The Central Bank of Nigeria (CBN) has instructed all banks and financial institutions to publicly release information on dormant accounts, unclaimed balances, and other financial assets. These details must be made available on their official websites to ensure transparency and easy access for account holders.
The CBN defines a dormant account as one that has remained inactive for at least one year. This directive was issued in a circular titled “Guidelines on Management of Dormant Account, Accounts, Unclaimed Balances and Other Financial Assets in Banks and Other Financial Institutions in Nigeria.” The document was signed by Michael Akuka on behalf of the director of the financial policy and regulation department.
As part of the new guidelines, financial institutions must disclose key details, including the names of individuals authorized to operate the accounts, the type of account, and the branch where it is domiciled. This information will be published on their official websites for public awareness.
For other financial institutions (OFIs) that do not have dedicated websites, the CBN has directed them to publish the details on the website of their respective industry associations. This measure ensures that all financial institutions comply with the new rule, regardless of their online presence.
“In furtherance thereof, and in response to enquiries from stakeholders regarding the possible breach of the Nigeria Data Protection Act, 2023 (NDPA), banks and other financial institutions are required to note the following,” CBN stated.
“1. Section 25 (b) of the NDPA permits justifiable deviations from the general principles of the Act. Also, Section 72.
“ (ii) of the Banks and Other Financial Institutions Act mandates the Central Bank of Nigeria to issue Guidelines on the administration of unclaimed funds in banks and other financial institutions.
“2. Information to be published on banks’ websites as well as the association’s website (where applicable) shall include the name of the account, the type of account, the name of the bank, and the branch where the account is domiciled ONLY.
“Information to be published annually in at least two national daily newspapers or the premises of State and Unit microfinance banks, shall also convey the details as listed in (2) above.”
This directive follows an earlier order issued by CBN on July 19, 2024, requiring banks and financial institutions to transfer unclaimed balances and dormant account funds to the apex bank’s designated accounts.
