Business
More Stringent Measures for LGs as Daily Withdrawal Pegged at N.5m from June
The Nigeria Financial Intelligence Unit has said no cash withdrawal exceeding N500,000 per day could be made from any local government account with effect from June 1, 2019, noting that any other transaction must be done through valid cheques or electronic funds transfer.
The agency also promised sanctions for any commercial bank which allowed transactions from any local government account without monies first reaching the LG account.
The NFIU in an emailed statement by its acting Chief Media Analyst, Ahmed Dikko, on Monday, directed all financial institutions, relevant stakeholders, public servants and the public to ensure full compliance with the provisions of the guidelines which had been submitted to financial institutions and relevant enforcement agencies.
It stated that the directive was sequel to findings which indicated that cash withdrawals and transactions of the State and Joint Local Government Accounts posed the “biggest corruption, money laundering and security threats at the grassroots levels and to the entire financial system and the country as a whole.”
The anti-graft agency further explained that the measures were necessitated by the threats of isolation of the Nigerian financial system by other international financial systems on account of the deficiencies in the nation’s anti- money laundering and counter-terrorism financing implementation.
The NFIU explained that it would not allow the system to suffer the deliberate and expensive infractions or violations by public officials and private business interests.
It said, “Henceforth, all errant individuals and companies will be allowed to face direct international and locally targeted sanctions, in order not to allow any negative consequences to fall on the entire country.
“To be precise, with effect from 1st June, any bank that allows any transaction from any local government account without monies first reaching a particular local government account will be sanctioned 100 per cent both locally and internationally.”
“In addition, a provision is also made to the effect that there shall be no cash withdrawal from any local government for a cumulative amount exceeding N500, 000 per day. Any other transaction must be done through valid cheques or electronic funds transfer.”
The agency further disclosed that the complete guidelines had been released to the Governor of the Central Bank of Nigeria; the Chairman, Economic and Financial Crimes Commission; the Chairman, Independent Corrupt Practices Commission and Chief Executive Officers of all banks and other financial institutions.
“Any state government that is willing to seek any expert economic advice in the unlikely event of these guidelines constituting an inconvenience to the management of the state can work with the NFIU or CBN,” the statement added.
The Chairman, Human Resource Development Centre, Mr Olanrewaju Suraju, described the initiative as right step in the right direction, saying it would curb free flow of money and financial crimes.
He added that it would promote better accountability and forestall a situation where state governors hijack local government accounts.
Suraju said, “This will strongly encourage and provide all the necessary support for the anti-corruption agencies and the NFIU in this regard. The CBN, the ICPC and the EFCC must also rise up to this challenge by ensuring that they collaborate with and support the NFIU in achieving this.
“Not only the liable local government officials should be investigated and prosecuted; the bank concerned should also not only be fined but also prosecuted accordingly.
“If this is effectively enforced, it will allow for the operations of the local government account by local government officials. And also to track where governors are usurping the powers of the local government chairmen.”
But the Executive Chairman, Centre for Anti-Corruption and Open Leadership, Mr Debo Adeniran, said the N500,000 daily cash withdrawal threshold might be too low for the operations of LGAs.
He advocated that it be moved up to about N2.5m.
“I think the cash withdrawal limit should be moved up to about N2.5m because there are occasions when for network reasons some payments have to be made.
“Even we, in the civil society organisation, sometimes we want to pay honorarium or transport support for those who attend our programmes and sometimes, we have more than 1,000 people and we want to pay each participant N1, 000. We cannot do transfer in all the cases because it will be cumbersome.
“So, N500,000 is too little for local governments. For individuals, that is the limit. For a local government, I think it should be more than that.”
On its part, the Socio-Economic Rights and Accountability Project, said the initiative should not be limited to the LGAs but should be extended to the state and federal levels.
SERAP’s Deputy Director, Mr Kolawole Oludare, said, “The NFIU directive though welcome as an anti-corruption strategy is somewhat misplaced in the light of grand corruption at the state and federal levels.
“Corruption and attendant money laundering is better curbed at not only the local government but also all levels of government by the abolishment of security votes.”
The Punch
Fidelity Bank Plc has congratulated Air Peace on the successful launch of its maiden direct flight from Lagos to London Heathrow, describing the milestone as a significant achievement for Nigeria’s aviation sector and a testament to the power of indigenous partnerships.
The commendation was delivered by Dr. Nneka Onyeali-Ikpe, managing director of Fidelity Bank, during a special event held in Lagos to celebrate the airline’s expansion into the European market.
“This is not just a win for Air Peace, but a win for Nigeria,” Onyeali-Ikpe said. “It reflects the strength of home-grown businesses and the impact of strategic financial support in enabling national champions to thrive on the global stage.”
Nigeria CommunicationsWeek reports that Fidelity Bank has played a pivotal role in Air Peace’s growth, providing early financial backing and advisory services that helped the airline become the largest carrier in West Africa. The bank continues to support Air Peace through payment processing and other financial services
The launch of the London route marks a new chapter for Air Peace, which now joins a select group of African airlines operating direct flights to Heathrow.
The development is expected to boost tourism, trade, and connectivity between Nigeria and the United Kingdom.
Speaking at the event, Allen Onyema, Chairman of Air Peace, expressed gratitude to Fidelity Bank for its unwavering support and reaffirmed the airline’s commitment to excellence and service.
“This partnership has been instrumental in our journey,” Onyema said. “We are proud to fly the Nigerian flag across international skies.”
Industry stakeholders present at the event praised the collaboration between the two companies as a model for sustainable business growth and national development.
The Group Chairman, United Bank for Africa (UBA) Plc, and Heirs Holdings Limited, Tony Elumelu, CFR has challenged African policymakers to create environments that reward enterprise and unlock the continent’s vast potential. He said this much while delivering a keynote address during the Abuja Business & Investment Summit & Expo 2025, which held at the Bola Ahmed Tinubu International Conference Centre Abuja on Wednesday, said “Predictable regulation attracts long-term investment, while inconsistency drives it away. He therefore urged governments to see private sector success as the foundation of national prosperity.
Elumelu who underscored the critical role of the private sector as the true engine of transformation, accounting for over 70% of Africa’s GDP and 80% of employment, also urged African leaders to create a sustainable environment to attract long-term investment.
Elumelu who was speaking while delivering the keynote address during the Abuja Business & Investment Summit & Expo 2025, which held at the Bola Ahmed Tinubu International Conference Centre Abuja on Wednesday, said “Predictable regulation attracts long-term investment, while inconsistency drives it away. He therefore urged governments to see private sector success as the foundation of national prosperity.
Citing his group’s transformative investments in the Federal Capital Territory, including the revitalisation of the Transcorp Hilton Abuja, the launch of the Transcorp Event Centre, and ongoing reforms in the Abuja Electricity Distribution Company (AEDC), Elumelu pointed out that these projects illustrate how purposeful private capital can power real development.
Speaking on the theme, “Empowering Sustainable Growth: Unlocking Potential in Emerging Markets”, he called for a new social contract between business and government, grounded in trust, transparency, and partnership, adding that sustainable progress requires policies that convert investor confidence into nation-building.
While advocating policy stability to champion the pivotal role of the private sector in unlocking Africa’s vast economic potential, Elumelu, who is also the Founder of the Tony Elumelu Foundation, reiterated that no nation has ever achieved sustained prosperity without a vibrant and virile private sector.
“Across Africa, the private sector contributes over 70% of our continent’s GDP and over 80% of total employment. But this is not just about numbers; it’s about influence and initiative. The private sector is reimagining what is possible on our continent,” he stated.
He noted that Africa’s transformation will be led by investing long-term in critical sectors to unlock and catalyze prosperity and opportunities for all.
“How can we expect foreign investors to invest in us, in our economies and countries, if we don’t invest in our own economies? Make your money, but please bring it and invest locally. It will be a huge disservice and act of unpatriotism to save your money in economies that already have so much,” Elumelu challenged participants during the event.
He took time to commend the Minister of the Federal Capital Territory, Nyesom Wike, and Minister of State FCT, Dr. Mahmoud Mariya, for the infrastructural drive within the FCT, emphasizing the importance of collaboration.
In her presentation, the Minister of State for the FCT, Dr. Mariya Mahmoud who expressed profound gratitude to Tony Elumelu and fellow investors for their faith in Abuja, reiterated the FCTA’s unwavering determination to intensify its infrastructural drive, ensuring the capital remains the premier investment destination in Nigeria and across the continent.
The annual ABISummit2025 serves as a critical platform to turn this ambitious vision into concrete partnerships and actionable strategies for empowering sustainable growth across Nigeria and the wider African continent.
FirstBank, the premier bank in West Africa and a leading financial inclusion service provider, has proudly announced the commencement of its 2025 Corporate Responsibility and Sustainability (CR&S) Week, scheduled to hold from 27 October – 1 November 2025.
Now in its ninth year, the annual event is a reflection of the Bank’s commitment to community empowerment, environmental stewardship, and the advancement of the United Nations Sustainable Development Goals (SDGs).
Through the ‘Start Performing Acts of Random Kindness’ (SPARK) initiative, FirstBank continues to build on its legacy of sowing seeds of kindness, with a focus on uplifting communities and reducing environmental impact. During CR&S Week, the Bank mobilises employees across the FirstBank Group, including FirstBank Nigeria, FirstBank UK, FirstBank Gambia, FirstBank Sierra Leone, FirstBank DRC, FirstBank Guinea, FirstBank Ghana, FBNBank Senegal, First Pension, and First Nominees, to dedicate their time and resources to meaningful causes aligned with the Bank’s sustainability strategy.
Commenting on the week-long event, Acting Group Head, Marketing & Corporate Communications at FirstBank, Olayinka Ijabiyi, said, “CR&S Week is a call to action. It is about showing up for humanity, being kind to one another, and proving that even the smallest act can ripple into lasting change. FirstBank believes that kindness is a currency that never devalues, and that is why every year since 2017, staff have gone the extra mile to give back to the communities through its SPARK initiative, while also encouraging people to perform acts of random kindness.”
The Bank plans to plant at least 20,000 trees within the week in partnership with the Nigeria Conservation Foundation (NCF), in the final phase of its support for the Nigeria’s 2060 decarbonisation agenda. This effort builds on the Bank’s pledge to plant 50,000 trees by 2025, with 31,000 trees successfully planted over the past two years.
Additionally, in line with FirstBank’s commitment to achieving the United Nations Sustainable Development Goal 5 (SDG) of women empowerment, the Bank will collaborate with Borno and Katsina States to raise and provide medical interventions (including surgeries and post-care kits) for women living with Vesicovaginal Fistula (VVF).
Throughout the week, FirstBank staff will be inspired to share messages of kindness, fostering a culture of compassion, civility, and empathy across the Bank. The programme will feature themed webinars centered on the SPARK initiative, as well as school engagements designed to instill the values of generosity and social responsibility in younger generations. The week will culminate in visits to orphanage homes, internally displaced persons (IDP) camps, and charitable organisations across Nigeria, sub-Saharan Africa, and the UK, demonstrating kindness and empowering those at the bottom of the pyramid.
These initiatives epitomise FirstBank’s care for the environment and humanity, aligning with the Bank’s sustainability strategic pillars and support for the Green Recovery Nigeria
Since the first edition in 2017, FirstBank’s CR&S Week has spotlighted the Bank’s corporate citizenship interventions driving positive social impact, sustainability, and community engagement. Over the years, it has evolved into a platform that mobilises stakeholders and non-customers alike across its global network to champion causes that uplift lives, protect the environment, and promote inclusive development. FirstBank is encouraging and inspiring individuals to go beyond their everyday routines and perform acts of random kindness.
