Lawmakers Want Govt To Spend 3 Trillion In Dormant Accounts
If you have any bank account you have abandoned for a long time and there is still money in it, you should be interested in this story.
The federal government will soon be spending the money on public infrastructure.
The Nigerian senate is considering a bill that when passed into law, will allow the government to spend up to the 3 trillion Naira in dormant accounts on building and maintaining infrastructure such as roads, hospitals and schools.
The estimated 3 trillion Naira are from dormant accounts of both living and dead persons in the banking system.
The bill, which has passed through first reading, also envisages to pool the estimated 3 trillion naira in dormant accounts and an estimated 100 billion Naira unclaimed dividends held back by companies operating in the secondary section of the capital market.
The pooled funds will be managed by a board to be created under the proposed law.
The bill to capture the dormant funds is entitled ‘Dormant Accounts Bill, 2016’ and is sponsored by Senator Ovie Omo-Agege (APC, Delta Central).
The bill prescribes a 10 million Naira fine besides other sanctions on any account provider (bank) which fails to fully comply with a demand notice as prescribed by the board established to manage the fund.
Senator Omo-Agege, while explaining the purpose of the bill said: “From my research, we have about 3 trillion naira sitting in these accounts, the owners don’t know that these funds are still there.
"The banks are treating these funds as if it is their own. In civilised climes, the way it is treated is that after 10 years, it becomes what is called bona vacantia, it now reverts to the states", he said.