Per the recently signed Finance Act 2020, unclaimed dividends and bank account balances unattended to for at least six years become trust funds under the Unclaimed Fund Trust Fund which will serve as a special credit to the Federal Government.
All funds transferred become a special debt owed by the government to shareholders or dormant bank account holders, and these dividends can still be claimed at any time.
Who Is Affected?
Anyone who has unclaimed shares/dividends in a public limited liability company quoted in the Nigerian Stock Exchange.
Shares/dividends which have remained unclaimed over the last six (6) years or more will immediately be transferred to the trust fund.
Why Is There a Trust Fund?
The Federal Government believes this will open a path way to availability of funds without having to worry about foreign exchange exigencies or loan collaterals/conditions from foreign bodies.
What You Should Do
Here, you’ll find easy and simple directives to check if you have any unclaimed shares/dividends and how you can claim them.
Read Also: COVID-19 Home Care Tip You Should Know.
Read more on unclaimed shares here.
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