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Shareholders and the Security and Exchange Commission kicked against the plan by the Federal Government to take over the management of unclaimed dividends and deposits in dormant bank accounts in the country.
They expressed their objection at a one-day public hearing organised by the Senate committees on Finance, National Planning, Banking, Customs, Trade and Investment on the proposed amendments to the Finance Bill 2020.
The bill is seeking amendments into 12 Acts of Parliament relating to capital gains tax, personal income tax, Customs and Excise Tariff, Companies Income tax, Value Added Tax and Stamp duties among others.
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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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.
FG may take over unclaimed dividends, deposits, Finance Minister tells Senate FG may take over unclaimed dividends, deposits, Finance Minister tells Senate
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The Federal Government may take over unclaimed dividends and deposits domiciled in dormant accounts of banks in the country.
Minister of Finance, Dr Zainab Ahmed, gave the disclosure on Thursday at a one-day public hearing organised by the Joint Senate Committees on Finance, National Planning, Banking, Customs, Trade and Investment on the provisions in Finance Bill 2020.
The motive, according to the finance minister is to mop up funds for developmental projects.
Responding to the Deputy Senate President, Ovie Omo-Agege’s question at the hearing on whether the government would also take over the deposits in the various dormant accounts in banks, the minister said “the same provision that affects unclaimed dividends will also affect unclaimed deposit in the dormant accounts.