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
Woman drags ex-husband to court over alleged N200,000 debt, monthly maintenance
The judge, Yakubu Abdullahi, adjourned the case to September 2 for the complainant to produce her witnesses and present evidence of school fees payment.
States
Four suspects arrested in Osun for alleged attempted murder, firearm possession
Mr Ojelabi encouraged residents to continue to provide credible and timely information to the police to curb crime.
NationWide
Minister urges youths to embrace opportunities, contribute to national development
Mr Olawande wished young Nigerians a happy International Youth Day
States
Dangote, others to receive honorary doctorates at LASU convocation
The vice-chancellor said that the university would also elevate two academics, Rafiu Okuneye and herself, to the rank of distinguished professor.
Showbiz
Singer Niniola returns with new single “O Du Mi” after husband’s death
Ahead of one of her performances, Niniola said returning to music remained emotionally challenging.
States
IG bars Amotekun from Osun poll, deploys DIG Mohammed to coordinate security operation
Mr Disu said the deployment was part of operational measures of the Nigeria Police Force (NPF) to ensure a peaceful, secure, and credible electoral process in Osun State.
