{
  "id": 3492229,
  "title": "Unclaimed dividends and the student loan fund: A Noble cause, a legal question",
  "url": "https://urgent.news/2026/08/26/unclaimed-dividends-and-the-student-loan-fund-a-noble-cause-a-legal",
  "topic": "world",
  "section": "World",
  "published": "2026-08-26T09:47:12.000Z",
  "source": {
    "name": "Daily Trust",
    "slug": "daily-trust",
    "url": "https://dailytrust.com/unclaimed-dividends-and-the-student-loan-fund-a-noble-cause-a-legal-question/"
  },
  "original_language": "en",
  "account": "The Nigerian government has recently directed funds recovered by the Economic and Financial Crimes Commission, unclaimed dividends, and dormant account balances to the Nigerian Education Loan Fund (NELFUND). While education needs financial support, the law must be upheld. Recovered criminal proceeds and unclaimed dividends are not treated the same legally. Criminal proceeds belong to the state after being forfeited, while unclaimed dividends are private property of shareholders. Under the Companies and Allied Matters Act 2020, a declared dividend is a debt owed to a shareholder and must be paid back within 12 years. However, unclaimed dividends of publicly quoted companies remaining unclaimed for at least six years are transferred to the Unclaimed Funds Trust Fund, a sub-fund of the Crisis Intervention Fund. This transfer makes the money a special debt owed by the government to the shareholders. The funds can be taken for financing, but they do not become the government's property. The recent directive requires clarification on the type of transfer to NELFUND. The Unclaimed Funds Trust Fund must be supervised by the Debt Management Office, which includes the Central Bank Governor, the Minister of Finance, and other representatives. The expenditure must have a clear statutory and appropriation basis, and the National Assembly has the final say on public funds.",
  "summary": "The announcement that President Bola Ahmed Tinubu has directed funds recovered by the Economic and Financial Crimes Commission, together with unclaimed dividends and dormant account balances, to the Nigerian Education Loan Fund will understandably attract public applause. Education needs money. NELFUND is expanding. More students are seeking assistance, and the Federal Government must find…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}