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NGO tasks banks on local govts’ withdrawal limit

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By Nkiruka Nnorom

A Non-Governmental Organisation (NGO),  Issuers and Investors Alternative Dispute Resolution Initiative (IIADRI), has called on commercial banks to ensure compliance with the Nigeria Financial Intelligence Unit (NFIU) directive to local government councils on cash withdrawal limit.

The NFIU directive to councils prohibits the withdrawal of cash in excess of N500,000 per day and also announced a ban on transactions on state and local governments joint accounts.

IIADRI said that such accounts were only transitional accounts from where funds should go directly to the accounts of local governments and warned banks to ensure strict compliance.

In a statement signed by its President, Mr Moses Igbrude, IIADRI said that strict compliance with the directive would prevent sanctions and further erosion of investors’ value.

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“As a law-abiding organisation, IIADRI will always support genuine and legitimate policies and laws made for the regulation of the economy.

“We believe that this will preserve shareholders’ equity in your companies and improve your bottom-line,” Igbrude said.

He said that IIADRI was borne out of a passion to entrench harmony and engender growth in the Nigerian stock market through investors and issuers’ enlightenment on alternative dispute resolution mechanisms.

It added that its primary goal was to protect and enhance the interest of companies and their shareholders and promote the concept of alternative dispute resolution in the Nigerian capital market.

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