Zainab Ahmed, the minister of finance, budget and national
planning, says the federal government will have access to as much as N850
billion from the special trust fund of unclaimed dividends and dormant account
balances.
Speaking on Tuesday at a virtual public presentation of the
2021 budget, Ahmed assured that the funds will be released to the owners when
they are identified.
“On the issue of unclaimed dividends and government’s
accounts and projections, there would be as much as N850 billion to be realised
into the special trust fund of unclaimed dividends.
“The government is keeping the money in trust for the
beneficiaries. At any time, a registrar or a bank confirms that this is the
true and bonafide beneficiary of this fund, then the government will release
from that trust fund to the investor who has it
“They have nothing to
lose as they would be paid their entitlements from the special trust fund to be
set up by the federal government once they are properly identified.”
The 2020 finance act signed into law by President Muhammadu
Buhari on December 31, 2020, states 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 immediately to the trust fund”.
The act also exempts micro and small companies earning N25
million or less as annual turnover from paying the tertiary education tax.
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