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Nigerian government to borrow unclaimed dividends, dormant accounts' balances


TODAY
January 7, 2021
Despite opposition from stakeholders, the federal government has perfected ways to borrow funds from unclaimed dividends and dormant bank account balances unattended to for at least six years, thanks to the 2020 Finance Act.
With the coming into force of the law, which empowers the federal government to borrow from the two sources, proceeds from the two sources will stand as special credit to the federal government through the Unclaimed Funds Trust Fund contained in the Finance Act 2020, recently signed into law by President Muhammadu Buhari.
Part of the law provides that, “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 tra ....

Abuja Federal Capital Territory , Muhammadu Buhari , Onyenwechukwu Ezeagu , Nigerian Stock Exchange , Banker Committee , Central Bank , Educational Trust Fund , Debt Management Office , Unclaimed Funds Trust Fund , Exchange Commission , Shareholders Association Of Nigeria , Association Of Securities Dealing Houses Nigeria , National Deposit Insurance Corporation , Finance Act , President Muhammadu , Independent Shareholders Association , Tax Act , Securities Dealing Houses , Chief Onyenwechukwu Ezeagu , கூட்டாட்சியின் மூலதனம் பிரதேசம் , நைஜீரியன் ஸ்டாக் பரிமாற்றம் , வங்கியாளர் குழு , மைய வங்கி , கல்வி நம்பிக்கை நிதி , கடன் மேலாண்மை அலுவலகம் , உரிமை கோரப்படாதது நிதி நம்பிக்கை நிதி ,

FG to borrow unclaimed dividends, dormant accounts' balances NEWS


President Muhammadu Buhari
Despite opposition from stakeholders, the federal government has perfected ways to borrow funds from unclaimed dividends and dormant bank account balances unattended to for at least six years, thanks to the 2020 Finance Act.
With the coming into force of the law, which empowers the federal government to borrow from the two sources, proceeds from the two sources will stand as special credit to the federal government through the Unclaimed Funds Trust Fund contained in the Finance Act 2020, recently signed into law by President Muhammadu Buhari.
Part of the law provides that, “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 tr ....

Abuja Federal Capital Territory , Muhammadu Buhari , Onyenwechukwu Ezeagu , Nigerian Stock Exchange , Banker Committee , Central Bank , Educational Trust Fund , Debt Management Office , Unclaimed Funds Trust Fund , Exchange Commission , Shareholders Association Of Nigeria , Association Of Securities Dealing Houses Nigeria , National Deposit Insurance Corporation , Finance Act , President Muhammadu , Independent Shareholders Association , Tax Act , Securities Dealing Houses , Chief Onyenwechukwu Ezeagu , Dividends The Advocate , கூட்டாட்சியின் மூலதனம் பிரதேசம் , நைஜீரியன் ஸ்டாக் பரிமாற்றம் , வங்கியாளர் குழு , மைய வங்கி , கல்வி நம்பிக்கை நிதி , கடன் மேலாண்மை அலுவலகம் ,

2020: Stock Market Soars to Positive Close


With about six trading days left in 2020, the stock market has recovered from the decline suffered in 2018 and 2019 and is set to close with a growth of about 40 per cent, writes Goddy Egene
When trading at the stock market resumed in 2020, there was high optimism that the market would witness a recovery from the losses recorded in 2018 and 2019. The optimism was based on past experience in the market, where a rebound is always witnessed after two years’ decline.
For instance, after declining in 2015 and 2016, the nation’s bourse recovered with a jump of over 40 per cent in 2017. So when the market dipped in 2018 and 2019, market stakeholders were optimistic that 2020 will see the return of the bulls to the stock market. ....

Nigeria General , United States , Oluwatoyin Sanni , Ambrose Omordion , Oscar Onyema , Goddy Egene , Oluropo Dada , Onyenwechukwu Ezeagu , Tayo Oguntayo , Head Of Research , Central Bank , National Insurance Commission , Africa Capital Group , Greenwich Research , United Capital Plc , Association Of Securities Dealing Houses Nigeria , Network Capital , Monetary Policy Committee , Chief Executive Officer , Sofunix Investment , Communications Limited , Sola Oni , Open Market Operations , Gross Domestic Product , Network Capital Limited , Investdata Limited ,

SEC Seeks Rules to Enhance Commodities Exchange Operations


By Ndubuisi Francis
The Securities and Exchange Commission (SEC) has revealed that it is working to get appropriate rules that will enhance the operations of the commodities and futures exchange.
It disclosed that in a bid to ensure that the relevant standards required are approved, it was engaging with the Standards Organisation of Nigeria (SON), and pulling its weight to ensure increased visibility of the nation’s commodities in the international market.
SEC Director General, Mr. Lamido Yuguda, who spoke during a visit of the House of Representatives Committee on Capital Market and other Institutions to the Lagos Commodities and Futures Exchange (LCFE) in Lagos, yesterday, described the development of a vibrant and efficient commodities trading ecosystem as a major driver of economic growth and development. ....

Ndubuisi Francis , Efe Ebelo , Babangida Ibrahim , Onyenwechukwu Ezeagu , Lamido Yuguda , Exchange Commission , House Of Representatives Committee On Capital Market , National Assembly , Futures Exchange , Standards Organisation Of Nigeria , Public Communications , Standards Organisation , Representatives Committee , Capital Market , Lagos Commodities , Chairman House , Chief Onyenwechukwu Ezeagu , ண்துபுசி பிரான்சிஸ் , பரிமாற்றம் தரகு , வீடு ஆஃப் பிரதிநிதிகள் குழு ஆன் மூலதனம் சந்தை , தேசிய சட்டசபை , எதிர்காலங்கள் பரிமாற்றம் , தரநிலைகள் ஆர்கநைஸேஶந் ஆஃப் நைஜீரியா , பொது தகவல்தொடர்புகள் , தரநிலைகள் ஆர்கநைஸேஶந் , பிரதிநிதிகள் குழு ,