Obehi Okafor, the Presidential nominee for the position of Co-Chairman, Board of the Unclaimed Funds Trust Fund, has assured the Senate that unclaimed funds under her supervision would be productively invested to support national development if her appointment is confirmed.
Okafor gave the assurance on Thursday during her screening by the Senate Joint Committees on Finance, Banking, Insurance, and Other Financial Institutions.
The Unclaimed Funds Trust Fund, created under the Finance Act 2020, manages unclaimed dividends and dormant account balances that have remained inactive for at least six years.
The funds are held in trust for their rightful owners but may be temporarily used by the federal government to support fiscal activities, with provisions for later claims by owners.
Explaining her vision, Okafor said her approach would focus on capital preservation and responsible investment to maximize returns without exposing the funds to unnecessary risks.
“My mission with the unclaimed funds is capital preservation,” she said.
“Beyond governance, I will optimise the returns on these funds.
“Unclaimed funds come from two sources; money left in dormant bank accounts for six years or more, and dividends from publicly listed companies that have remained unclaimed for the same period.
“Those funds will come under the trust fund, which I will co-chair.
“We need to productively invest those funds. As they come to us, we will maximize returns while prudently managing risks.
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“Instead of sitting idle, the federal government will have access to use them to expand the country’s fiscal landscape,” she added.
Earlier, the Chairmen of the Committees, Sani Musa (Niger East) and Tokunbo Abiru (Lagos East), urged the nominee to justify her appointment by outlining how she plans to ensure accountability and transparency in managing the funds.
The joint committee is expected to submit its report on the screening to the Senate next Tuesday for final consideration and possible confirmation of Mrs. Okafor’s appointment.
