The Central Bank of Nigeria (CBN) has directed all banks and other financial institutions to transfer funds in all dormant accounts to the apex bank.
A circular by CBN Ag. Director of Financial Policy and Regulations, Mr. John Onoja, last night indicated that accounts that have remained dormant for 10 years and above would be affected.
It said, “The provisions of this guideline shall apply to all financial institutions under the purview of the Central Bank of Nigeria.”
The apex bank said that the objectives of these guidelines, among others, were to identify dormant accounts/unclaimed balances, and financial assets with a view to reuniting them with their beneficial owners; hold the funds in trust for the beneficial owners; standardise the management of dormant accounts/unclaimed balances, and financial assets; and establish a standard procedure for reclaiming warehoused funds.
It added, “Eligible accounts are dormant account balances that have remained with the FIs for a period of ten (10) years and beyond.
“Eligible dormant accounts/unclaimed balances and other financial assets shall include: current, savings, and term deposits in local currency; Domiciliary accounts; deposits towards the purchase of shares and mutual investments; and prepaid card accounts and wallets.”
