National Telescope national telescope newspaper
By Funmi Ojo
The Central Bank of Nigeria (CBN) has announced plans to take control of funds in dormant accounts, assets, and unclaimed balances held in banks and other financial institutions across the country.
According to a revised guideline released by the apex bank, these funds will be transferred to an account managed by the CBN.
This new guideline replaces the previous one issued in 2015 and aims to standardise the management of dormant accounts, unclaimed balances, and financial assets in banks and financial institutions.
The CBN stated that the guidelines are designed to identify and reunite dormant accounts and unclaimed balances with their rightful owners.
The bank will hold these funds in trust, standardise the management of such accounts, and establish procedures for reclaiming warehoused funds.
Eligible accounts for this transfer include current, savings, and term deposit accounts, domiciliary accounts, prepaid card accounts, unclaimed salaries and wages, as well as proceeds from unpresented financial instruments and stale drafts.
The funds will be invested in government securities such as Treasury Bills and can be returned to the beneficiaries upon notice within ten days.
The revised guideline highlights the CBN’s commitment to protecting the interests of account holders and ensuring that unclaimed funds are managed transparently and efficiently.
The CBN emphasised that this move is in line with global best practices and is aimed at maintaining trust in the financial system.
The CBN has urged all financial institutions to comply with the new guidelines and ensure that dormant account holders are adequately informed about the status of their accounts and the steps they need to take to reclaim their funds.
The bank also plans to launch a public awareness campaign to educate the general public on the implications of the new guidelines and how they can reclaim their unclaimed balances.
