Analysis

Unclaimed dividends and bank account balances unattended 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. The act exempts official bank accounts owned by the FG, state 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, director-general of the Securities ...
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