Governors may lose control of local government funds from the Federation Account, going by the new Nigerian Financial Intelligence Unit (NFIU) guidelines.
The Joint Account System in place in most states will only exist for the receipt of allocations but not disbursement, according to the guidelines.
Besides, each of the 774 local government areas may get N500,000 cash transactions limit per day.
All financial transactions by local governments will be registered and monitored by the NFIU through e-payment module.
These are some of the highlights of the new guidelines, which the NFIU will launch today in Abuja as part of steps to check mass looting of the treasury by local government officials and diversion of LGA funds by governors.
It was learnt that the administration of President Muhammadu Buhari floated the idea to restore the financial independence of local governments.
A top source, who spoke in confidence, said the new Director of NFIU, Mr. Modibbo Hamman-Tukur is set to roll out the comprehensive guidelines which will cover government, corporate, Bureau De Change and individual financial transactions.
The source said: “The NFIU will on Monday launch new financial guidelines, including those bordering on the operations of the local government accounts.
“The guidelines will limit cash transactions in the accounts of local governments and promote registered transactions by all the local governments.
“Governors will also lack control over the utilization of these funds of local governments.
“The Joint Account System in some states will only exist for the receipt of federal allocations meant for local governments and not disbursement.”
Another source said: “The administration of President Muhammadu Buhari is taking his anti- corruption campaign to a higher level by also blocking sources of stealing in government at all levels, money laundering, terrorism financing and others.
“We should expect more transparency in governance, especially at the third tier, which is the local government level.”
President Buhari on July 11, 2018 signed the NFIU Bill into law – in line with the requirements of Recommendation 29 of the Financial Action Task Force Standards and Article 14 of the United Nations Convention Against Corruption.
The new Act has separated the NFIU from the Economic and Financial Crimes Commission (EFCC).
The NFIU began operations on April 1.
A statement by the NFIU through its Acting Chief Media Analyst, Mr. Ahmed Dikko, said it will soon complete the beneficial ownership data base for politically exposed persons.
The statement said: “”The main focus of the NFIU will be to fight all crimes through money laundering, terrorism financing and proliferation of weapons real time analyses in the entire country.
“Significant measures to be implemented by the NFIU in the near future will include full implementation of the National Sanctions regime to all detected areas of vulnerabilities within our systems. Other areas include issuing guidelines, advisories etc. that will affect cash transactions processes of local, state, federal governments and bureau de change etc.
“The Unit will also release new reporting requirements on suspicious transactions for terrorism prone areas and on suspects taken into custody in violent and flashpoint communities to check vices of terrorism, proliferation of small arms, kidnapping, ethnic violence, cattle rustlings etc. with the view to providing credible intelligence for law enforcement and national security.
See also Rochas Okorocha, Senator representing Imo West has warned the State Governor, Emeka Ihedioha to stop harassing his wife and children. Okorocha, who is the immediate past governor of the state said harassing his wife and children by the Ihedioha-led state government was unacceptable. The lawmaker’s warning was contained in a statement signed by his Special Adviser on media, Sam Onwuemedo. He challenged the governor to take charge as the leader of the State and halt the incessant harassment and abuse of his wife and children by his senior appointees. The statement reads: TThugs believed to be working for the secretary to the State Government, Chief Onyeaguocha invaded a mechanic workshop around the Orji flyover and took away a vehicle undergoing repair and owned by the daughter of the former governor, Uloma Nwosu nee Okorocha. “Even when she later sent her staff with the particulars of the vehicle they took away, to show that the vehicle does not belong to the State Government and to show that she bought the vehicle long time ago, they threatened to beat her and detain her and never cared to look at the particulars of the vehicle. “If Ihedioha’s government wanted anything from any of the former governor’s children or wife they could do so through the Police or DSS in the State. Invading their houses or impounding their private vehicles even from the mechanics for any reason, is barbaric and should be frowned at.’ “We want to make this appeal and ask Governor Emeka Ihedioha to take charge as the governor of the State and halt the incessant harassment and abuse of the wife and children of the former governor of the State, Owelle Rochas Okorocha by his senior appointees and their foot soldiers. Specifically, Governor Ihedioha should call Uche Onyeaguocha and his thugs to order and stop them from their harassment and abuse of the wife and children of the former governor. “Chief Ihedioha should not create an ugly history or set a very bad precedence as the first governor of the State who took delight in harassing the children and wife of the man he succeeded as governor. “Chief Ikedi Ohakim never harassed or abused the children and wife of Achike Udenwa he succeeded as governor. Owelle Rochas Okorocha for one day, never harassed or abused the wife and children of Chief Ohakim who he succeeded also as governor. Ihedioha should follow those examples. “His appointees have been harassing and castigating the children and wife of the former governor even at public functions and in the media. This is not good for the Office of governor. They can criticize or malign Rochas Okorocha on any issue which they have been doing, but to begin to harass the children and wife, is unacceptable to us and indeed, to all decent men and women in the society. ” Thugs believed to be working for the secretary to the State Government, Chief Onyeaguocha invaded a mechanic workshop around the Orji flyover and took away a vehicle undergoing repair and owned by the daughter of the former governor, Uloma Nwosu nee Okorocha. ” Even when she later sent her staff with the particulars of the vehicle they took away, to show that the vehicle does not belong to the State Government and to show that she bought the vehicle long time ago, they threatened to beat her and detain her and never cared to look at the particulars of the vehicle. If Ihedioha’s government wanted anything from any of the former governor’s children or wife they could do so through the Police or DSS in the State. Invading their houses or impounding their private vehicles even from the mechanics for any reason, is barbaric and should be frowned at. “It is also important to remind those who have got appointments for chewing election result sheets that no human being has the monopoly of thuggery or lawlessness and the most dangerous situation could arise when people are pushed to the wall. It also gives the wrong impression that those who want to be Secretary to the Government of the State should only need to tear or chew election result sheets. Okorocha’s wife and children never committed any crime by remaining in the State after he had left as governor, when the children and wives of those before him are all at overseas. “They are here because they believe in the State and Owelle has an addiction for the good of the State. Finally, people should not see Rochas Okorocha’s penchant for peace and tolerance as weakness. A word should be enough for the wise.”
“Finally, efforts of the Federal Government to set up the beneficial ownership data base for politically exposed persons and public servants will be completed and expanded to capture additional necessary areas.
“The new process which includes new approach to analysing compliance in public account expenditures will almost shut down corruption from the way we used to know and new transparency methods will into governance.
-The Nation
Leave a Reply