CBN Explains Why They Froze INEC's Bank Accounts

Bank accounts belonging to the Independent National Electoral Commission, INEC, have been frozen by the Central Bank of Nigeria for disobeying a federal government directive.

According to Vanguard, the commission's accounts were blocked over non-compliance with a directive that all ministries, agencies and departments must operate Treasury Single Account, TSA.

“It has not been easy at the commission because all activities here are almost grounded following the decision of the federal government to block all our accounts. They said that INEC has refused to
comply with the directive on Treasury Single Account.

As we talk now, we have not been able to pay workers salaries for September because we cannot have any access to the commission’s accounts. Our numerous contractors have been coming everyday for payments that have been due but there is no cash at hand to settle them.

“But the good news is that the commission’s leadership has finally met with them and they have agreed to sort out the whole matter. Hopefully the commission will come back to life very soon and try to settle the issue of workers salary which is very important”.

According to him, depending on the level of resolution and funds that will be available, the issue of debts owed to contractors would also be addressed. -