Home Breaking News FG To Borrow Unclaimed Dividends From Nigerians

FG To Borrow Unclaimed Dividends From Nigerians

by Nwani Chisom
0 comment

According to reports reaching Oyogist.com, various unclaimed dividends in various bank accounts of Nigerians unclaimed for at least six years will be transferred to the Federal government.

This is in accordance to the Finance Act 2020 signed into law by President Buhari.

The Finance Act reads in part;“Any unclaimed dividend of a public limited liability company quoted on the Nigerian Stock Exchange and any unutilised amounts in a dormant bank account maintained in or by a deposit money bank which has remained unclaimed or unutilised 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 monies collected from these various accounts would be transferred to a trust fund, “special debt owed by the federal government to shareholders and dormant bank account holders”. The act also states that the original owners of the money can still reclaim it back.

You may also like

Leave a Comment