The Central Bank of Nigeria (CBN) has disclosed that a next of kin, legal representatives or beneficiaries, can now claim funds in dormant accounts. The Apex Bank stated in a report that the funds can be claimed through submission of applications to financial institutions. These applications must include legal proof of title and, for corporate entities, details of directors and authorized signatories. The financial institutions are to verify the claim and send it to the CBN within 10 days. The CBN will refund the money within 10 days of receiving the request.
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The CBN also ordered banks to notify account owners of dormant or inactive accounts on a quarterly basis. According to banking regulations, an inactive account has no customer-initiated transactions for six to 12 months. A dormant account remains inactive for one year or more. Unclaimed balances are those that have been dormant for at least, 10 years.il Eligible accounts include current, savings, term deposits, domiciliary accounts, deposits for shares, prepaid card accounts, government-owned accounts, and more. Exempt accounts are those under litigation, investigation, or encumbered.
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