Business and Economy
Okafor Pledges Productive Investment of Unclaimed Funds During Senate Screening
The Presidential nominee for the Co-Chairmanship position on the Board of the Unclaimed Funds Trust Fund, Mrs. Obehi Adesuwa Okafor, has assured the Senate that the fund will be productively invested if her appointment is confirmed.
Mrs. Okafor gave the assurance during her screening by the Senate Committees on Finance, Banking, Insurance, and Other Financial Institutions on Thursday.
The Unclaimed Funds Trust Fund, established under Nigeria’s Finance Act 2020, is a government-managed fund where unclaimed dividends and dormant account balances are transferred after a specified period of inactivity, typically six years. The objective is to make such funds available for government use while ensuring that the rightful owners can reclaim their money later, although the process of doing so can sometimes be complex.
Outlining her vision for the fund, Mrs. Okafor emphasized that her approach would focus on capital preservation and productive investment to enhance the nation’s fiscal capacity.
“My mission with the unclaimed funds is capital preservation. Beyond governance, I intend to optimize the returns of the unclaimed funds. These funds comprise two categories—money in dormant bank accounts for at least six years and unclaimed dividends from publicly listed companies on the Nigerian Stock Exchange,” she explained.
She added, “Those funds, cumulatively, will come under the trust fund which I will co-chair. We need to productively invest them to maximize returns while prudently managing risks. Instead of leaving them idle, the federal government can utilize them to expand the fiscal landscape of the country.”
Earlier, the Chairmen of the Committees, Senator Mohammed Sani Musa (Niger East) and Senator Adetokunbo Abiru (Lagos East), urged Mrs. Okafor to justify her nomination by outlining her strategic plans for managing the unclaimed funds.
The joint committee is expected to present its report on the screening to the Senate next Tuesday for final consideration and confirmation of her appointment.