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Insecurity: NFIU outlaws huge cash withdrawals

Our Reporters by Our Reporters
January 6, 2023
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*Bans cash transactions in states and LGAs 

*Designates country as cashless society from March 1st

The Nigeria Financial Intelligence Unit (NFIU) has warned the public and private entities against massive cash withdrawals.

The Director and Chief Executive Officer of the agency, Malam Modibbo HammanTukur, gave the advisory in a statement made available to newsmen in Abuja on Thursday.

He spoke on the state of the nation’s security threats and financial liquidity.

HammanTukur advised all federal Ministries, Departments, parastatal Agencies (MDAs), State Governments, Local Government Councils, corporate bodies as well as, civil servants, public and private officers to embrace the cashless policy of money transactions to deepen national security.

This is to strengthen the country’s security and financial systems, he explained.

According to him, the Federal and State Governments as well as the 774 local government councils have made cash withdrawals of about N200 billion, N156 billion and N120 billion, respectively, from 2015 to date.

To curb this excesses, the Federal Government has directed and ordered the stoppage of “direct cash withdrawals by public institutions and officers” with effect from March 1, this year, HammanTukur stated.

He therefore advised all stakeholders to adopt new technologies of financial transactions and abide by the withdrawal limits or thresholds earlier prescribed by the Central Bank of Nigeria (CBN) for corporate and individual transactions.

It would be recalled that the CBN had in December 2022 prescribed a threshold of N5 million only for corporate accounts and N500,000 only for individuals per week.

HammanTukur however explained that no infractions have been recorded so far, but noted that cash withdrawals are still higher than deposits.

“Liquidity is needed to finance our markets”, he noted, adding that there is no threat to the corruption and money laundering crusade yet.

Besides, the director assured that any body with genuine need for huge cash transactions would seek presidential approval as there was no “standing waiver” on this policy.

While warning that the “guideline is not reversible”, he stressed that any cash withdrawal beyond the approved limit would trigger a red flag by the relevant anti-graft agencies.

He reasserted that Nigeria has been designated as a non-cash society by the World Bank, IMF and ECOWAS, among other stakeholders, with effect from March 1.

This is in addition to the categorisation of Nigeria as a “high risk” country by the concerned parties because of the enormous security challenges facing the nation, HammanTukur said.

“We can’t flow with politicians” because of obvious complications, while the set March 1 deadline was sacrosanct, according to him.

He however expressed optimism that the cash transactions would drop from the current N3 trillion to about N1 trillion when the policy became effective.

The NFIU director reminded Nigerians that three years imprisonment, payment of equivalent value of money involved or both punishments awaited violators of the cashless policy.

HammanTukur underscored the teeth of the “Rnforcement, guidelines and policies for mitigation of money laundering, terrorist financing, proliferation of weapons and prevention of predicate crimes” Act of 2022.

He particularly cited Sections 2 and 22 of the NFIU laws of 2022 to buttress his threat.(NAN) 

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Suspension of Mike Ozekhome SAN: A Hasty Decision By The LPPC And The Prejudicial Effect Of Same  
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Suspension of Mike Ozekhome SAN: A Hasty Decision By The LPPC And The Prejudicial Effect Of Same  

by Newsdesk Africa
June 26, 2026
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By Sheriff. C. ADELE, Esq  On June 23, 2026, the Legal Practitioners’ Privileges Committee (LPPC), at its 173rd General Meeting, approved the suspension of Chief Mike Ozekhome from the rank of Senior Advocate of Nigeria (SAN). The suspension, announced pursuant to Paragraph 26(6) of the Guidelines for the Conferment of the Rank of Senior Advocate of Nigeria, is to remain in force pending the final determination of disciplinary proceedings before the LPPC’s Disciplinary and Ethics Sub-Committee.   While the LPPC asserts that the suspension is intended to "safeguard the integrity, dignity and prestige of the rank of Senior Advocate of Nigeria", this decision raises profound concerns about procedural propriety, jurisdictional overreach, and the prejudicial effect it portends for both the legal profession and the administration of justice. This article critically examines the hasty decision of the LPPC, its implications, and why it constitutes a premature verdict that undermines the very principles of natural justice the legal profession is sworn to uphold.  Chief Mike Ozekhome, a prominent constitutional lawyer and human rights advocate, is currently facing disciplinary proceedings before the LPPC’s Disciplinary and Ethics Sub-Committee. The proceedings relate to his involvement in a controversial property dispute in the United Kingdom concerning a property located at 79 Randall Avenue, London. Chief Ozekhome is also standing trial before an FCT High Court in Maitama, Abuja, on a 12-count charge, to which he has pleaded not guilty.  What is particularly significant and troubling is that the same issues before the LPPC are also pending before the Legal Practitioners Disciplinary Committee (LPDC), the body statutorily charged with the responsibility of sanctioning legal practitioners for professional misconduct. The LPDC is yet to make any determination on the substantive allegations against chief Ozekhome. Yet, the LPPC has proceeded to impose a suspension that, in practical effect, constitutes a pre-determinative sanction.  The Distinct Jurisdictions of the LPPC and LPDC  To appreciate the gravity of the LPPC’s decision, it is essential to understand the distinct and separate roles of the LPPC and the LPDC under Nigerian law.  The LPPC is a statutory body established under Section 5 of the Legal Practitioners Act. Its primary function is to consider and determine eligible applicants for the conferment of the rank of Senior Advocate of Nigeria. Chaired by the Chief Justice of Nigeria, the LPPC is also empowered to make rules as to the privileges to be accorded to Senior Advocates of Nigeria. While the LPPC has disciplinary powers over SAN holders, these powers are ancillary to its primary function of conferring and regulating the rank. The LPPC's disciplinary authority is derived from its guidelines, including Paragraph 26(6) of the Guidelines for the Conferment of the Rank of Senior Advocate of Nigeria. However, this authority is limited to matters pertaining to the rank itself and the privileges associated with it.  The LPDC, by contrast, is a committee of the Body of Benchers established under Section 10 of the Legal Practitioners Act. Its mandate is far broader and more fundamental: it is the primary disciplinary body for all legal practitioners in Nigeria. The LPDC exercises jurisdiction over all lawyers called to the Nigerian Bar and is empowered to investigate allegations of professional misconduct and impose sanctions ranging from admonition to suspension and disbarment.  The Critical Distinction  The distinction between these two bodies is not merely academic, it is fundamental to the proper administration of justice in the legal profession. The LPPC is primarily a conferring and privilege-regulating body. The LPDC is the disciplinary body par excellence. While the LPPC may have incidental disciplinary powers over SAN holders, these powers cannot supplant or pre-empt the primary disciplinary jurisdiction of the LPDC.  When the same issues are pending before both bodies, as they are in chief Ozekhome’s case, the LPDC’s determination on professional misconduct must logically precede any disciplinary sanction from the LPPC. The LPPC cannot independently determine facts of professional misconduct that are the exclusive province of the LPDC.  The Hasty Decision: A Premature Verdict  The LPPC’s decision to suspend chief Ozekhome from the rank of SAN pending the conclusion of disciplinary proceedings is, with respect, a hasty and premature verdict that suffers from several fundamental flaws.  Procedural Impropriety ...

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