The Central Bank of Nigeria (CBN) has issued revised guidelines for the management of dormant accounts, unclaimed balances, and other financial assets in banks and financial institutions across Nigeria.
The updated guidelines come into immediate effect, replacing those issued in October 2015.
This was contained in a statement signed by John S. Onojah, Acting Director of the Financial Policy and Regulation Department on Friday where the CBN stated that the revision followed the conclusion of a comprehensive review.
“This is sequel to the conclusion of the review of the Guidelines on the Management of Dormant Accounts and Other Unclaimed Funds by Banks and Other Financial Institutions in Nigeria issued in October 2015,” Onojah said.
The new guidelines, which operationalise Section 72 of the Banks and Other Financial Institutions Act (BOFIA) 2020, were developed after consultations with stakeholders.
“Their feedback and recommendations were incorporated into the final document.
“The revised Guidelines…standardizes the management of dormant accounts, unclaimed balances, and financial assets,” Onojah explained.
“The CBN will soon provide further details on how banks should transfer these dormant balances and unclaimed funds to the central bank.
“Additionally, updated templates for quarterly reporting to the Banking Supervision Department or the Other Financial Institutions Supervision Department will be communicated.
“This guidelines supersedes the Guidelines on the Management of Dormant Accounts and Other Unclaimed Funds by Banks and Other Financial Institutions in Nigeria, issued in October 2015 and takes effect immediately,” Onojah confirmed.