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TODAY January 7, 2021 Despite opposition from stakeholders, the federal government has perfected ways to borrow funds from unclaimed dividends and dormant bank account balances unattended to 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. Part of the law provides that, “Any unclaimed dividend of a public limited liability company quoted on the Nigerian Stock Exchange and any unutilised amounts in a dormant bank account maintained in or by a deposit money bank, which has remained unclaimed or unutilised 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 immedi

Abuja federal capital territoryMuhammadu buhariOnyenwechukwu ezeaguNigerian stock exchangeBanker committeeCentral bankEducational trust fundDebt management officeUnclaimed funds trust fundExchange commissionShareholders association of nigeriaAssociation of securities dealing houses nigeriaNational deposit insurance corporationFinance actPresident muhammaduIndependent shareholders association