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Escheating dormant account balances, By Uddin Ifeanyi

It is no argument in favour of the CBN’s initiative, that countries across the world have an escheat arrangement in place. ....

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Finance Bill: SEC opposes government's move to manage unclaimed dividends

Finance Bill: SEC opposes government's move to manage unclaimed dividends
today.ng - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from today.ng Daily Mail and Mail on Sunday newspapers.

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SEC opposes Nigerian govt's move to manage unclaimed dividends of shareholders

3 min read
The Securities and Exchange Commission is opposed to a proposed amendment in the Finance Bill 2020 that prescribes that unclaimed dividends be handed over to the federal government as trustee.
The Head of Department, SEC, Abdulkadir Abbas, stated this at the public hearing of the bill organised by the Senate Committee on Finance on Thursday.
His submission was in reaction to the presentation of the finance minister, Zainab Ahmed, on the key reforms intended in the bill.
She explained that under the Companies and Allied Matters Act (CAMA), the federal government proposes the creation of an unclaimed dividends and unutilised bank Balances Trust Fund. ....

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