Unclaimed dividends and bank account balances unattended to for at least six years will be 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.

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.

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

According to the Debt Management Office, Nigeria owed $31.98 billion to multilateral lenders like the World Bank Group, International Monetary Fund (IMF) and African Development Bank (AfDB) Group as of September 2020.

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


Does this sounds like Nigerians banks accounts are in trouble or all is well with Nigeria? Can we really trust the government that the borrowed funds will be available at anytime?

Don't know if it's a good news or a sad news sef

they have borrowed part of china's future to the point that they can't get loan from there again...small time now if dem see excess money for person pocket,dem go borrow am.

From what is being stated here FG is going to steal from individual bank account that is not functioning for a period of six years. Am so sorry for myself, am so sorry for Nigeria.

CodeTemplar:

He is saying this to justify using ND oil earning of the future as collateral to loans funding projects in his backyard.

The criminals and thieves you supported for 16 wasted years of looting and corruption borrowed money to pay Salaries and LOOT the rest, even when we made the highest profit in oil revenue in the historyof Nigeria,

And our darling Daddy is borrowing money to build infrastructures that have never been seen in the history of this nation.
Only the willfully blind will not see all the infrastructures being built all over the country.

And you told us not to love, Support and pray for this man, but we should rather support the thieves, looters and criminals y'all support?

We have got to a stage when PMB achievements can no longer be denied but hated.

Shame on the enemies of Nigeria,
Shame on the supporters of looters.

MAY BUHARI SUCCEED.

Kingofum:
It will never be well with Nigerian politicians since 1960

Amen to all the corrupt thieves among them.
They will never end well.
No matter the party they are....along with the citizens supporting such looters.

Only the good, sane, hardworking Nigerians will say Amen to this.

Enemies of the country will Japan straight......who wan die now ?

Asadujames202:

Who supports a known terrorist

Say Amen or shut up Asadu

nonstan:

Please I love when one talks with facts, Kindly list out all the infrastructure done by Buhari vis Avis the one done by Jonathan

Only the willfully blind will not see all the infrastructures being built all over the country.

Check this out briefly Stan.....

https://www.nairaland.com/6347212/buhari-no-sustainable-development-without#97754360

Buhari is the worst thing that has ever happened to this country.

All he does is borrow, borrow and borrow.

From China to the small N5k left in dormant accounts.

How did we get here?

I am still surprised, how they repackaged and sold Buhari to Nigerians in 2015.

When we say Nigeria is finished, we truly mean it. Average Nigerians might not really understand but the next few years will be tough if Buhari is still in that Aso rock. I pray those BMC are also watching the situation. Buhari and his cohorts have run this country aground. I wonder how this is sleeping knowing fully well he is just deceiving himself.

Damnnn niggarrrr
Isoright....
Wahalar for Nigerians......na everyday their government take dey shock them

Someone warn ecobank that my first company is still operating. They shouldn't borrow our remaining fund. In fact, let me call them myself

Lobatan

haaaaaaaaaa.
Bubu don finish us kpatakpta

GIANTPLUSHUB:
Don't know if it's a good news or a sad news set

Its bad news.

borrow Wetin? make I go Activate dt my gtb dormant aza before them go collect the small #700 wey dey inside say na F.G borrow am...
make them try Korea, Saudi or even tanzania if dm need more loans since shame no dey catch them..

E remain **dead body** wey this our useless FG go borrow from..

Make I sharperly go reactivate my domant first bank account wey I leave #200 for inside before FG go looseguard am take

criminals

post=97793820:
Reading

Your oga has wrecked this country.

The N5000 you have in your dormant account is about to be taken

Criminals...


Always borrowing

Most banks chop this money. More like a senior thief taking from a junior thief

Thieves

I no trust FG at all especially this Buhari led Fulanicracy. Lai Mohammed, Femi and Garba fit insult person on top him money.

No be to give monkey cup to drink water, na to collect am back be the koko

It will never be well with Nigerian politicians since 1960

Otondos

Thieves!!!

Lol, there was really a country.

we are doomed as citizen's of this kpomo hole called Nigeria , God help me

with this I can categorically affirm that nigeria economy is officially grounded. despite the increase in fuel, electricity, taxes and loans.

the FG stoop so low to borrow dormant account balance. what should we expect next?

we only hope this administration will not turn into borrowing urgent 2k.

post=97793820:

The criminals and thieves you supported for 16 wasted years of looting and corruption borrowed money to pay Salaries and LOOT the rest, even when we made the highest profit in oil revenue in the historyof Nigeria,

And our darling Daddy is borrowing money to build infrastructures that have never been seen in the history of this nation.
Only the willfully blind will not see all the infrastructures being built all over the country.

And you told us not to love, Support and pray for this man, but we should rather support the thieves, looters and criminals y'all support?

We have got to a stage when PMB achievements can no longer be denied but hated.

Shame on the enemies of Nigeria,
Shame on the supporters of looters.

MAY BUHARI SUCCEED.

yes he will succeed till e finish life

[s]

post=97793820:

The criminals and thieves you supported for 16 wasted years of looting and corruption borrowed money to pay Salaries and LOOT the rest, even when we made the highest profit in oil revenue in the historyof Nigeria,

And our darling Daddy is borrowing money to build infrastructures that have never been seen in the history of this nation.
Only the willfully blind will not see all the infrastructures being built all over the country.

And you told us not to love, Support and pray for this man, but we should rather support the thieves, looters and criminals y'all support?

We have got to a stage when PMB achievements can no longer be denied but hated.

Shame on the enemies of Nigeria,
Shame on the supporters of looters.

MAY BUHARI SUCCEED.

[/s]

Gibberish as usual.

Just when I thought you have finally bought sense.

Those thieves are now in your darling party still looting to high heavens. Isn't that wonderful?

Buhari government must cash out by all means necessary even private accounts ain’t safe by the time that dullard is true with Nigeria our entire future and birthrights would be mortgaged

We have to raise a GoFundMe for this government.

This is the lowest of low for ds govt.

So so so shameful.

They are owing almost all d countries in d world.. even Brazil. Yet, nothing to show for it.

They keep taking billions from world bank...still no result.

They started squeezing Nigerians thru VAT, fuel hike, electricity hike and every oda thing they can think of...yet, no show.

Now this.

This govt is cursed, the worst in d history of mankind.

The nomad in aso rock has ruined this excuse of a country.

Since they let illiterates take over all the important positions in the country... people who know next to nothing about economics...the worst is yet to come.

Nd 2023 is still far.

Very soon, we will all need to be doing daily contribution to this failed govt.

E get wetin and where this bastard no go borrow from? First they borrowed from the pension funds! The same people who have been unable to pay pensioners with the latter dying everyday out of hunger.

Very soon this bastard would just "borrow" urgent 2k from everybody's account in the country. Bastard killed this country!

Brace up y'all! Money go begin miss for people account now, cbn sef no go fit trace am