The Central Bank of Nigeria (CBN) has directed all banks and financial institutions to publicly disclose details of dormant accounts, unclaimed balances, and other financial assets on their official websites.
According to the CBN, a dormant account is one that has remained inactive for at least one year. The directive was outlined in a circular issued on Monday, titled “Guidelines on Management of Dormant Account, Accounts, Unclaimed Balances and Other Financial Assets in Banks and Other Financial Institutions in Nigeria.”
Signed by Michael Akuka on behalf of the Director of the Financial Policy and Regulation Department, the circular mandates financial institutions to publish key details such as:
• The names of individuals authorized to operate the accounts
• The type of account
• The branch where the account is domiciledBanks and financial institutions must display this information on their official websites, while other financial institutions (OFIs) without dedicated websites are required to publish it on their respective industry associations’ websites.
The directive also addresses concerns over data privacy, referencing the Nigeria Data Protection Act (NDPA) 2023, which allows justifiable exceptions under Section 25 (b). The Banks and Other Financial Institutions Act further grants the CBN authority to regulate the administration of unclaimed funds.
Additionally, financial institutions are required to publish these details annually in at least two national newspapers and on the premises of state and unit microfinance banks.
This latest directive follows an earlier CBN order issued on July 19, 2024, which required banks to transfer unclaimed balances and dormant account funds to the apex bank’s designated accounts.
