Senate Plans to use Idle funds in Banks for National Development
Idle funds in Banks
Senate President, Abubakar Bukola Saraki on Tuesday revealed that in the unclaimed dividends in Banks will be made available for National Development through the enactment of the unclaimed Funds Bill.
Saraki who was represented by Senator Philip Aduda during Public hearing on Capital Market on Investment and Securities Act and unclaimed funds bill said that over the years financial institutions in the country had unfettered access to unclaimed funds from dormant banks account and many others.
He added that the intended of the bill is to provide guidance on their treatment and utilization.
He said, ” over the years financial institutions in the country had unfettered access to unclaimed funds from dormant banks account, outstanding share certificate, uncashed dividends warrants unclaimed insurance proceeds, unclaimed pension benefits , unclaimed contributions to the National Provident Fund, contributions by Limited Liability Companies to the purse of Nigeria Social Insurance Trust Fund (NSITF) and many more.
On the amendment of Capital Market and Securities Act, he said the amendment would give power Public Limited Liability Companies to utilize unclaimed dividends whooae funds run into billion of naira and still raising.