Lagos, Dec. 20, 2020 Shareholders under the aegis of Independent Shareholders Association of Nigeria (ISAN) on Sunday kicked against establishment of unclaimed dividend trust fund being proposed in the Finance Bill 2021.
ISAN made this known in a statement issued by its National Coordinator, Dr Anthony Omojola, and Coordinator Emeritus, Mr Sunny Nwosu.
It said that creation of the trust fund and transfer of unclaimed dividends into the federation account were uncalled for.
According to the association, the process may encourage corruption and nepotism to the detriment of the shareholders/beneficiaries of returns on investments.
ISAN said that the proposed bill would not serve the interest of shareholders.
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.