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FG to borrow from Nigerians dormant bank account balances and unclaimed dividends

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President Buhari signs

The Federal government will borrow from Nigerians unclaimed dividends and bank account balances unattended to for at least six years.

This provisions is included in the Finance Act 2020 recently signed into law by President Muhammadu Buhari. The remitted funds will be available as special credit to the Federal government through the Unclaimed Funds Trust Fund.

The Finance Act reads in part

“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 transferred immediately to the trust fund”

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The act exempts official bank accounts owned by the federal government, state government or local governments or any of their ministries, departments or agencies.

According to the act, the monies transferred to the trust fund will be a “special debt owed by the federal government to shareholders and dormant bank account holders”.  It also states that the original owners of the money can claim their money at any time.

The act stipulates that the operation of the trust fund will be supervised by the Debt Management Office (DMO) and governed by a governing council chaired by the finance minister and a co-chairperson from the private sector appointed by the president.

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Other members of the governing council shall include the governor of the Central Bank of Nigeria (CBN), director-general of the Securities and Exchange Commission (SEC), managing director of the National Deposit Insurance Corporation (NDIC), a representative of the registrars of companies, two representatives of the shareholders’ association, a representative of the Bankers’ Committee and the director-general of the Debt Management Office as the secretary of the trust fund.

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According to financial experts, this move will make needed funds available to the federal government without foreign exchange worries or conditions attached to loans from multilateral lenders.

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Man Arrested For Stabbing And Raping 18-Year-Old Girl In Bauchi

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Godiya Ishaku

Bauchi State Police Command arrested Godiya Ishaku for allegedly stabbing and raping an 18-year-old girl in Dass Local Government Area of Bauchi State.

The Spokesperson of the State Police Command, SP Ahmed Mohammed Wakil, disclosed this in a statement on Monday.

He said the suspect was arrested on February 3, following a report made by one Prince Yohanna.

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“On 03/02/2021 at about 0530hrs, one Prince Yohanna, a Staff of National Identity Card registration Tafawa Balewa L.G.A reported that on same date at about 0300hrs, one Godiya Ishaku of same address induced one Blessing (not real name) aged 18yrs of Dot in Dass L.G.A, took her to an uncompleted building with a knife inflicted injury on her hand and raped her,” the statement says.

On receipt of the report, a team of policemen were drafted to the scene and the victim rushed to General Hospital Tafawa Balewa for medical examination.

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Wakil said the suspect was arrested afterwards while investigation is still in progress. 

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Akinwumi Adesina: ‘Insecurity’ Now Africa’s Number One Challenge

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Akinwumi Adesina

The President of the African Development Bank, Akinwumi Adesina has called ‘insecurity’ the number one challenge to Africa’s development.

He made this disclosure in a series of tweets he shared, the former Nigerian Minister of Agriculture and Rural Development stated that there is need to ensure security stability in Africa as terrorism is shrinking Africa’s investment space.

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Adesina also disclosed that Africa needs new financial instruments to protect and secure investments in countries and regions against rising insecurity.

He said; 

Insecurity is now the number one challenge to Africa’s development. Terrorism is shrinking Africa’s investment space. 

Insecurity is no longer a political issue. Insecurity is an economic issue. We must no longer decouple security and development.

We must ensure security stability in Africa. Africa needs new financial instruments to protect and secure investments in countries and regions against rising insecurity.

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Drama As Herbalist Follows Omoyele Sowore To Court In Abuja

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Drama As Herbalist Follows Omoyele Sowore To Court In Abuja

Many were susprised at the Wuse, Zone 2 Magistrate Court Abuja this morning, Tuesday March 2, as a Native Doctor ‘Herbalist” dressed in full regalia followed human rights activist, Omoyele Sowore in solidarity for the commencement of his trial.

Omoyele Sowore was arrested alongside four others on December 31st 2020, for organizing a candlelight procession and charged for alleged criminal conspiracy, unlawful assembly, and inciting public disturbance. The commencement of his trial was scheduled for today.

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The native doctor was seen waving his horsewhip and gourd in the air while chanting some incantations ahead of the commencement of trial.

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Emir Of Kagara, Alhaji Salihu Tanko Is Dead

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Emir of Kagara, Alhaji Salihu Tanko

The Emir of Kagara, Niger State Alhaji Salihu Tanko has died.

The Governor of Niger State, Abubakar Sani-Bello released a statement on Tuesday to mourn the Monarch, describing his death as a great shock and a loss to the Kagara Emirate and the North Central state in general.

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Bello, who is the Chairman of North Central Governors Forum, said: “We have lost a First Class Emir, a member of the State Council of Traditional Rulers, an Octogenarian and an Elder Statesman whose wise counsel has been of immense value to this administration and those before it in the state.”

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Kagara was under spotlight after bandits abducted over 40 students and members of staff of Government Science College, Kagara.

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DSS Invites Cattle Dealers Over Blocking Food To Southern Nigeria

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Herdsman

The Department of State Service (DSS) has reportedly invited the leadership of Cattle and Foodstuff dealers under the aegis of Amalgamated Union of Foodstuff and Cattle Dealers of Nigeria (AUFCDN) for blocking food transportation to the Southern region of the country.

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General Secretary of the AUFCDN, Ahmed Alaramma who disclosed this at a press briefing at Labour House in Abuja on Monday March 1, said the President of the Association, Mohammed Tahir is with the DSS.

Alaramma accused military personnel of intimidating members and task force of the union, and also urged the government to avert looming chaos by stopping the intimidation of their members.

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