Dormant Accounts: CBN Orders Banks to Transfer Unclaimed Amounts

 The Central Bank of Nigeria(CBN) has mandated all commercial banks and financial institutions in the country to transfer all unclaimed balances in dormant accounts to a dedicated account set up by the Apex Bank. In a press statement released on Friday 19 July 2024, The CBN stated that all dormant accounts and unclaimed balances with banks for at least 10 years will be warehoused in a dedicated account known as the Unclaimed Balances Trust Fund Pool Account.

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The Central Bank further revealed these unclaimed balances moved to a dedicated account will be invested in Nigerian Treasury Bills and other government securities. The new stipulation takes immediately and supersedes all prior guidelines(especially those stipulated in October 2015) in the management of dormant accounts across commercial banks and financial institutions in Nigeria.