating the financing of terrorism controls, (iii) document respective responsibilities of each institution in this regard, and (iv) obtain management approval before establishing new correspondent relationships.

(5) A casual customer shall comply with the provisions of subsection (2) for any number or manner of transactions including wire transfer involving a sum exceeding US$1,000 or its equivalent if the total amount is known at the commencement of the transaction or as soon as it is known to exceed the sum of US$1,000 or its equivalent.

(6) Where a financial institution or designated non-financial business and profession suspects or has reasonable grounds to suspect that the amount involved in a transaction is the proceeds of a crime or an illegal act, it shall require identification of the customer notwithstanding that the amount involved in the transaction is less than US$1,000 or its equivalent.

(7) Financial institutions or designated non-financial business and profession shall put in place appropriate risk management systems and procedures to determine whether a customer or the beneficial owner of a customer is a politically exposed person.

( In relation to a foreign politically exposed person, the financial institution or designated non-financial institution shall in addition to the requirements of subsections (1) and (2)—

(a) obtain senior management approval before establishing (or continuing, for existing customers) such business relationships;

(b) take reasonable measures to establish the source of wealth and the source of funds of customers and beneficial owners identified as politically exposed persons; and

(c) conduct enhanced ongoing monitoring on that relationship.

(9) In relation to a domestic politically exposed persons or person who has been entrusted with a prominent function by an international organisation, the financial institution or designated non-financial institution shall in addition to the requirements of subsections (1) and (2), adopt the measures under subsection (, where there is higher risk business relationship with such a person.

Identification of customers.



SECTION 5

(1) A casino shall—

(a) verify the identity of any of its customers carrying out financial transactions by requiring its customer to present a valid original document bearing his name and address; and

(b) record all transactions under this section in chronological order including— (i) the nature and amount involved in each transaction, and (ii) each customer’s surname, forenames and address, in a register forwarded to the Special Control Unit against Money Laundering for that purpose.

(2) A register kept under subsection (1)(b) shall be forwarded to the Unit and preserved for at least five years after the last transaction recorded in the register.

(3) In this section, casino includes internet casino and ship-based casinos.

Duties incumbent upon casinos.



SECTION 6

(1) A designated non-financial business and profession whose business involves cash transaction shall—

(a) in the case of — (i) a new business, before commencement of the business; and (ii) an existing business, within 3 months from the commencement of this Act, submit to the Special Control Unit against Money Laundering, a declaration of its activities;

(b) prior to any transaction involving a sum exceeding US$1,000 or its equivalent, identify the customer by requiring him to fill a standard data form and present his international passport, driving license, national identity card or such other document bearing his photograph as may be prescribed by the Special Control Unit Against Money Laundering; and

(c) record all transactions under this section in chronological order, indicating each customer’s surname, forenames and address in a register numbered and forwarded to the Special Control Unit Against Money Laundering.

(2) A register kept under subsection (1) shall be forwarded to the Unit and preserved for at least five years after the last transaction recorded in the register.

(3) A designated non-financial business and profession that fails to comply with the requirements of customer identification and the submission of returns on such transaction as specified in this Act within seven days from the date of the transaction commits an offence and is liable on conviction to—

(a) a fine of N250,000 for each day during which the offence continues; and

(b) suspension, revocation or withdrawal of license by the appropriate licensing authority as the circumstances may demand.

Occasional cash transaction by designated nonfinancial businesses and professions.



SECTION 7

(1) Where a transaction—

(a) involves a frequency which is unjustifiable or unreasonable,

(b) is surrounded by conditions of unusual or unjustified complexity,

(c) appears to have no economic justification or lawful objective,

(d) is inconsistent with the known transaction pattern of the account or business relationship, or\

(e) in the opinion of the financial institution or non-financial business and profession involves the proceeds of a criminal activity, unlawful act, money laundering or terrorist financing, that transaction shall be deemed to be suspicious and the financial institution and designated non-financial business and profession involved in the transaction shall report to the Unit as the case may be immediately.

(2) A financial institution or designated non-financial business and profession shall within 24 hours after the transaction referred to in subsection (1)—

(a) draw up a written report containing all relevant information on the matters mentioned in subsection (1) together with the reasons and identity of the principal and, where applicable, of the beneficiary or beneficiaries;

(b) take appropriate action to prevent the laundering of the proceeds of a crime or an illegal act; and

(c) report the suspicious transaction and actions taken to the Unit.

(3) The provisions of subsections (1) and (2) shall apply whether the transaction is complete or not.

(4) The Unit shall acknowledge receipt of any disclosure, report or information received under this section and may demand such additional information as it may deem necessary.

(5) The acknowledgement of receipt shall be sent to the financial institution or designated non-financial business and profession within the time allowed for the transaction to be undertaken and it may be accompanied by a notice deferring the transaction for a period not exceeding 72 hours.

(6) Notwithstanding the provisions of subsection (5), the Unit or the Commission or the authorised representatives shall place a stop order not exceeding 72 hours, on any account or transaction if it is discovered that such account or transaction is suspected to be involved in any unlawful act.

(7) If the acknowledgment of receipt is not accompanied by a stop notice, or where the stop notice has expired and the order specified in subsection ( to block the transaction has not reached the financial institution or designated non-financial business and profession, it may carry out the transaction.

( Where it is not possible to ascertain the origin of the funds within the period of stoppage of the transaction, the Federal High Court may, at the request of the Unit or the Commission or their authorised representatives order that the funds, accounts or securities referred to in the report be blocked.

(9) An order made by the Federal High Court under subsection ( shall be enforced forthwith.

(10) A financial institution or designated non-financial business and profession which fails to comply with the provisions of subsections (1) and (2) commits an offence and is liable on conviction to a fine of N1,000,000 for each day during which the offence continues.

(11) The directors, officers and employees of financial institutions and designated non-financial businesses and professions who carry out their duties under this Act in good faith shall not be liable to any civil or criminal liability or have any criminal or civil proceedings brought against them by their customers.

(12) Unlawful activity as used in subsection (1) (e) has the same meaning as assigned to it under section 18 (6) of this Act.

Suspicious transaction reporting.



SECTION 8

(1) Financial institution and designated non-financial business and profession shall preserve and keep at the disposal of the authorities specified in section 9 of this Act—

(a) all necessary records on transactions, both domestic and international, for at least five years following completion of the transaction; and

(b) all records obtained under section 4 of this Act, including account files and business correspondence, and results of any analysis undertaken, for at least five years following the termination of the business relationship or after the date of the occasional transaction.

(2) The records referred to in subsection (1) shall be—

(a) sufficient to permit individual transactions to be readily reconstructed at any time by the competent authorities; and

(b) made swiftly available to the competent authorities.

Preservation of records.



SECTION 9

The records referred to in section 8 of this Act shall be communicated on demand to a competent authority and such other regulatory authorities or judicial persons as the Unit or Special Control Unit Against Money Laundering may specify by order published in the Federal Government Gazette.

Communication of information.



SECTION 10

(1) Every financial institution and designated non-financial business and profession shall develop programmes to combat the laundering of the proceeds of a crime or other unlawful acts, and these shall include—

(a) the designation of compliance officers at management level at its headquarters and at every branch and local office;

(b) regular training programmes for its employees;

(c) the centralisation of the information collected; and

(d) the establishment of an internal audit unit to ensure compliance with and effectiveness of the measures taken to enforce the provisions of this Act.

(2) Notwithstanding the provision of this Act or any other Law, the Central Bank of Nigeria, Securities and Exchange Commission, National Insurance Commission and the Special Control Unit Against Money Laundering may—

(a) impose a penalty not more than N1,000,000 for designated nonfinancial businesses and professions, not less than N1,000,000 for capital brokerage and other financial institutions and N5,000,000 in the case of a Bank; and

(b) in addition, suspend any licence issued to the financial institution or designated non-financial business and profession, for failure to comply with the provisions of subsection (1).

Internal procedures, policies and controls.

Teymanhenry:
Ok thanks, though I couldn't find anything law that directly quoted an amount of cash. Section 2 was more centered on bank transactions.

SECTION 2

(1) No person or body corporate shall, except in a transaction through a financial institution, make or accept cash payment of a sum exceeding—

(a) N5,000,000 or its equivalent, in the case of an individual; or

(b) N10,000,000 or its equivalent, in the case of a body corporate.

(2) A person shall not conduct two or more transactions separately with one or more financial institutions or designated non-financial businesses and professions with intent to—

(a) avoid the duty to report a transaction which should be reported under this Act; and

(b) breach the duty to disclose information under this act by any other means.

Limitation to make or accept cash payment.

Yea, the section 2 when loosely interpreted affects not just FI, you as a trader can't accept such excess from individual, you either tell him to deposit it into your account or you let him know you are reporting by collecting his personal details (KYC)