The Central Bank of Nigeria (CBN) has issued new guidelines directing banks and financial institutions to transfer funds from dormant accounts and unclaimed balances to the apex bank.
This updated directive is now in effect and replaces the previous guidelines from October 2015.
According to a statement signed by John S. Onojah, Acting Director of the Financial Policy & Regulation Department, this revision follows the conclusion of a comprehensive review process. The new guidelines implement Section 72 of the Banks and Other Financial Institutions Act (BOFIA) 2020 and are the result of extensive consultations with relevant stakeholders, incorporating their feedback and recommendations.
The revised guidelines aim to standardize the management of dormant accounts, unclaimed balances, and financial assets. They provide clear procedures for banks and financial institutions in Nigeria to administer these funds. The guidelines also detail the modalities for transferring the relevant balances, funds, and assets to the CBN.
Further instructions, including revised templates for the quarterly returns to the Banking Supervision Department or the Other Financial Institutions Supervision Department, will be communicated in due course.
These new guidelines take immediate effect, marking a significant update to the regulatory framework governing dormant and unclaimed financial assets in Nigeria.
