Strong indications emerged yesterday that the Federal Government of Nigeria may have finally taken over the management of the Unclaimed Dividend Trust Fund after years of discordance.
The development confirms Nigerian shareholders’ fears and opposition in 2020 to the establishment of UDTF.
They argued that SEC was colluding with the government to control the fund which will lead to funding Misappropriation.
Today, however, the shareholder’s fears seem to have been justified as the SEC boss Lamido Yuguda attempted to explain the Commission’s involvement with the UDTF.
National Coordinator, PSAN, Boniface Okezie, said the Commission had been playing pranks all these while adding that the National Assembly are the culprit of the ongoing situation. His words, “This money clearly belongs to us and not the government or even the SEC. Regulators are now competing with operators.