The Central Bank of Nigeria (CBN) has ordered all banks and financial institutions to publish details of dormant accounts, unclaimed balances and other financial assets on their official websites.
According to CBN, an account is considered dormant if it has been inactive for at least one year. This directive was issued in a circular on Monday, titled “Guidelines on Management of Dormant Accounts, Unclaimed Balances and Other Financial Assets in Banks and Other Financial Institutions in Nigeria.” The circular was signed by Michael Akuka on behalf of the director of CBN’s financial policy and regulation department.
As part of the new regulations, banks must disclose the names of account holders, the type of account and the branch where it is held. Financial institutions without dedicated websites must publish this information on their industry association’s website. Additionally, these details must be published annually in at least two national newspapers or displayed at the premises of state and unit microfinance banks.
CBN clarified that this directive aligns with the Nigeria Data Protection Act 2023 and the Banks and Other Financial Institutions Act, which authorizes the central bank to regulate unclaimed funds.
This announcement follows a previous CBN directive issued on July 19, 2024, requiring banks to transfer unclaimed balances and dormant account funds to the apex bank’s designated accounts.