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.
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