CBN directs banks to send funds in dormant accounts, unclaimed balances to apex bank
The CBN hereby issues the revised guidelines on the management of dormant accounts, unclaimed balances and other financial assets in banks and other financial institutions in Nigeria to banks and other financial institutions for implementation.
This is sequel to the conclusion of the review of the Guidelines on the Management of Dormant Accounts and Other Unclaimed Funds by Banks and Other Financial Institutions in Nigeria issued in October 2015.
The revised Guidelines, which operationalises Section 72 of the Banks and Other Financial Institutions Act (BOFIA) 2020, followed engagement and consultations with relevant stakeholders, whose comments and recommendations were considered in the review process. It, amongst others, standardises the management of dormant accounts, unclaimed balances and financial assets, and outlines the procedure for the administration of these balances, funds, and assets by banks and other financial institutions in Nigeria.
The modalities for the transfer of the relevant balances/funds/ assets to the CBN, together with the revised templates for the rendition of quarterly returns to Banking Supervision Department or Other Financial Institutions Supervision Department (as the case may be) will be communicated subsequently.
This Guidelines supersedes the Guidelines on the Management of Dormant Accounts and Other Unclaimed Funds by Banks and Other Financial Institutions in Nigeria, issued in October 2015 and takes effect immediately.
Signed
JOHN S. ONOJAH
Ag. DIRECTOR, FINANCIAL POLICY & REGULATION DEPARTMENT
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
States
Kaduna: Police foil kidnapping, arrest arms dealers
The police command in Kaduna says it foiled a kidnapping attempt, arrested three suspected arms dealers and recovered three firearms and 300 rounds of live ammunition.
Opinion
What Nigeria loses as Tinubu skips UNGA yet again
If Africa remains central to Nigeria’s foreign policy, the UN cannot be peripheral.
Economy
OKOBI: Gov Uzodimma affirms commitment as 100 additional communities get backing
Governor Hope Uzodimma says his administration remains committed to sustainable economic growth in Imo by empowering local communities
Economy
Finance minister seeks affordable capital to bridge Africa’s infrastructure gap
In a statement on Wednesday, Mr Oyedele made the call at the United Nations Dialogue on Solutions to Climate Finance in New York.
Lagos
NURTW Leadership Tussle: KWAM 1 brokers peace between MC Oluomo, Tafa Sego
KWAM 1 has brokered a peace deal between ‘MC Oluomo’ and Tafa Sego.
World
Andrew Hubbard awaits sentencing for role in mother’s murder over $150,000 insurance
Mr Hubbard will be sentenced on December 1 after pleading guilty to his role in arranging the murder of his mother, Andreaia Worthem, over a $150,000 insurance payout.
