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Finance Act 2020: Unclaimed Dividends & Dormant Bank Accounts

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Finance Act 2020: Unclaimed Dividends & Dormant Bank Accounts

According to the Finance Act 2020 recently signed into law by President Buhari, the unclaimed dividends and deposits in dormant bank accounts will be available as special credit to the Nigerian government through the Unclaimed Funds Trust Fund
The trust fund will be a sub-fund of the Crisis Intervention Fund.
The trust fund will be managed by the Debt Management Office (DMO).
The DMO’s responsibility also includes payment of claims for such dividend and the accompanying compensation for accrued interest.

The Act states that the monies transferred to the trust fund will be a “special debt owed by the Federal Government to shareholders and dormant bank account holders”.

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It also said that the original owners of the money can claim it at any time.
Major Reason for FG’s decision:
To mitigate Nigeria’s fiscal frailties (weakness) and the economic crunch caused by the emergence of Covid-19.
In 2016, the Securities and Exchange Commission (SEC) issued a rule which stated that:
“Companies and Registrars in custody of dividends which remain unclaimed by shareholders 12 years after the date of declaration or subsequently attain the 12 years threshold shall upon the coming into effect of this Rule transfer such monies into the Nigerian Capital Market Development Fund (NCMDF)”.

As at the end of 2019 from 2002, the total value of unclaimed dividends stood at 158.44bn.
What this means that,
• Importantly, with these funds, it is expected that the government would have more financial capacity to handle cost-intensive projects and infrastructural developments that would directly impact the well beings of Nigerians if the funds are well utilized.
• The era of unclaimed dividends and dormant bank account balances is over.

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Finance

Elon Musk Becomes Richest Person in the World

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Elon Musk

Elon Musk just became the richest person in the world, with a net worth of more than $185 billion.

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On Thursday, Tesla’s share price increased and it pushed Musk past former richest person, Jeff Bezos.
Musk started 2020 worth about $27 billion.

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Customs Corner

CBN Supports Customs with 4 Scanners to Boost Revenue Generation

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CBN Supports Customs

The Central Bank of Nigeria (CBN) has made commitment to support Nigeria Customs Service (NCS) to promote technology driven service to boost the nation’s economy

The NCS Public Relations Officer, Mr Joseph Attah made this known in a statement in Abuja on Wednesday.

Attah said the CBN also pledged to establish the control centre for monitoring all scanning sites in its bid to boost national economy, especially agricultural sector.

He disclosed that already Ministry of Finance, Budget and National Planning had purchased three new scanners to enhance the proposed E-customs operations.

He said this means that within the next six months, NCS would have about seven functional scanners to be mounted at strategic entry points even before the full deployment of e-Customs components which would guarantee the deployment of 135 modern scanners.

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Attah however expressed appreciation of the service and commended the leadership of CBN for this strategic intervention in the interest of the nation.

Meanwhile, the spokesperson added that in the service’s efforts to prevent the entry of items that could compromise the security of the citizens, economy and the well being of people, it had seized 4,304 assorted items with a duty paid value of N28.2 billion.

He said the seizures included arms, ammunitions, illicit drugs, used clothing, vegetable oil, frozen poultry and foreign rice among others.

He assured Nigerians on the total commitment of the customs to the course of protecting national security and economy.

“We call on Nigerians, especially the business community to support the NCS as our borders open to African Continental Free Trade Agreement (AfCFTA) in order to benefit from the trade agreement and other cross border activities” he stated.

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Customs Corner

REVENUE GENERATION: Nigeria Customs Generate N1.5tr in 2020

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Apapa Area Command

The Nigeria Customs Service on Wednesday disclosed that the service generated the sum of one trillion, five hundred and sixty two billion, one hundred and fifteen million, four hundred and nineteen thousand, two hundred and sixteen naira, thirty two kobo (N1,562,115,419,216.32) for the year 2020.

The National Public Relations Officer of Customs, Deputy Comptroller, Joseph Attah in a statement said the amount generated is over the target of one trillion, three hundred and eighty billion, seven hundred and sixty five million, three hundred and fifty three thousand, four hundred and sixty two naira (N1,380,765,353,462.00) over the sum of one trillion, three hundred and forty two naira (N1,342,006,918,504.55) generated in 2019 despite the covid-19 pandemic.

Commenting on this feat, the Comptroller-General of Customs, Col, Hameed Ibrahim Ali (Rtd) described it as a result of resolute pursuit of what is right and willingness to adapt to changes brought about by global health challenges occasioned by covid-19.

The statement reads “The service revenue generation profile has continued to be on the rise annually as the ongoing reforms in the Service insist on:

Strategic deployment of officers strictly using the standard operating procedure.

Strict enforcement of extant guidelines by the tariff and trade department.

Automation of the Customs process thereby eliminating vices associated with the manual process.

Robust stakeholder sensitization resulting in more informed/voluntary compliance.

Increased disposition of officers and men to put national interest above selves.

The partial border closure which has forced cargoes that could have been smuggled through the porous borders to come through the sea and airports raised revenue collection from ports.

Before the commencement of the border drill on 20th August 2019, revenue generation was between N4 billion to N5 billion but now NCS generate between N5 billion to N9 billion daily.

Diplomatic engagements that took place during the partial land border closure yielded many positive results, including commitment to comply with the ECOWAS Protocol on Transit.

Operationalization of joint border patrols at both sides of the border.
The teams are required to share intelligence and ensure prevention of transit of prohibited goods into the neighbor’s territory.

Accordingly Service wishes to express its readiness to strictly implement the outcome of the diplomatic engagements as the land borders open for movement of cargoes.

Intelligence gathered during the period and the introduction of the e-Customs whose components include installation of scanners at all entry points will enhance border security and boost national trade facilitation.

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Already Ministry of Finance has purchased three (3) new Scanners. Interestingly, the Central Bank of Nigeria (CBN) has also expressed commitment to purchasing four (4) Scanners and establish the control center for monitoring all scanning sites in their bid to boost national economy, especially agricultural sector.

This means that within the next six (6) months, NCS will have about seven (7) functional Scanners to be mounted at strategic entry points even before the full deployment of e-Customs components which will see to the deployment of 135 modern Scanners.

NCS appreciates and commends the leadership of CBN for this strategic intervention in the interest of the nation.

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In the same vein, the Service efforts to prevent the entry of items that could compromise the Security of our citizens, Economy and the well being of our people resulted in the seizures of 4,304 assorted items with a duty paid value of N28,287,285,847.52.

These seizures include arms, ammunitions, illicit drugs, used clothing, vegetable oil, frozen poultry and foreign rice among others that have grave consequences on economy security and well being of Nigerians.

While we give assurances of total commitment to the course of protecting national security and economy, we call on Nigerians, especially the business community to support the NCS as our borders open to African Continental Free Trade Agreement (AfCFTA) in order to benefit from the trade agreement and other cross border activities.” the statement said.

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infectious diseases in your community. It is very important to wash your hand frequently with soap under running water.

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#COVID19NIGERIA Situation Report

The #COVID19Nigeria situation report for 21st July, 2020 has been published. Our daily reports provide a summary of the epidemiological situation & response activities in Nigeria

The #COVID19Nigeria situation report for 21st July, 2020 has been published. Our daily reports provide a summary of the epidemiological situation & response activities in Nigeria

@Africa CDC

The African Union and Africa CDC will virtually rollout the Partnership to Accelerate COVID-19 Testing (PACT) in Africa tomorrow 4 June, 2020 at 11.00 am Eastern Africa Time.

The African Union and Africa CDC will virtually rollout the Partnership to Accelerate COVID-19 Testing (PACT) in Africa tomorrow 4 June, 2020 at 11.00 am Eastern Africa Time.

GALLANT OFFICER

Gallant Officer
"Also found worthy of honour was Bashir Abubakar, an Asst Comptroller-General of Customs, who rejected a bribe of $412,000 per container offered him by drug traffickers seeking to bring 40 containers of Tramadol into Nigeria. A fine example of incorruptibility, worthy of emulation"

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