Billions of naira currently sit idle in the Nigerian financial system. These funds are domiciled in savings accounts, corporate accounts, forgotten emergency funds, or accounts left behind by deceased relatives, amongst others.
Over time, these accounts are classified as dormant, and if left long enough, the funds are transferred to the custody of the Central Bank of Nigeria (CBN).
The good news is that the money is still yours. Whether the account has been inactive for two years or ten, there is a clear, legal pathway to getting your money back.
What is a Dormant Account?
In Nigeria, a bank account doesn’t just close because you stopped using it. It goes through various stages:
Inactive Account: If you do not perform any customer-initiated transaction (like a withdrawal, transfer, or deposit) for six months, the account is flagged as inactive. You can usually fix this by simply making a deposit or withdrawal.
Dormant Account: If the account sees no activity for one year (12 months), it officially becomes dormant. At this stage, the bank restricts outgoing transactions to protect the funds from fraud.
Unclaimed Funds: Under the 2024 CBN Guidelines on Management of Dormant Accounts, if an account remains dormant for ten years, the bank is required to transfer the balance to a dedicated Unclaimed Balances Trust Fund overseen by the CBN.
Here is a step-by-step guide on how to navigate the Nigerian banking system to retrieve your funds.
Step 1: Confirm the Status of the Account
Before you head to the bank, you need to know what you are dealing with. If you still have the old ATM card, check the expiry date. If you have the account number, try a small transfer of ₦100 to the account via a mobile app.
If the transfer fails with an Account Dormant or Restricted error, you know exactly where you stand.
If you have lost the account number, you will need to visit any branch of that specific bank with a valid ID. The customer service desk can use your Bank Verification Number (BVN) or your full name to trace any accounts linked to you.
Step 2: Gather Your Documents
To reactivate a dormant account or retrieve funds, Nigerian banks are strictly required to follow the Know Your Customer (KYC) protocols. You cannot do this over the phone; you must appear in person. You will need:
A Valid Means of Identification: National ID Card (NIN slip), Driver’s License, International Passport, or Voter’s Card.
Recent Utility Bill: A PHCN or water bill from the last three months to prove your current residence.
Passport Photographs: Usually two recent copies and your BVN.
Step 3: The Reactivation Process
Once at the bank, request a Dormant Account Reactivation Form.
The bank will verify your identity against the biometrics linked to your BVN. This is a security measure to ensure someone isn’t trying to acess your dormant bank account.
Under current CBN rules, banks are not allowed to charge you a fee for reactivating a dormant account. If a staff member asks for a reactivation fee, they are likely acting against regulation.
Step 4: Reclaiming Money Already Sent to the CBN
If your money has been sitting idle for over ten years, the commercial bank might tell you the funds have been moved to the CBN’s Unclaimed Balances Trust Fund.
Don’t panic. The process for retrieval remains largely the same:
You still apply through your bank.
The bank processes your request and sends a Claim Request to the CBN on your behalf.
The CBN is mandated to release the funds (along with any interest accrued, depending on the account type) back to your bank within a specific window, usually 15 working days after the request is validated.
Dealing with the Accounts of Deceased Relatives
One of the biggest reasons for dormant funds in Nigeria is the death of an account holder without the family’s knowledge. To retrieve funds belonging to a late relative:
Check for a Next of Kin: While being a next of kin doesn’t automatically give you access to the cash, it makes the process smoother.
Legal Documents: You must provide a Letter of Administration or a Grant of Probate from a High Court. This proves you are the legal representative of the deceased’s estate.
Death Certificate: An official copy from the National Population Commission (NPC) or a recognized hospital.
The bank’s legal department will verify these documents, which can take a few weeks, before the funds are released to the legal beneficiaries.
Why You Should Act Now
Money left in dormant accounts is a silent loser to inflation. ₦50,000 left in an account in 2014 had significantly more purchasing power than ₦50,000 today. Furthermore, while the CBN protects the principal sum, the administrative hurdles only get taller the longer you wait.
Pro-Tip: If you have multiple accounts you don’t use, it is better to close them formally or keep a minimum balance of ₦1,000 and perform one transfer every six months to keep the account active.
