Following the continued increase in revenue shortage, the Federal Government will this year take over N895 billion from banks and quoted companies representing unclaimed dividends and dormant bank balances as special borrowing to fund crisis related expenditures.
This follows the provision of the Finance Act 2020 which empowers the FG to take over unclaimed dividends and dormant account balances unutilised for more than six years as special credit through the Unclaimed Funds Trust Fund. Provided it does not apply to official bank accounts owned or belonging to the Federal Government, State Government or Local Government, or any of their Ministries, Departments or Agencies.”
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