Next of kin, legal representative, or beneficial owner have been cleared by the Central Bank of Nigeria (CBN) to make claims on unclaimed balances or funds in dormant accounts.
The clarification was made by the apex bank in a report it released at the weekend.
It said that the next-of-kin to dormant account owner can now make claims on unclaimed balances or funds in dormant accounts by submitting applications for the reclaims to the financial institutions.
Such applications, it said, shall be submitted with necessary legal evidence of title and in the case of corporate entities, their directors, authorised signatories, business addresses and any other customer update for the reclaim of balances transferred to CBN.
The apex bank said it has authority to issue regulations for the management of dormant accounts and unclaimed funds/balances. It is also authorised to receive and manage eligible funds in trust for the account holders and funds beneficiaries.
