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☕️ Trouble for Dormant Accounts

☕️ Trouble for Dormant Accounts

There is plan by the federal government for the creation of an unclaimed dividend and unutilised bank balance trust fund...

 

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‍#ONTHISDAY

1930 Albert Chinualumogu Achebe, popularly known as Chinua Achebe, novelist, poet, professor, and critic, was born in Ogidi, Nigeria. He is best known for his first novel and magnum opus, Things Fall Apart (1958), which is the most widely read book in modern African literature.

1901 Booker T. Washington and his family are invited to dine at the White House with Teddy and Edith Roosevelt, prompting condemnation from the South.

1945 Founding of UNESCO, the United Nations Educational, Scientific and Cultural Organization.

2018 CIA concludes Saudi Crown Prince Mohammed bin Salman ordered the killing of journalist Jamal Khashoggi.

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ECONOMY

FG considers taking over funds in dormant accounts

 

Image Source: Punch

The Story
There is plan by the federal government for the creation of an unclaimed dividend and unutilised bank balance trust fund where dividends declared and unclaimed will be held.

What does that even mean?
Providing highlights of the 2020 finance bill at a webinar organised by KPMG in collaboration with the ministry of finance, budget and national planning on Friday, the finance ministry said the funds would be owed as a perpetual debt to shareholders.

Isn't there a limit to what this government will do to get funds?
Explaining the justification for the policy direction, Finance Minister Zainab Ahmed said the plan corrects an anomaly in the Companies and Allied Matters Act (CAMA) which provides that shareholders will lose their rights to unclaimed dividends after 12 years. The CAMA provision states that such monies will be returned to the company for redistribution to other shareholders.

What's the value of these unclaimed dividends that entice the government?
According to the Securities and Exchange Commission (SEC), the value of unclaimed dividends hit N158.4 billion at the end of 2019. Some bank accounts have also become dormant after the owners died or the accounts have been left unoperated for years and the owners did not register for bank verification numbers.

The presentation explained that such funds would be handed to government as trustee, so “the liability to shareholders will no longer be extinguished after 12 years". The ministry further explained that such funds could be used to fund infrastructure projects. SOURCE

SPORT

Rohr faces sack after Super Eagles shambolic display

Image Source: The Cable

The Story
The days of Gernot Rohr as Super Eagles technical adviser may be numbered.

Why?
He might be in the dug-out for the last time after Nigeria’s second leg clash against Sierra Leone on Tuesday, TheCable reports. His fate might have been sealed on Friday night after a meeting was held following the Super Eagles shambolic performance which saw them throw away a four-goal lead to draw with Leone Stars at the Samuel Ogbemudia stadium, Benin city.

Was his sack mentioned in the meeting?
TheCable reports that a visibly disappointed Sunday Dare, minister of youth and sports development, had a meeting with Amaju Pinnick, president of the Nigeria Football Federation (NFF), and the Super Eagles at their Eterno Hotel after the game. He demanded a technical review report on how the team threw away a four-goal advantage after starting like a house on fire, a source said.

Previous attempt to find a replacement.
TheCable reports that its unnamed source said “It will be a miracle if Rohr is not sacked after the reverse fixture in Freetown on Tuesday". “The country of football talents cannot be disgraced like this,” a disappointed Dare told the meeting, according to the source. Before Rohr’s contract extension talks, the minister was accused of trying to get another coach with a better technical depth. The NFF later handed the 67-year-old tactician a two-and-a-half-year contract extension on May 20, 2020. SOURCE

HEALTH

World at risk of measles outbreak - WHO

 

Image Source: CDC

The Story

As the world battles with the coronavirus pandemic, especially as governments are beginning to consider another round of lockdown, the WHO has warned of the possibility of another crisis.

What crisis again?
Measles surged to infect almost 870,000 people across the world in 2019, the worst figures in almost a quarter of a century as vaccination levels fell below critical levels, a report said on Thursday. Millions of children are at risk of the disease again this year as restrictions imposed to contain the COVID-19 pandemic further disrupt immunization programmes, the report co-led by the World Health Organization (WHO) said.

How bad is it?
Measles is one of the most contagious diseases known - more so than COVID-19, Ebola, tuberculosis or flu. More than 207,000 people died of it last year alone, the report found. With immunization coverage below the critical 95% needed for community protection, infections rose in all WHO regions last year to the worst levels since 1996, it said.

Factors responsible.
Aside Covid-19 and its disruptive effects around the world, including on health care, the report suggests that we might actually not be doing enough in the area of immunization. The surge in fatal cases means global measles deaths have risen nearly 50% since 2016. The report, co-led by the United States Center for Disease Control and Prevention (CDC), cited a collective failure to fully immunize children on time with two doses of measles vaccine as the main driver of the deadly increases.

As of this month, more than 94 million people were at risk of missing measles vaccinations due to paused immunization campaigns in 26 countries, it said. WHO and the UN children’s fund (UNICEF) urged governments last week to act now to prevent epidemics of measles, polio and other infectious diseases. SOURCE

INTERNATIONAL

Putin’s Power Grows Through Peace

 

Image Source: France24

The Story
Economy, military strength, and as seen in history, conflict are factors through which leaders and nations have attained influence and prominence. Russia's Vladimir Putin has, however, grown his power through peace.

How is that?
This week, Armenia and Azerbaijan settled their dispute over the Nagorno-Karabakh region and agreed to a Russian-brokered peace deal that seems to have brought the long-simmering conflict to another lull. And while the ceasefire benefits all actors involved, experts have declared Russia the true diplomatic victor of this high-stakes faceoff, as they were able to corral the warring nations while the European Union stood idly by.

Peace through force.
While the peace deal itself serves as a return to the precedent set by 2009’s Madrid Principles, the means of the settlement will be established via military force rather than diplomats. Russia aims to deploy some 2,000 peacekeepers to the region to help each side protect their territory in the region, granting Moscow new security leverage in both Armenia and Azerbaijan.

Unusual absence of other Powers.
Azerbaijan’s drones owned the battlefield in Nagorno-Karabakh — and showed future of warfare. Both nations will now increasingly rely on Russian support for expansion in the region, as this conflict served as a de facto power vacuum that Putin was more than happy to occupy. Experts were quick to criticize the lack of involvement from both the EU and the US in this influential skirmish.

“What is very important for the Kremlin is the diminished role of the West, which was mainly self-inflicted by the lack of focus” said Alexander Gabuev, a senior fellow at the Carnegie Moscow Center. SOURCE

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Naira weakens to 470/dollar despite CBN interventions.

Obiano declares November 16 holiday to honour Zik.

World’s largest free trade agreement signed in coup for China.

Ethiopia Tigray crisis: Rockets hit outskirts of Eritrea capital.

Peru’s interim president Merino resigns after deadly protest.

Biden defeats Trump in Georgia — first Democratic win in 28 years.

General Motors recalled nearly 69,000 Chevy Bolts over battery fire concerns.

Facebook introduced “vanish mode”—i.e., disappearing chats—for Messenger.

Guido van Rossum, creator of Python, “unretired” to join Microsoft’s Developer Division.

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LOAN/GRANT OPPORTUNITY

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PICKS OF THE DAY

Why Six Hours Of Sleep Is As Bad As None At All. Fast Company


The True Story of the Death of Stalin. Smithsonian magazine

The radical act of choosing common ground. Ted

Medtech Nation: How Israel Is Changing the Face of Medical Procedures. Entrepreneur

The controversial legacy of Ghana's Jerry Rawlings. QZ

 

Biden presidential win seen as a ‘good thing’ for cryptocurrency. Fortune

How a Spy Known as the ‘Limping Lady’ Helped the Allies Win WWII. Smithsonian Magazine

How Trump Changed America. FiveThirtyEight

Meet the Contenders for Biden’s Cabinet. Politico

When Republicans Were Blue and Democrats Were Red. Smithsonian Magazine

TODAY'S TRIVIA

SKYSCRAPER TRIVIA Here’s today’s question: We’ll give you a year, and you have to name the world’s tallest building in that year. Here we go…

 

  • 2000 B.C.E
  • 1 C.E.
  • 1885
  • 1905
  • 1950
  • 2010

QUESTION & ANSWER

QUORA QUESTION: 

What place on Earth is the least survivable for humans?

Claire Jordan

One surprise candidate is Rannoch Moor in the heart of Scotland.

It’s only about six miles across and doesn’t look particularly bad, but some years ago an experienced survivalist tried to prove he could survive on Rannoch Moor - and died. The thing is it’s very flat and exposed and there’s almost no solid ground on it - you’re walking across sopping-wet sphagnum moss all the way, so there’s nowhere dry to rest, and if you try to cross it at any kind of speed you’re very likely to twist your ankle.

There’s a hard bank and railway line across the middle, so the way to survive Rannoch Moor is to walk until you reach either the edge or the railway line, and then get off Rannoch Moor as fast as possible. SOURCE

TRIVIA ANSWER

SKYSCRAPER TRIVIA ANSWER

2000 B.C.E.: Great Pyramid of Giza

1 C.E.: Also the Great Pyramid of Giza. Gotcha.

1885: Washington Monument

1905: Eiffel Tower

1950: Empire State Building

2010: Burj Khalifa (in Dubai) SOURCE

LITERATURE

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