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Unclaimed bank account balances unattended to for at least six years will be available as special credit – FG

By Damilola Adeyemo

ABUJA – President Muhammadu Buhari, has recently signed an act into law.

The Finance Act reads, “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,”

According to THE CABLE, The 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), the director-general of the Securities and Exchange Commission (SEC), the 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.

Official bank accounts owned by the federal government, state government or local governments or any of their ministries, departments or agencies are exempted.

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