The CBN has revealed that a separate office would be created to manage dormant accounts and unclaimed balances.
This was disclosed in the CBN’s recently issued document, “FAQs – Guidelines on Dormant Account and Unclaimed Balances – July 25, 2024.”
It reads read, “The CBN shall establish a dedicated office for this purpose. The office will be supervised by a Management Committee.”
The apex bank states that it will handle these monies in trust and that it will reimburse beneficiaries for the principal amount as well as any interest that has accumulated within ten working days of receiving a request for reclamation from the financial institution.
The FAQ document read, “The interest payable shall be at a rate to be determined by the CBN from time to time. For Non-interest banks, the profit and loss on the unclaimed balances shall be determined by the CBN from time to time.
“The CBN will refund the principal and any interest on the invested funds to the beneficiaries within ten (10) working days of receiving a reclaim request from the FI.”
The CBN also noted that financial institutions have the mandate to notify customers immediately and on a quarterly basis when their accounts become inactive or dormant.
In order to reactivate a dormant account, account owners must fill out a reactivation form at their individual financial institution and submit proof of ownership and identity.
It was earlier reported that the CBN disclosed it might make investments with money from dormant accounts, unclaimed amounts in Nigerian Treasury Bills (NTBs), and other government securities.
This follows the newly released “Guidelines on Management of Dormant Accounts, Unclaimed Balances, and Other Financial Assets in Banks and Other Financial Institutions in Nigeria,” by the CBN.
