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Shareholders have said that the creation of unclaimed Dividend Trust Fund and transfer of the unclaimed dividends into the Federation Account will encourage corruption and nepotism to the detriment of the shareholders/beneficiaries of returns on investments.
The shareholders under the aegis of Independent Shareholders Association of Nigeria stated this while reacting to the proposed fund at the public hearing of the Senate Committee on Finance, Trade and Investment and Public Procurement on the Finance Bill 2020.
In a statement signed by the National Coordinator, Mr Anthony Omojola and Founder, Mr Sunday Nwosu, ISAN said the fund was uncalled for.
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.
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