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FG warns MDAs against panicky funds withdrawal from banks

By Daniel Idonor
IN a swift move to comply with Presidential assurances that government would ensure that none of the five banks involved in sharp practices as published by the Central Bank of Nigeria (CBN) are not allow to go under, the Federal Executive Council (FEC) meeting yesterday directed all ministries, departments and agencies (MDAs) not to engage in panic-withdrawal of funds from the bank.

Minister of Information and Communications, Professor Dora Akunyili, told State House Correspondents at the end of the meeting that FEC had endorsed of the directive of the Secretary to the Government of the Federation directing MDAs not to engage in mass withdrawal of their funds or close their accounts in the five banks whose Managing Directors were sacked by the Central Bank of Nigeria (CBN).

“No Ministry should move funds out of the five banks whose Managing Directors were removed. This is because the banks are safe and the CBN has injected funds to ensure that the banks cannot go under.”


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