FAAN bans cash transactions

2026-02-17 - 17:57

By Dickson Omobola Federal Airports Authority of Nigeria, FAAN, has issued a directive mandating that all cash collections and transactions across its operations be stopped by February 29. Managing Director of FAAN, Mrs Olubunmi Kuku, gave the directive in a memorandum titled: ‘Cessation of Cash Collections/Transactions,’ dated February 3, 2026, and sent to all directorates within the agency. Kuku stated that it followed approval by the Federal Executive Council, FEC, for government agencies to discontinue cash transactions. The statement reads: “Further to the approval on cessation of cash collections/transactions by the FEC, it has become expedient that FAAN complies strictly with the policy of cashless economy by conducting all its financial and business transactions through cashless system. “Accordingly, directive is hereby given that all cash collections or transactions in the conduct of FAAN’s official businesses MUST STOP with effect from February 29, 2026. “In addition, all Directors are requested to immediately take necessary steps to ensure full compliance with this directive. Alternative approved payment channels should be fully adopted, and no cash transactions should be accepted beyond the stated deadline, failure will attract stiff penalties.”