Using escheated funds for infrastructural development in Nigeria | The Guardian Nigeria News

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There are literally billions of unclaimed assets in Nigeria. Most unclaimed assets are intangible assets like money in banks, brokerage accounts and dividends accruing from shares. Bank accounts or assets can be considered “unclaimed “once there has been no “activity” for a period of years. It is no news that so many individuals over the years have abandoned their accounts leaving only small amounts of monies in such accounts.

A summation of all the abandoned money in banks will run into hundreds of billions of Naira. Also with the advent of the BVN, billions of Naira were left unclaimed in banks because their owners failed to register BVN or link to existing ones where appropriate.

There have also been incidents of unclaimed dividends within the Country. Nigeria has an avalanche of unclaimed dividends, larger than the country’s combined capital expenditure to health and education sectors in its 2020 budget. The Security and Exchange Commission (SEC) sometime in…



Source: Guardian Newspaper