By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Daily Report NigeriaDaily Report NigeriaDaily Report Nigeria
Notification Show More
Font ResizerAa
  • HOME
  • NEWS
  • POLITICS
  • METRO
  • ENTERTAINMENT
  • SPORTS
  • FACT FILE
  • SPECIAL REPORT
Reading: Unclaimed Dividends, Dormant Account Balances Safer With Government – CAC
Share
Font ResizerAa
Daily Report NigeriaDaily Report Nigeria
  • METRO
  • NEWS
  • POLITICS
  • SPECIAL REPORT
  • FACT FILE
Search
  • HOME
  • NEWS
  • POLITICS
  • METRO
  • ENTERTAINMENT
  • SPORTS
  • FACT FILE
  • SPECIAL REPORT
Have an existing account? Sign In
Follow US

Home | Unclaimed Dividends, Dormant Account Balances Safer With Government – CAC

News

Unclaimed Dividends, Dormant Account Balances Safer With Government – CAC

Daily Report Nigeria
Daily Report Nigeria
Published: June 15, 2025
Last updated: June 15, 2025
2 Min Read
Share
Unclaimed Dividends, Dormant Account Balances Safer With Government - CAC | Daily Report Nigeria
SHARE

The Corporate Affairs Commission (CAC) has declared its support for Federal Government’s new plan to borrow money from dormant bank accounts’ balances and unclaimed dividends to fund the 2021 budget deficit.

The support came on the heels of the Finance Act 2020 recently signed into law by President Muhammadu Buhari, which provides that government can borrow from unclaimed dividends and dormant accounts’ balances under the Unclaimed Funds Trust Fund.

The funds are made available as special debt government owed shareholders and dormant bank accounts holders.

ATTENTION: Click “HERE” to join our WhatsApp group and receive News updates directly on your WhatsApp!

Registrar of CAC, Alhaji Garba Abubakar, while addressing journalists in Abuja, said the funds would be safer for the owners if borrowed by Federal Government.

‘’It is better for government to borrow the money, especially for infrastructural development that will also benefit the people. So long as the funds are in the hands of the government, the owners are safe and free to come forward anytime to collect what belongs to them, but if the unclaimed dividends are reverted to the companies, there is every likelihood that the owners may lose out as some powerful individuals in the companies may defraud them,’’ Abubakar explained.

He explained that the new Company and Allied Matters Act (CAMA) has made it more difficult for the commission to de-list company names from its register.

‘’Under the new law, you cannot de-list any erring company at will, until after 10 years, for failing to file its returns. It is even better now because our newly introduced portal platform has evolved a system that shows clearly if a company is active or inactive, so I believe that has addressed such concerns,’’ Abubakar said.

He made it known that since the coming on board of the CAMA Act, the commission has not delisted any company.

 

For publication of Press Releases, Statements, and Advert Inquiries, send an email to info@dailyreport.ng
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link
Leave a Comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Latest Updates

Liverpool Fall to Milan in Emotional Hong Kong Clash Honouring Jota | Daily Report Nigeria
Liverpool Fall to Milan in Emotional Hong Kong Clash Honouring Jota
Sports
Jim Iyke Questions Conventional Eating Habits, Says One Meal a Day Is Enough | Daily Report Nigeria
Jim Iyke Questions Conventional Eating Habits, Says One Meal a Day Is Enough
Entertainment
Flamengo’s Bruno Henrique Faces Trial Over Match-Fixing | Daily Report Nigeria
Flamengo’s Bruno Henrique Faces Trial Over Match-Fixing
Sports
Actor Odunlade Adekola Announces the Death of His Father | Daily Report Nigeria
Actor Odunlade Adekola Announces the Death of His Father
Entertainment
'State of Emergency Because Of One Man? Shameless!' - Actress Hilda Dokubo
Tinubu Begs GenCos for Time Over N4trn Power Sector Debt
Business

TOPIC

2023 Elections Abuja Accident AFCON Anambra APC Arrest ASUU ASUU Strike Atiku Abubakar Bandits Bayelsa BBNaija Biafra Boko Haram Bola Ahmed Tinubu Bola Tinubu Breaking News Breaking News Nigeria Burna Boy Burutu CBN Celebrity news Chelsea Coronavirus court covid-19 Crime Daily Report Ng Daily Report Nigeria Daily Sports News Davido Delta Delta state DSS Education EFCC Elections English Premier League EPL Family federal government FG FIFA World Cup Football Fraud Godwin Emefiele Goodluck Jonathan Governor Nyesom Wike Gunmen Health Ifeanyi Okowa Imo INEC Insecurity IPOB IYC JAMB Kaduna Kidnap Labour Party Lagos Lagos State Manchester United Marriage Muhammadu buhari Music NASS NDDC NDLEA Niger Delta Nigeria NLC Nnamdi Kanu NNPC Nollywood Nyesom Wike Olusegun Obasanjo Pastor PDP Peter Obi Police Politicians President Bola Ahmed Tinubu President Muhammadu buhari Professor Yemi Osinbajo Protest Rape Reno Omokri Rivers State Senate Sheriff Oborevwori Social Media Suicide Super Eagles Tinubu Top Stories Twitter Victor Osimhen Zamfara

You Might Also Like

Breaking: Filling Stations to Sell Fuel at ₦162 Per Litre | Daily Report Nigeria
News

Breaking: Filling Stations to Sell Fuel at ₦162 Per Litre

June 15, 2025
It’s A National Scandal That Civil Servants Still At Home Since COVID Lockdown - Osita Chidoka | Daily Report Nigeria
News

It’s A National Scandal That Civil Servants Still At Home Since COVID Lockdown – Osita Chidoka

June 15, 2025
Group Seeks Amnesty for Reverend King | Daily Report Nigeria
News

Group Seeks Amnesty for Reverend King

June 13, 2025
El-Rufai
News

Military Theater Command is Required in the Northwest – El-Rufai

June 13, 2025
© Daily Media N Publishing LTD. All Rights Reserved.
  • Home
  • About Us
  • Adverts With Us
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?