Shareholders Get Court Ruling Against FG, President Buhari, Over Unclaimed Dividend

• President Muhammadu Buhari's hope of borrowing from the unclaimed dividends of capital market shareholders has been dashed by the court
• The Federal High Court in Abeokuta says public listed companies and their registrars shouldn't be questioned or intimidated for the money
• The Federal Government had been sued by Palm Wealth Shareholders Association over a law passed to give President Buhari power to access unclaimed dividends

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The Federal Government has been banned from borrowing from the unclaimed dividends of capital market shareholders following a lawsuit against the act.

The unclaimed dividend is reportedly worth more than N200 billion, and President Muhammadu Buhari had signed a law to establish a Trust Fund that would give FG access to it.

Any unclaimed amount, which has a duration of six years, is expected to be deposited into the Trust Fund, but the decision was challenged in court by the Palm Wealth Shareholders Association.

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Justice J. O. Abdulmalik restricted the government from enforcing the law, and also stating that public limited liability companies or their Registrars are not to be harassed or intimidated by FG.

The Federal High Court also ordered that the quoted companies and registrars shouldn't be invited for questioning base on providing accounts of the unclaimed dividends, until the final hearing of the case.

Fear rises over FG attempt to borrow from CBN cryptocurrency

In a twist of event, the Central Bank of Nigeria said it wants to provide Nigerians with an alternative to bitcoin and other cryptocurrencies.

However, there are fears that the Federal Government might wants to borrow from the cryptocurrency wallet once Nigerians start investing in it.

Also, a bitcoin investor says that the regulated crypto will take away the freedom it enjoyed from decentralized digital currency - but CBN is going ahead with the launch.

The Nigerian digital coin is expected to debut in October, the month of Nigeria's independence day celebration. The decision to launch a government-backed cryptocurrency has been trailed with doubt.

Source: Legit.ng