The Central Bank of Nigeria (CBN) has instructed all banks and financial institutions to transfer dormant accounts, unclaimed balances, and other financial assets to its dedicated account, the Unclaimed Balances Trust Fund Pool Account.
This directive was contained in a circular issued on Friday, signed by the acting Director of Financial Policy and Banking Regulation, John Onojah.
According to the CBN, accounts that have been dormant for at least 10 years will be warehoused in the dedicated account. The funds may be invested in Nigerian Treasury Bills and other government securities. However, the new guidelines exempt accounts under litigation and investigation.
The CBN will maintain records of beneficiaries and refund principal and interest (if any) within 10 working days of receiving a request. The Unclaimed Balances Management Committee will oversee the investment of funds. This directive is a review of the guidelines issued in October 2015.
The circular reads, “CBN shall treat unclaimed balances (dormant accounts and financial assets) as follows… Open and maintain the ‘UBTF Pool Account’, maintain records of beneficiaries… Invest funds in Nigerian treasury bills (NTBs) and other securities… Refund principal and interest (if any) to beneficiaries within 10 working days.”
