Unclaimed dividends and bank account balances unattended to for at least six years will available as special credit to the federal government through the Unclaimed Funds Trust Fund.

According to the Finance Act 2020 recently signed into law by President Muhammadu Buhari, the trust fund will be a sub-fund of the Crisis Intervention Fund.

“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 act read.

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 it at any time

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.


This move will make needed funds available to the federal government without foreign exchange worries or conditions attached to loans from multilateral lenders.

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.

https://www.thecable.ng/fg-to-borrow-dormant-account-balances-unclaimed-dividends/

Lalasticlala, great news

This apc gorment no de carry eye see idle money.
Chei

With the way this government is looking for money everywhere one will think this country is not blessed with natural resources that can easily generate revenue for the country

What's the government doing about bitumen that is wasting away in Ondo State ?

What's the government doing about gold that Chinese people are stealing away in Osun and Zamfara ?

What's the government doing about agriculture and fishing that can generate enough FX for the country.

Instead of the government to develop these thing so that it can generate the much needed revenue and employment opportunities they are busy scanning people account that has been idle for 6 years

Thief.......

Alot of people had bank accounts without their families knowing why not the fg or banks try to contact the next of kins

potent5:
This apc gorment no de carry eye see idle money.
Chei

you never chichomthing

Coldie:
Alot of people had bank accounts without their families knowing why not the fg or banks try to contact the next of kins

and lose such a goldmine ? Haha.... Pension funds next target bro

Make una no touch my last 1k

NwaNimo1:
Thief.......

why you dey vex, why you dey vex ? Is it your money x2 .... singing in Buhari's voicè

Buhari the greatest thief in the history of Nigeria...Never seen someone so incompetent

Nigerians deserve the government they get Nigerians are not ready then advance.

Same people complaining if they were told if an igbo man can change Nigeria will you give him a chance they will answer you let Nigeria stay like that...

So leave it na

Very soon bank account owners would start paying National levies.
This government Na scam

Yarimo my boy, come let me tell you something

How legal is this? Has the government got the power to STEAL private money? Why go into people's account even if they are dead? Why is the government desperate to possess what doesn't belong to it? Why are they ballooning the civil service with tribal urchins and party henchmen instead of reducing the workforce in order to cut down on recurrent expenditures? Why are they still appropriating huge sums as allowances and estacodes while the country is on a borrowing spree? On top of the endless VAT and hikes on petroleum pump price and power tarriffs, this terrifying government wants to go through the back door to steal money left in the bank by hardworking Nigerians because they presume them to be "dormant"?? They make it extremely hard for the next of kins to collect these monies only for a dubious government to easily access same?? Who are these people

This government is just looking for money at every corner and arena, if u in need of a cleaning job around lekki and ajah axis check my signature

Omihanifa:
With the way this government is looking for money everywhere one will think this country is not blessed with natural resources that can easily generate revenue for the country

What's the government doing about bitumen that is wasting away in Ondo State ?

What's the government doing about gold that Chinese people are stealing away in Osun and Zamfara ?

What's the government doing about agriculture and fishing that can generate enough FX for the country.

In of the government to develop these thing so that it can generate the much needed revenue and employment opportunities they are busy scanning people account that has been idle for 6 years

No single person in that government has any sort of serious business acumen... The undocumented illegal Chinese miners all over Nigeria might be making more money for China through mining than nigeria makes through oil.... You will think I'm joking but if you know how the Chinese operate, you will need no body to tell you that for them to risk fulani herdsmen and Boko Haram to go mining illegaly in northern nigeria means they're making a kill...

Buhari's govt wants to spoil business for nigerian banks.

owobokiri:
How legal is this? Has the government got the power to STEAL private money? Why go into people's account even if they are dead? Why is the government desperate to possess what doesn't belong to it? Why are they ballooning the civil service with tribal urchins and party henchmen instead of reducing the workforce in order to cut down on recurrent expenditures? Why are they still appropriating huge sums as allowances and estacodes while the country is on a borrowing spree? On top of the endless VAT and hikes on petroleum pump price and power tarriffs, this terrifying government wants to go through the back door to steal money left in the bank by hardworking Nigerians because they presume them to be "dormant"?? They make it extremely hard for the next of kins to collect these monies only for a dubious government to easily access same?? Who are these people

wailer Why are you complaining too much ? You're making the government look bad and incompetent, you're also embarrassing Buhari which is a sin

EMMY76:
Buhari's govt wants to spoil business for nigerian banks.

shhhh

owobokiri:


No single person in that government has any sort of serious business acumen... The undocumented illegal Chinese miners all over Nigeria might be making more money for China through mining than nigeria makes through oil.... You will think I'm joking but if you know how the Chinese operate, you will need no body to tell you that for them to risk fulani herdsmen and Boko Haram to go mining illegaly in northern nigeria means they're making a kill...

they collude, they collude

owobokiri:


No single person in that government has any sort of serious business acumen... The undocumented illegal Chinese miners all over Nigeria might be making more money for China through mining than nigeria makes through oil.... You will think I'm joking but if you know how the Chinese operate, you will need no body to tell you that for them to risk fulani herdsmen and Boko Haram to go mining illegaly in northern nigeria means they're making a kill...

I agree with you baba

MASTAkiLLAh:
wailer Why are you complaining too much ? You're making the government look bad and incompetent, you're also embarrassing Buhari which is a sin

Lol,
I can't make bad to look bad..

OK oooo, it is Buharis govt way.
Borrow Borrow Govt. Borrow abroad and borrow at home. Soon they will borrow from the citizens.
An absolutely incompetent govt unable to think outside the box to generate revenues will definitely be borrowing from anywhere borrowable.
Borrowing monies upandan. Monies they don't intend to pay back.
Useless people in govt.

owobokiri:

Lol,
I can't make bad to look bad..

you must be kwaaarapt


No mind the yeye people, they seem not to care where they're taking this country to with this trajectory

Mynd44 whats up bruv

If borrowing was in the manifesto of this government when they were canvassing for votes, I would have concluded that they fulfilled only ONE out of the numerous promises they made.

Clueless government!

Hmmmm. This government will steal from Nigerians soon.

mekaboy:
Hmmmm. This government will steal from Nigerians soon.

they've been stealing since 2015 so nothing new there

Maxymilliano:
If borrowing was in the manifesto of this government when they were canvassing for votes, I would have concluded that they fulfilled only ONE out of the numerous promises they made.

Clueless government!

sai baba

I heard this policy just like the recent electricity tariff hike wont affect APC imbéciles

It’s a normal practice, just ask the Swiss.

My issue however, is with a government that is known for bad debts.
No bi d same voice wen dem dey take borrow moni dem dey ever use wen time reach to pay.

The banks have a duty to protect the moneys of their customers. There is no expiration date for a customer's deposit.

Whether alive or dead, make ona no come back kon tell me say government scam ona!

They’re already scamming my life-span they shud not just coman stretch hand to money that they did not give me o! My ghost must swear for ona if that time comes.