How Should Nigeria Handle Unclaimed Dividends and Dormant Bank Funds?

Unclaimed dividends and money in dormant bank accounts should be transferred to the rightful beneficiaries as quickly as possible. Asset owners can reduce disputes by completing a Payable Upon Death (PUD) form and naming a beneficiary. Where no PUD form exists, custodians should wait for a defined legal period, such as six months, then contact the next of kin for instructions. If no next of kin can be found, an appropriate legal process should determine whether the funds go to the owner’s state of origin, local government, or the Federal Government. Banks and other custodians should not hold funds that do not belong to them indefinitely. Clear rules for tracing families and releasing assets can protect beneficiaries and reduce the volume of abandoned funds.

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