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Nigerian Government Passes Law to Borrow Your Unclaimed Dividends Without Your Consent

Jan 08, 2021 02:17 PM
Nigerian Government Passes Law to Borrow Your Unclaimed Dividends Without Your Consent Unclaimed Dividends, 2020 Finance Bill, Nigerian Government, Africa Business News, Africa Business Radio, Trust Fund, Muhammadu Buhari

The Nigerian government has perfected ways to borrow funds from unclaimed dividends and dormant bank account balances unattended for at least six years, thanks to the 2020 Finance Act.

With the coming into force of the law, which empowers the federal government to borrow from the two sources, proceeds from the two sources will stand as special credit to the federal government through the Unclaimed Funds Trust Fund contained in the Finance Act 2020, recently signed into law by President Muhammadu Buhari.

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