The Constitutionality of Section 97 of the Banks and Other Financial Institutions Act 2020.

The COVID-19 pandemic took the world by surprise and generally changed many things about life as we know it. To curb the spread of the virus, governments in various countries implemented policies that led to the shutting down of all activities in their countries save for services and industries deemed essential.

Sequel to the decision of the Federal Government to appropriate and securitize unclaimed dividends estimated at N850billion1 and dormant account balances of up to six (6) years in the country, legitimate concerns have been raised by stakeholders on the move backed by the Finance Act 2020 (The Act).

The Finance Act recently signed into law by President Muhammadu Buhari is a game changer with the overall objective of not only raising government revenue through various fiscal policies but also, reforming domestic tax laws to align with global best practice.

On the 23rd of March 2020, the Chief Justice of Nigeria and Chairman of the National Judicial Council- Hon. Dr. Justice Muhammad (CFR), directed that all court sittings be suspended for an initial period of two weeks at the first instance save for matters that are urgent, essential or time-bound according to our extant laws.

The new CAMA 2020 has simplified the procedure for incorporating private and small businesses in Nigeria by introducing certain provisions that will aid the ease of doing business in Nigeria. Especially, as they positively affect the establishment and running of small and medium scale businesses and start-ups, including the establishment of foreign-owned businesses in the …