The Central Bank of Nigeria (CBN) has announced plans to create a dedicated office to manage dormant accounts and unclaimed balances ¹. Here are some key points about the plan:
Dedicated Office: The CBN will establish a dedicated office to oversee the management of dormant accounts and unclaimed balances
Supervision: The office will be supervised by a Management Committee
Investment: The CBN plans to invest funds from dormant accounts and unclaimed balances in Nigerian Treasury Bills (NTBs) and other government securities
Refund: The CBN will refund the principal and any accrued interest to beneficiaries within ten working days of receiving a reclaim request from the financial institution
Eligible Accounts: Eligible accounts for dormant status include current, savings, term deposits in local currency, domiciliary accounts, deposits for shares and mutual investments, prepaid card accounts and wallets, and government-owned accounts
Exempt Accounts: Accounts subject to litigation, judgment debts under active court cases, accounts under regulatory investigation, and encumbered accounts like collaterals and liens are exempt from being considered dormant
