Many Nigerians have been expressing disgust at a plan by the Federal Government to possibly borrow from citizens’ dormant accounts and unclaimed dividends.
There have been debates over monies in various banks, which lie ‘fallow’, while there indications that there owners may never go back to them as they may have fallen victims of various scenarios including death and unexpected policies like the introduction of the BVN.
Whatever the case, however, many Nigerians cannot trust government with the funds in whatever guise.
The possibility of borrowing the funds is contained in the Finance Act 2020 recently signed into law by President Buhari, which says The remitted funds will be available as special credit to the federal government through the Unclaimed Funds Trust Fund.
A story in Lindaikejiblogspot quotes the Finance Act thus: “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”
It adds that the act exempts official bank accounts owned by the Federal Government, state governments 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 their money at any time.
These are some of the angry reactions greeting the move (stet):
– Borrow they said. This government is evil!
– Yet they’ve increased fuel price and electricity bill 😂 APC—————-Shame!
– Government of the borrowing, for the borrow, by the borrower…lol
– Borrowing from the dead to fund the lavish lifestyles of the living politicians…pathetic…borrow from pensions funds, now dead people..na wa o..
– Omg, this is ridiculous. It is finished, what are we waiting for to off d light and kuku close d door to Nigeria. FG better not touch my $25 I have in one of d banks since 2015 when dollar was #150 cos it falls into that category. I am still well and alive o. Infact let me first go and pack everything and shut down that domiciliary account, that one pay me pass. Nonsense and ingredients. The $25 is small I know but I can’t risk it where this government is, let me go and pack everything one time.
