FG To Borrow Dormant Account Balances And Unclaimed Dividends From Nigerians
FG To Borrow Dormant Account Balances And Unclaimed Dividends From Nigerians

FG To Borrow Dormant Account Balances And Unclaimed Dividends From Nigerians

On at about 16:26:24 PM, FG To Borrow Dormant Account Balances And Unclaimed Dividends From Nigerians was updated.

Read News » FG To Borrow Dormant Account Balances And Unclaimed Dividends From Nigerians; Unclaimed dividends and bank account balances of Nigerians unclaimed for at least six years will be transferred to the Federal government.

This is according to the provisions in the Finance Act 2020 recently signed into law by President Buhari. The remitted funds will be available as special credit to the federal government through the Unclaimed Funds Trust Fund.

The Finance Act reads in part:-

“Any unclaimed dividend of a public limited liability company quoted on the Nigerian Stock Exchange and any unutilized amounts in a dormant bank account maintained in or by a deposit money bank which has remained unclaimed or unutilized for a period of not less than six years from the date of declaring the dividend or domiciling the funds in a bank account shall be transferred immediately to the trust fund”

The act exempts official bank accounts owned by the federal government, state government, or local governments, or any of their ministries, departments, or agencies.

According to the act, the monies transferred to the trust fund will be a “special debt owed by the federal government to shareholders and dormant bank account holders”.  It also states that the original owners of the money can claim their money at any time.

The act stipulates that the operation of the trust fund will be supervised by the Debt Management Office (DMO) and governed by a governing council chaired by the finance minister and a co-chairperson from the private sector appointed by the president.

Other members of the governing council shall include the governor of the Central Bank of Nigeria (CBN), director-general of the Securities and Exchange Commission (SEC), managing director of the National Deposit Insurance Corporation (NDIC), a representative of the registrars of companies, two representatives of the shareholders’ association, a representative of the Bankers’ Committee and the director-general of the Debt Management Office as the secretary of the trust fund.

According to financial experts, this move will make needed funds available to the federal government without foreign exchange worries or conditions attached to loans from multilateral lenders.


Be the Judge! 💭 Do you 🤔 love this News Post?
🤭 👇 Tap a Reaction now
Share it!
Click 👇 to see more posts about
Kindly, share this post on

Stay Updated! Follow us on Socials

Twitter | Instagram | Tiktok | BoomPlay

Are you looking for something? 🛰️ find what you need on our website




Free-beat – rocking all clubs/streets 💡 JOIN GROUP A 📲

Check out what's trending this week 💡

Africa   Worldwide
Top Naija Artistes

9ice Adigun Larry Gaga Reminisce

Mr Benson DJ Lawy M.I TYLER ICU

PapiSnoop Erigga Yemi Alade

Viktoh Terry G Fela 2 

DJ Neptune Terry Apala

Barry Jhay Ceeza Milli

Superwozzy DJ Cuppy Dremo

Slimcase Small Doctor — Wale

Picazo Shizzi Tekno

Selebobo Qdot Diamond Jimma

Davolee Denike Pheelz Chris Brown

Demmie Vee Oyinkanade Popcaan

Oladips   Mystro  Mr Gbafun

Broda Shaggi Nomcebo May D

Martinsfeelz TROD Krizbeatz

Yung6ix Patoranking Skales

T Classic Asa Skibii Reekado Banks

Timaya Vector Areezy Mohbad

Master KG DJ 4kerty DJ Maphorisa

Niniola — Teni Makanaki Ladipoe

Rexxie P Prime Sarz on the Beat Shatta Wale

DJ Consequence Ceeboi Junior Boy

Peruzzi Ice Prince KOKER

Guchi Ckay KOKER

Yinka Ayefele — Frank Edward Kiddominant

Tope Alabi Nosa Sarkodie

Laycon Cheque Wurld Idowest

Johnny Drille Crayon KING Promise

Nathaniel Bassey Runtown Kabex

Hotkid Danny S Spax DJ Tunez

Dotman Dice Ailes DJ Spinall DJ Kentalky

Jaido P DJ Jimmy JattCDQ


Africa   Worldwide
TRENDING ARTISTES IN NAIJA

Adekunle Gold  Wizkid  Adekunle Gold  Guchi  Ayra Starr

Tiwa Savage 2Baba BUJUBNXN

Davido Zlatan LAX Otega

Falz The Bad Guy—Fire Boy DML

Joeboy Jamo PyperOberz

Kizz DanielSimi Terri

Rema PlayBoy Casted

DJ MoreMusic DJ YK Naijaloaded DJ YK Mule

Wale Turner Tems 

Mayorkun Phyno 

Olamide Omay Lay

DJ Kaywise DJ Baddo

Wande Coal Mr Eazi 

Bella Shmurda Lyta Magixx

Zinoleesky OxladeOML

Balloranking RamadelBhadboi