A bill for an Act to establish a Trust Fund for unclaimed and abandoned property scaled through the second reading at the House of Representatives recently.
The bill seeks to identify and maintain a database of unclaimed dividends, abandoned property and investment in banks, financial institutions and public companies operating in Nigeria.
Rep. Chuka Nwauwa (APGA-Imo) had moved a motion for the passage of the bill and was unanimously supported by members when House Speaker Dimeji Bankole put the motion to vote.
Leading the debate, Nwauwa noted that N20 billion belonging to Nigerians were in banks and other financial institutions as unclaimed dividends.
``There are several millions of naira in the defunct Savannah Bank belonging to Nigerians, who are late and their people cannot access it,' he noted.
He described the development as a major problem, adding that if the law was made, widows would not experience the kind of hardships they passed through after the death of their spouses.
Nwauwa explained that it was not right for banks to place a seal on people's property in their custody, saying that the funds were going back to same companies and banks.
Rep. Samaila Mohammed (ANPP-Plateau) said unclaimed dividends in banks and other financial institutions were more than N1 trillion and described N20 billion as a conservative figure.
Rep. Abdul Ningi (PDP-Bauchi) said if the bill became law, the weak in the society would be protected against ``these illegal actions of banks and institutions''.
He said the issue of unclaimed dividends was a reality and needed to be treated with seriousness.
Rep. Uche Ekwunife (PDP-Anambra) said if a database was established, it would be possible to contact families of deceased investors in the various banks and financial institutions.
Meanwhile, a bill for an Act to repeal the Child's Rights Act 2003 failed to pass through second reading on the floor of the House.
Rep. Samaila Mohammed (ANPP-Plateau), who sponsored the bill, said the law was adopted by only 18 states because the bill did not go through the right processes before it was passed into law by the National Assembly in 2003.
Rep. Ita Enang (PDP-Akwa Ibom) challenged Mohammed's claim and said the bill for the law passed through rigorous processes before its passage in 2003.
He said the appropriate place to challenge the legality of the bill was the law court and not on the floor of the House.
Meanwhile, Mr Sani Omolori recently assumed duty as the substantive clerk of the House of Representatives.