The Central Bank of Nigeria (CBN) has released a document clarifying its guidelines on dormant accounts and unclaimed balances, stating that only accounts inactive for over 10 years are eligible for classification as dormant.
The apex bank will create a dedicated office to manage these accounts and invest the funds in Nigerian Treasury Bills and government securities, refunding principal and interest to beneficiaries within 10 working days of receiving a reclaim request.
According to the CBN, dormant accounts include current, savings, term deposits, and other accounts that have remained inactive for 10 years or more. Financial institutions are required to notify customers when their accounts become inactive or dormant.
The CBN will establish a dedicated office, supervised by a management committee, to manage the Unclaimed Balances Trust Fund Pool Account. Reactivating a dormant account requires account owners to complete a reactivation form, provide evidence of ownership, and valid identification.
Exempt from being considered dormant are accounts subject to litigation, judgment debts, regulatory investigation, and encumbered accounts. CBN Governor Yemi Cardoso justified the policy as a measure to protect dormant accounts from fraudsters and ensure safekeeping of funds.
