lexy2014:


U haven't answered my question:

How did u determine that d monies in "Most of these accounts are proceeds of frauds"? What is d legal procedure for accessing funds such funds?

When u open an account with a bank, do u give d bank consent to use ur monies for business or not? Or haven't opened a bank account before?

Since u have read d laws in d US, UK, Australia and co, kindly share with us and tell us if those laws are applicable in Nigeria

I have answered you:

1. Govt doesn't have the proof the funds were stolen or proceeds of frauds in most cases. So, they can't seize it.

2. Perhaps you are referring to the pittance given as interest on Savings account. Not same as current account which is the real account we're talking about. No, you do not give any consent for bank to use your money in a current account.

3. You can as well use the search engine to find out what I've told you about those countries. In many of them, you lose your money completely if your account is not operated for a certain period of time.

blinking001:
SERAP should keep their mouths shut. They talk too much. They know nothing about good governance. If borrowing is what's going to make our country move forward then our President must borrow. I'm sure the president Buhari led administration is already working on modalities to pay back these loans. Enough of the wailing already....

zombie

PassingShot:

An account that's dormant for 6 years is suggestive of the death of the owner or holding a slush fund.

Either way, the govt is more entitled to it than the banks who are using it to make personal gains. If the govt use such funds to build infrastructures and boost the economy, it's for our common good.

Is that how it is done in d US, UK and Australia? It seems u no banking laws of US, UK and Australia much more than u no what is obtainable in Nigeria

Grandmeister:

Passingshyt never fails to amuse us with his upside down logic.

We aren't on same level anyway. Deal with it!

blinking001:
SERAP should keep their mouths shut. They talk too much. They know nothing about good governance. If borrowing is what's going to make our country move forward then our President must borrow. I'm sure the president Buhari led administration is already working on modalities to pay back these loans. Enough of the wailing already....

How can borrowings left right and center make a country move forward? Please, explain.

lexy2014:


Is that how it is done in d US, UK and Australia? It seems u no banking laws of US, UK and Australia much more than u no what is obtainable in Nigeria

Why not read up about the laws on "dormant account" in those countries so you educate yourself!

GamalNasser:


Every account has Next of Kin there , if an account is dormant for 6 years the right thing to do is try to get in touch with the owner and if the owner can't be reached get in touch with the next of kin and if the next of kin can't also be reached , start the procedure for forfeiting such funds to the state as guided by our laws ...

What problem do you have with govt putting the funds to use for the benefit of the society?

And the govt is not saying you can't take your money back anytime you are ready.

blinking001:
SERAP should keep their mouths shut. They talk too much. They know nothing about good governance. If borrowing is what's going to make our country move forward then our President must borrow. I'm sure the president Buhari led administration is already working on modalities to pay back these loans. Enough of the wailing already....

Paid APC puppet politician, ignorant wicked man so they should continue borrowing so that you can share from the money. Nairalanders need to be alerted and watch your comments here. You're one of the APC political parasites working for APC. Nairalanders should be alerted about your likes who have flooded this site working for this clueless government

blinking001:
SERAP should keep their mouths shut. They talk too much. They know nothing about good governance. If borrowing is what's going to make our country move forward then our President must borrow. I'm sure the president Buhari led administration is already working on modalities to pay back these loans. Enough of the wailing already....

And this is my fellow citizen?....

God why did you send me here

Why?....

Buhari will pay back billions of dollars before 2023?... Or he is just racking up debts for you and your family to pay?...

God why did I come here... Why

PassingShot:

I have answered you:

1. Govt doesn't have the proof the funds were stolen or proceeds of frauds in most cases. So, they can't seize it.

2. Perhaps you are referring to the pittance given as interest on Savings account. Not same as current account which is the real account we're talking about. No, you do not give any consent for bank to use your money in a current account.

3. You can as well use the search engine to find out what I've told you about those countries. In many of them, you lose your money completely if your account is not operated for a certain period of time.

1. If govt doesn't have proof that d funds are proceeds of fraud, on what basis are they going to seize d funds? Didn't u see this in my question:

"What is d legal procedure for accessing funds such funds?"

U said d funds in most d accounts are proceeds of fraud. U still haven't intimated me on how u arrived at that conclusion.

2. If u make cash deposit of 100naira into ur current or savings account and in d next few minutes, 3 customers walk into d bank to make withdrawals of 20naira each, where will d bank get money to pay these customers who want to make withdrawals?

3. U are d one who made claims of laws in d US, UK and Australia where govt accesses bank customer funds without their consent. D onus is on u to provide us with evidence of such laws since u also have search engine. It's your responsibility to vindicate ur claims not mine

This Apc has taken Nigeria to d dogs.

Even robbing from d dead. Biggest shame ever

viyon02:
point of correction the country has been sold already.

ewwww chimooooo

PassingShot:

Why not read up about the laws on "dormant account" in those countries so you educate yourself!

Pls provide me with details of d law u read.

According to u:

"An account that's dormant for 6 years is suggestive of the death of the owner or holding a slush fund.

Either way, the govt is more entitled to it than the banks who are using it to make personal gains. If the govt use such funds to build infrastructures and boost the economy, it's for our common good."

Which banking law in Nigeria supports d above?

blinking001:
SERAP should keep their mouths shut. They talk too much. They know nothing about good governance. If borrowing is what's going to make our country move forward then our President must borrow. I'm sure the president Buhari led administration is already working on modalities to pay back these loans. Enough of the wailing already....

If you are nt meant to be sarcastic with this, then you must be a joke like BUHARI himself

lexy2014:


1. If govt doesn't have proof that d funds are proceeds of fraud, on what basis are they going to seize d funds? Didn't u see this in my question:

"What is d legal procedure for accessing funds such funds?"

U said d funds in most d accounts are proceeds of fraud. U still haven't intimated me on how u arrived at that conclusion.

2. If u make cash deposit of 100naira into ur current or savings account and in d next few minutes, 3 customers walk into d bank to make withdrawals of 20naira each, where will d bank get money to pay these customers who want to make withdrawals?

3. U are d one who made claims of laws in d US, UK and Australia where govt accesses bank customer funds without their consent. D on us is on u to provide is with evidence of such laws since u also have search engine. It's your responsibility to vindicate ur claims not mine

1. It's because the govt doesn't have the proof of fraud the reason they are not seizing those funds. So, why are you talking as if the govt is seizing the monies?
2. Again, the fact that banks use customers' deposits for transactions does not translate to "customers consenting to the banks to do business with their deposits". No.
3. Read here for clarification
https://www.cima.ky/dormant-accounts#:~:text=The%20Dormant%20Accounts%20Law%2C%20its%20regulations%20and%20subsequent,the%20Government%20after%20seven%20years%20of%20account%20inactivity.

The Dormant Accounts Law, its regulations and subsequent amendments (collectively referred to as the 'Law'), requires certain financial institutions (‘account providers’) to transfer monies that are in dormant accounts in their institutions to the Government after seven years of account inactivity.

Sunnycliff:


Can't you openly say that Buhari want to steal people's money through this dubious act?

Its a fact that government hates competition that's why they hang thieves.

PassingShot:

Most of these accounts are having proceeds of frauds.
Also, the banks having these accounts have been profiting from the funds therein over the years, using the funds for business and making huge profits for themselves.

The step being taken by the govt is in order and is in line with other democracies - US, UK, Australia, etc.

Why give excuses for FOOLISHNESS all the time... Proceeds of frauds indeed.. you think say people naa thief like you?

GamalNasser:
You can't borrow someone's money without the persons permission , doing this is outright armed robbery...Dormant account is a faux there is nothing like that ..No account can be said to be abandoned when all accounts have Next of Kin ...why are banks not informing next of kins as the law suggest

Because the bankers are big thieves. They monitor dormant accounts with huge funds in them and after a set timeline of no activity (it could be years) they move funds from those accounts and close the accounts. Too many shady dealings done by banks.

lexy2014:


Pls provide me with details of d law u read.

According to u:

"An account that's dormant for 6 years is suggestive of the death of the owner or holding a slush fund.

Either way, the govt is more entitled to it than the banks who are using it to make personal gains. If the govt use such funds to build infrastructures and boost the economy, it's for our common good."

Which banking law in Nigeria supports d above?

The Finance Act 2020 which was recently signed by the president has become the law provided it does not contravene any part of the constitution. You must remember that this was passed by the NASS.

I have provided you with a link to that of US law on Dormant Account.

lexy2014:


How did u determine that d monies in "Most of these accounts are proceeds of frauds"? What is d legal procedure for accessing funds such funds? If banks are making huge profits from dormant funds, it's with d consent of d account holders. If d govt wants to enjoy such, it should open it's own bank

No mind that mumu

PassingShot:

It's you the youths that have no sense really.

The question you lot should be asking are:

'what has been happening to such funds since all these years?'. If you guys had functioning brain, you would have known that it's the banks (their MDs) that use the funds and make profits for themselves without a dime going to the accounts.

'What was the source of those dormant accounts?'. For sure, a good number of these funds were stolen govt funds that their 'owners' (those who laundered it) have been unable to claim for fear of being caught.

Lastly, if you guys are smart, you'd have realized similar laws exist in the so-called 'saner imes'.

God bless you

Evercurious:



Why give excuses for FOOLISHNESS all the time... Proceeds of frauds indeed.. you think say people naa thief like you?

If I was a crook like your uncles and aunts, I would not be supporting the govt to "take over" those suspected funds.

I say una too dumb!

PassingShot:

1. It's because the govt doesn't have the proof of fraud the reason they are not seizing those funds. So, why are you talking as if the govt is seizing the monies?
2. Again, the fact that banks use customers' deposits for transactions does not translate to "customers consenting to the banks to do business with their deposits". No.
3. Read here for clarification
https://www.cima.ky/dormant-accounts#:~:text=The%20Dormant%20Accounts%20Law%2C%20its%20regulations%20and%20subsequent,the%20Government%20after%20seven%20years%20of%20account%20inactivity.

The Dormant Accounts Law, its regulations and subsequent amendments (collectively referred to as the 'Law'), requires certain financial institutions (‘account providers’) to transfer monies that are in dormant accounts in their institutions to the Government after seven years of account inactivity.

1. U are d one who initially came up with d idea that funds in dormant accounts are proceeds of fraud& on that basis govt had a right to seize them. U are only a victim of ur words. Yet u still haven't told me how u arrived at d conclusion that d funds in dormant accounts are proceeds of fraud.

2. U didn't answer my question:

If u make cash deposit of 100naira into ur current or savings account and in d next few minutes, 3 customers walk into d bank to make withdrawals of 20naira each, where will d bank get money to pay these customers who want to make withdrawals?

3. I thought u were talking about ur knowledge of banking laws in d US, UK an Australia? Don't u have those too? I asked u, is this law applicable in Nigeria?

PassingShot:

The Finance Act 2020 which was recently signed by the president has become the law provided it does not contravene any part of the constitution. You must remember that this was passed by the NASS.

I have provided you with a link to that of US law on Dormant Account.

Is Cayman islands now d same thing as d US?

blinking001:
SERAP should keep their mouths shut. They talk too much. They know nothing about good governance. If borrowing is what's going to make our country move forward then our President must borrow. I'm sure the president Buhari led administration is already working on modalities to pay back these loans. Enough of the wailing already....

Borrowing the right way is the best, not stealing. Don't confuse yourself. You can't be stealing someone asset without the person knowing. If I use your atm information to borrow without you knowing about it, what would you call it?

Is this some kind of joke? What's gives them right to even poke their corrupt nose into citizens accounts.. Dormant or not... Not to talk of withdrawing peoples money without their consent... This government is just full of stupid surprises

PassingShot:

SERAP and their gullible lazy youths are dumb really.

Zombies are senseless

GamalNasser:
You can't borrow someone's money without the persons permission , doing this is outright armed robbery...Dormant account is a faux there is nothing like that ..No account can be said to be abandoned when all accounts have Next of Kin ...why are banks not informing next of kins as the law suggest

Some of the bank managers are Bigger criminals, they even withdraws from some of the accounts they fill like the owners are no more, and no family member is aware of the existence of such account.
Secondly some banks even makes it impossible for the next of kin, to have access to such account, unless enough bribe is giving to them.

In all, after this current regime NIGERIANS will appreciate Good Luck Eerechukwu Jonathan

PassingShot:

How are the banks obtaining the consent of the holders of dormant accounts?

Again, this law exists in the saner climes you guys always use as examples. Go read about US, UK, Australia and co.

Zombie shut up and stop saying what u don't know. Always lying to cover up evil of this clueless administration.

Whenever it suits you, u mention those countries, but u won't see them to discuss about their developmental strides and replicate same in Nigeria.

Who Is really In charge of this Government, PMB or the Presidency.

K