The Central Bank of Nigeria (CBN) has clarified that only accounts that have been inactive for over 10 years are eligible to be classified as dormant and will be used for investment purposes.
It also stated that a dedicated office would be created to manage dormant accounts and unclaimed balances.
The apex bank disclosed this in its recently issued document titled, “FAQs – Guidelines on Dormant Account and Unclaimed Balances – July 25, 2024,” posted on its website.
The Guidelines on the Management of Dormant Accounts, Unclaimed Balances and Other Financial Assets in Banks and Other Financial Institutions in Nigeria is a policy issued by the CBN that seeks to operationalise Section 72 of the Banks and Other Financial Institutions Act, 2020 and standardise the management of dormant accounts and unclaimed balances.
The CBN had earlier disclosed that it might invest funds from dormant accounts, unclaimed balances in Nigerian Treasury Bills, and other government securities.
According to the apex bank, it will manage these funds in trust, refunding the principal and any accrued interest to beneficiaries within 10 working days of receiving a reclaim request from the financial institution.
