[ 2016-07-25 ]

Gov’t to hold all dormant financial accounts in trust – Seth Terkper
Government has indicated it will soon take
possession of dormant accounts lodged in both
deposit taking and non deposit taking financial
institutions.

Finance Minister Seth Terkper announced this while
reading the subsidiary budget on the floor of
parliament on Monday.

He explained that “the unclaimed assets
programme, to be launched soon, is a programme for
managing assets or funds that are presumed to be
abandoned, stranded and remain unclaimed by their
owners.”

These unclaimed funds include, “balances on
dormant accounts, with banks and other deposit
taking institutions including dividends,
interests, redemption proceeds, insurance premiums
and pension entitlements.

“These funds will be transferred into an
independent fund and managed effectively till they
are reunited to their rightful owners which are in
some cases the next of kin who may not be aware of
the existence of the fund after the owners
died,” he expatiated.

Mr. Terkper indicated that the measure is
practiced in several countries in Africa including
Ivory Coast and Kenya.

The unclaimed assets law will establish an
authority which will manage the assets and also
proactively locate beneficiaries or their next of
kin, instead of leaving them in the banking and
other financial institutions.

The bill is currently before the Attorney
General’s Department for drafting and
subsequent forwarding to cabinet and parliament
for consideration.

Source - Ultimate1069.com

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