CBN Directs Banks To Transfer Unclaimed Balances And Funds From Dormant Accounts

CBN Directs Banks To Transfer Unclaimed Balances And Funds From Dormant Accounts

In a circular released on Friday, the Central Bank of Nigeria (CBN) has instructed all banks and financial institutions to transfer dormant accounts, unclaimed balances, and other financial assets to a dedicated account. Signed by John Onojah, acting Director of the Financial Policy and Banking Regulation Department, the circular mandates that accounts dormant for at least 10 years be moved to the Unclaimed Balances Trust Fund Pool Account……. CONTINUE READING 

The CBN specified that funds from these accounts may be invested in Nigerian Treasury Bills and other government securities. However, accounts under litigation or investigation are exempted from this directive, as outlined in the revised guidelines from October 2015.

The guideline further outlines procedures for managing these unclaimed balances, including maintaining records of beneficiaries and timely refunding of principal and interest upon beneficiary requests.