The Central Bank of Nigeria (CBN) has instructed all banks and financial institutions to transfer funds from dormant accounts to the apex bank.
This directive, outlined in a circular by CBN Ag. Director of Financial Policy and Regulations, Mr. John Onoja, targets accounts that have been inactive for ten years or more.
The guideline applies universally to financial institutions under CBN’s oversight. Its objectives include identifying dormant accounts and unclaimed balances, reuniting them with their rightful owners, and establishing a standardized procedure for reclaiming these funds.
Eligible dormant accounts encompass various types such as current, savings, and term deposits, domiciliary accounts, deposits for shares and mutual investments, prepaid card accounts, and government-owned accounts.
Exemptions apply to accounts under litigation, those subject to regulatory investigations, and encumbered accounts.
The CBN’s initiative aims to streamline the management of dormant accounts and enhance transparency in financial asset management across the banking sector.
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