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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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Reps mull plans to adopt non-interest banking in Nigeria

Reps mull plans to adopt non-interest banking in Nigeria
Reps mull plans to adopt non-interest banking in Nigeria
• As Finance bill scales through Second Reading
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The House of Representatives, on Thursday, unveiled plans to adopt non-interest banking services in Nigeria as part of efforts to stimulate the nation’s economy.
The resolution was passed sequel to the adoption of a motion sponsored by Hon Kabir Tukura, stressed the need for Federal Ministries of Finance, Agriculture and Commerce to provide a deliberate policy that will encourage Bank of Industry (BOI), Bank of Agriculture (BOA), Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) Micro Finance Banks and other Government-owned Financial Institutions to provide non-interest banking to their customers. ....

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

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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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