FG to borrow dormant account balances, unclaimed dividends of at least 6yrs
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, TheCableNG reports.
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. 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.
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