The Nigerian Financial Intelligence Unit has said it will soon put in place instruments to “tamper with” financial transactions and withdrawals by states and the federal governments as part of its strategy to stop money laundering.
The unit insisted that the ongoing legal action taken by the state governors against the guidelines on local government funds would not stop them from carrying out the operation.
The Nigerian Financial Intelligence Unit Director, Mr. Modibbo Hamman-Tukur explained that the case of diversion of local government funds by a state government had been addressed, adding that tighter fiscal control had been put in place to prevent a recurrence.
He, however, said that stronger action would be taken against the state if it again breached the NFIU guidelines.
He stated, “We have spoken to the banks and they confirmed that the case of violation happened at the state capital level and they took immediate action to rectify it and from what we see, it cannot happen again, but if it happens (again), we have to take a stronger action.”
