• About
  • Advertise
  • Privacy & Policy
  • Contact
Newsleaks
Advertisement
  • Home
  • News
    • All
    • Business
    • Politics
    • Science
    • World
    Man in court for allegedly stealing N28, 000

    Electoral Act: Court postpones hearing on PDP’s suit against Buhari

    Arrest Sheikh Abubakar Jibril for inciting Muslims against Bishop Kukah, HURIWA tells DSS

    Arrest Sheikh Abubakar Jibril for inciting Muslims against Bishop Kukah, HURIWA tells DSS

    Gunmen kill two soldiers in Anambra

    Gunmen kill two soldiers in Anambra

    Atiku denies condemning killing of Shehu Shagari college of education student

    I will restructure Nigeria if elected president — Atiku

    Confusion among Kaduna APC delegates as El-rufai presents Amaechi as Buhari’s choice

    Confusion among Kaduna APC delegates as El-rufai presents Amaechi as Buhari’s choice

    Deborah’s Killing: There are set processes to redress wrongs — Osinbajo

    Osinbajo engages APC delegates in Jigawa, says Nigeria deserves the best

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Tech
    • All
    • Apps
    • Gadget
    • Mobile
    • Startup

    Subscribers still experiencing downtime should restart their phones -MTN

    Britain, Ireland trade words over Brexit deal on Twitter

    MTN begs subscribers over service outage

    BREAKING: MTN subscribers lament service outage

    Facebook grapples with another global outage

    French Govt commits €130m to 500 tech startups across Africa

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
  • Entertainment
    • All
    • Gaming
    • Movie
    • Music
    • Sports
    Big Brother Naija begins season 7 audition

    Big Brother Naija begins season 7 audition

    JUST IN: NFF appoints José Peseiro as Super Eagles head coach

    JUST IN: NFF appoints José Peseiro as Super Eagles head coach

    Liverpool win FA Cup after beating Chelsea on penalties

    Liverpool win FA Cup after beating Chelsea on penalties

    Ronald Reagan Collection of Jokes about the Soviet Union [video]

    Breaking: Leon Balogun, Victor Osimhen to the rescue as Super Eagles avenge FIFA World Cup qualifier vs CAR in Douala

    Why Tyson Fury defeated me -Deontay Wilder

  • Lifestyle
    • All
    • Fashion
    • Food
    • Health
    • Travel
    Big Brother Naija begins season 7 audition

    Big Brother Naija begins season 7 audition

    Wife stripped and flogging her husband (VIDEO)

    Anti-graft Agency, ICPC Re-arraigns Buhari’s Former Aide, Obono-Obla, On Result Falsification, Forgery Charges

    Insecurity Didn’t Come By Accident, It Was Planned To Islamise Nigeria— Ex—VC, Ahmadu Bello University

    Bandits Now Demand Cooked Food As Ransom Because Of Hunger In Kaduna—Resident

    Jets you are buying are going to be used to collapse Nigeria – Mbaka Warns Buhari

    Trending Tags

    • Golden Globes
    • Game of Thrones
    • MotoGP 2017
    • eSports
    • Fashion Week
  • Review

    Edo warns against operating unregistered creches, orphanage homes

    315,791 Complete CVR As Anambra Tops With 23,314 Registration – INEC

    It’s Disheartening That Nigerians In Diaspora Fund Secessionist Activities – Lai Mohammed

    Bombardment of Bandit’s Camps: Residents jubilate in Zamfara, hold appreciation rally for military

    Many bandits have been sent to God to answer for their crimes —Yahaya

    Presidential Media Chat: Buhari gives reasons for marginalizing S’East

No Result
View All Result
  • Home
  • News
    • All
    • Business
    • Politics
    • Science
    • World
    Man in court for allegedly stealing N28, 000

    Electoral Act: Court postpones hearing on PDP’s suit against Buhari

    Arrest Sheikh Abubakar Jibril for inciting Muslims against Bishop Kukah, HURIWA tells DSS

    Arrest Sheikh Abubakar Jibril for inciting Muslims against Bishop Kukah, HURIWA tells DSS

    Gunmen kill two soldiers in Anambra

    Gunmen kill two soldiers in Anambra

    Atiku denies condemning killing of Shehu Shagari college of education student

    I will restructure Nigeria if elected president — Atiku

    Confusion among Kaduna APC delegates as El-rufai presents Amaechi as Buhari’s choice

    Confusion among Kaduna APC delegates as El-rufai presents Amaechi as Buhari’s choice

    Deborah’s Killing: There are set processes to redress wrongs — Osinbajo

    Osinbajo engages APC delegates in Jigawa, says Nigeria deserves the best

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Tech
    • All
    • Apps
    • Gadget
    • Mobile
    • Startup

    Subscribers still experiencing downtime should restart their phones -MTN

    Britain, Ireland trade words over Brexit deal on Twitter

    MTN begs subscribers over service outage

    BREAKING: MTN subscribers lament service outage

    Facebook grapples with another global outage

    French Govt commits €130m to 500 tech startups across Africa

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
  • Entertainment
    • All
    • Gaming
    • Movie
    • Music
    • Sports
    Big Brother Naija begins season 7 audition

    Big Brother Naija begins season 7 audition

    JUST IN: NFF appoints José Peseiro as Super Eagles head coach

    JUST IN: NFF appoints José Peseiro as Super Eagles head coach

    Liverpool win FA Cup after beating Chelsea on penalties

    Liverpool win FA Cup after beating Chelsea on penalties

    Ronald Reagan Collection of Jokes about the Soviet Union [video]

    Breaking: Leon Balogun, Victor Osimhen to the rescue as Super Eagles avenge FIFA World Cup qualifier vs CAR in Douala

    Why Tyson Fury defeated me -Deontay Wilder

  • Lifestyle
    • All
    • Fashion
    • Food
    • Health
    • Travel
    Big Brother Naija begins season 7 audition

    Big Brother Naija begins season 7 audition

    Wife stripped and flogging her husband (VIDEO)

    Anti-graft Agency, ICPC Re-arraigns Buhari’s Former Aide, Obono-Obla, On Result Falsification, Forgery Charges

    Insecurity Didn’t Come By Accident, It Was Planned To Islamise Nigeria— Ex—VC, Ahmadu Bello University

    Bandits Now Demand Cooked Food As Ransom Because Of Hunger In Kaduna—Resident

    Jets you are buying are going to be used to collapse Nigeria – Mbaka Warns Buhari

    Trending Tags

    • Golden Globes
    • Game of Thrones
    • MotoGP 2017
    • eSports
    • Fashion Week
  • Review

    Edo warns against operating unregistered creches, orphanage homes

    315,791 Complete CVR As Anambra Tops With 23,314 Registration – INEC

    It’s Disheartening That Nigerians In Diaspora Fund Secessionist Activities – Lai Mohammed

    Bombardment of Bandit’s Camps: Residents jubilate in Zamfara, hold appreciation rally for military

    Many bandits have been sent to God to answer for their crimes —Yahaya

    Presidential Media Chat: Buhari gives reasons for marginalizing S’East

No Result
View All Result
Newsleaks
No Result
View All Result
Home News

Nigerians Raise Alarm as FG to borrow dormant account balances, unclaimed dividends

Newsliks by Newsliks
January 6, 2021
in News, Special Report
0
President Muhamadu Buhari

President Muhamadu Buhari

0
SHARES
70
VIEWS
Share on FacebookShare on Twitter
President Muhamadu Buhari

Unclaimed dividends and bank account balances unattended to for at least six years will be available as special credit to the federal government through the Unclaimed Funds Trust Fund.

According to the Finance Act 2020 recently signed into law by President Muhammadu Buhari, the trust fund will be a sub-fund of the Crisis Intervention Fund.

“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 read.

But some Nigerians have raised alarm at the development and warned that this is a ploy to “steal depositors funds”

A financial analyst told Newsliks, “what rubbish news is that, where exactly are those idiots taking Nigeria to?” he queried.

“Pension fund is already gone and now these…this FG has turned into a borrow, borrow government” he lamented!

“With this development, all those hoping to have their savings as egg nest will be at the mercy of government, and bankers fear that savings will dwindle”.

On her part, Ayemojubar tweeted:
You people that have turned your bank account to Piggy Bank; spend, you no go spend, Buhari govt is coming for you. Your account would be classified as a dormant account and they’ll help you “borrow” that your savings.

You people that have turned your bank account to Piggy Bank; spend, you no go spend, Buhari govt is coming for you. Your account would be classified as a dormant account and they'll help you "borrow" that your savings.

🤣

— Ayemojubar (@ayemojubar) January 6, 2021

The act exempts official bank accounts owned by the federal government, state government or local governments or any of their ministries, departments or agencies.

According to the act, the monies transferred to the trust fund will be a “special debt owed by the federal government to shareholders and dormant bank account holders”.

It also states that the original owners of the money can claim it at any time

The operation of the trust fund will be supervised by the Debt Management Office (DMO) and governed by a governing council chaired by the finance minister and a co-chairperson from the private sector appointed by the president.

This move will make needed funds available to the federal government without foreign exchange worries or conditions attached to loans from multilateral lenders.

Other members of the governing council shall include the governor of the Central Bank of Nigeria (CBN), director-general of the Securities and Exchange Commission (SEC), managing director of the National Deposit Insurance Corporation (NDIC), a representative of the registrars of companies, two representatives of the shareholders’ association, a representative of the Bankers’ Committee and the director-general of the Debt Management Office as the secretary of the trust fund.

Previous Post

Breaking : Sen Kalu Receives Top PDP Chieftain in Abia to APC

Next Post

Customs generates N1.5trn revenue in 2020

Newsliks

Newsliks

Next Post

Customs generates N1.5trn revenue in 2020

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected test

  • 1.9k Subscribers
Plugin Install : Widget Tab Post needs JNews - View Counter to be installed
  • Trending
  • Comments
  • Latest
Innoson oil & gas LTD discovers 8 trillion cubic gas in Sierra Leone basin

Innoson oil & gas LTD discovers 8 trillion cubic gas in Sierra Leone basin

May 14, 2022
Blasphemy: Islamic extremists attack, burn Catholic, ECWA churches, loot shops in Sokoto

BREAKING: Irate Arewa mob reportedly set Bishop Kukah’s home ablaze in Sokoto

May 14, 2022
Rev. Father Ejike Mbaka versus President Muhammadu Buhari

‘Youths will rise & end Buhari’s govt’, Mbaka prophesies

January 2, 2021
Dangote son-in-law who justified Deborah’s killing, no longer our pilot — Azman

Dangote son-in-law who justified Deborah’s killing, no longer our pilot — Azman

May 15, 2022

Chimamanda: Why I stopped attending Catholic churches in Nigeria

9
Opinion | Nnamdi Kanu, Your Eastern Security Network Is Illegal ~ By Kalu Nwokoro Idika

Opinion | Nnamdi Kanu, Your Eastern Security Network Is Illegal ~ By Kalu Nwokoro Idika

2
Why should it take even longer than a month to get your National ID Card? ~ By Mohammed Zagga

Why should it take even longer than a month to get your National ID Card? ~ By Mohammed Zagga

2
Farmers, Herders In Plateau Plan To Expose Bandits

Miyetti Allah Rejects ‘Fulani Herdsmen Attack’ Media Tag

2
Man in court for allegedly stealing N28, 000

Electoral Act: Court postpones hearing on PDP’s suit against Buhari

May 16, 2022
Arrest Sheikh Abubakar Jibril for inciting Muslims against Bishop Kukah, HURIWA tells DSS

Arrest Sheikh Abubakar Jibril for inciting Muslims against Bishop Kukah, HURIWA tells DSS

May 16, 2022
Gunmen kill two soldiers in Anambra

Gunmen kill two soldiers in Anambra

May 16, 2022
Atiku denies condemning killing of Shehu Shagari college of education student

I will restructure Nigeria if elected president — Atiku

May 16, 2022

Recent News

Man in court for allegedly stealing N28, 000

Electoral Act: Court postpones hearing on PDP’s suit against Buhari

May 16, 2022
Arrest Sheikh Abubakar Jibril for inciting Muslims against Bishop Kukah, HURIWA tells DSS

Arrest Sheikh Abubakar Jibril for inciting Muslims against Bishop Kukah, HURIWA tells DSS

May 16, 2022
Gunmen kill two soldiers in Anambra

Gunmen kill two soldiers in Anambra

May 16, 2022
Atiku denies condemning killing of Shehu Shagari college of education student

I will restructure Nigeria if elected president — Atiku

May 16, 2022

We bring you the best Premium WordPress Themes that perfect for news, magazine, personal blog, etc. Check our landing page for details.

Follow Us

Browse by Category

  • Africa
  • Analysis
  • Apps
  • Biafra
  • Business
  • Entertainment
  • Fashion
  • Food
  • Gadget
  • Gaming
  • Health
  • Interview
  • Lifestyle
  • Mobile
  • Movie
  • Movies
  • Music
  • News
  • Opinion
  • Politics
  • Press Statement
  • Report
  • Review
  • Science
  • Special Report
  • Sports
  • Startup
  • Tech
  • Travel
  • World
  • World News

Recent News

Man in court for allegedly stealing N28, 000

Electoral Act: Court postpones hearing on PDP’s suit against Buhari

May 16, 2022
Arrest Sheikh Abubakar Jibril for inciting Muslims against Bishop Kukah, HURIWA tells DSS

Arrest Sheikh Abubakar Jibril for inciting Muslims against Bishop Kukah, HURIWA tells DSS

May 16, 2022
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 JNews - Premium WordPress news & magazine theme by Jegtheme.

No Result
View All Result

© 2023 JNews - Premium WordPress news & magazine theme by Jegtheme.