Govt Sets To Start Borrowing Funds In Dormant Bank Accounts

A new act by the federal government would now see funds in dormant bank accounts and unclaimed dividends become available for government use.

Any financial asset within such parameters that has remained unattended to in the last six years will serve as special credit for the government

The move according to policy makers would help fund government needs and save the country the pressure of borrowing from foreign nations.


Dividend that are unclaimed as well as dormant bank account for at least six yeas would be channeled into a special account for government use.

The special account called Unclaimed Funds Trust Fund would serve as special credit for the federal government inline with the Finance Act 2020 signed into law by President Muhammadu Buhari recently.

Going by the dictates of the act, the trust fund would be designated as a sub-fund of the Crisis intervention Fund.

The act covers any unclaimed dividends in a listed company in the Nigeria Stock Exchange as well as unused monies in a dormant bank account that has remained unclaimed for at least six years. Such assets would be transferred to the trust fund.

The act however, exempt bank accounts operated by the government including state and local,m governments as well as ministries, department and agencies.

Dormant bank account

A protection from the act also covers the fund tagging it as a special debt owed by the government to shareholders and dormant bank account holders. It also stressed that the original owners of the funds can claim it at any given time while in government possession.

A governing council and a supervising head to oversee the operation of the fund would be inaugurated by the president.

Meanwhile, we earlier reported that an Akwa Ibom based magistrate, Richard Bassey, reportedly collapsed on Tuesday at the gate of the Governor Ben Ayade’s office on the second day of the protest over unpaid twenty-four months salary.

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