Dormant accounts

The Central Bank of Nigeria has proposed that banks should transfer funds in accounts that have been dormant for up to 10 years into a trust fund account. This is contained in the recently released exposure draft of guidelines on the…

The Socio-economic Rights and Accountability Project (SERAP), a Nigerian advocacy group, has sought a Court order to restrain and stop the Federal Government of Nigeria from borrowing an estimated $895bn of unclaimed dividends and dormant…

The Nigerian government has set a 2021 target to 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…