Following the plan of the Federal Government (FG) to borrow over N158 billion outstanding unclaimed dividend, shareholders, aggrieved by the plan have sued the Government at Federal High Court of Nigeria, Abeokuta Division, seeking to restrain the Government from going ahead with such plan.
The shareholders said that allowing the Federal Government to go ahead with the plan would frustrate efforts by shareholders to recover any outstanding unclaimed dividend given the tedious processes involved in making that claim as contained in the 2020 Finance Act. The shareholders under the aegis of Palm Wealth Shareholders Association (PWSA) in a court notice signed by their President, Emokeraro Simon, are praying the court to restrain the FG from calling for or transferring the unclaimed dividends of the applicants (shareholders) in public quoted companies to the Unclaimed funds. Trust Funds to be floated by the Government contrary to the Constitution of the Federal Republic of Nigeria 1999 (as amended), and the African Charter on Human and People’s Rights Act, Laws of the Federation.
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