The Central Bank of Nigeria (CBN) has reiterated the requirements under the Guidelines on Management of Dormant Accounts, Unclaimed Balances, and Other Financial Assets in Banks and Other Financial Institutions in Nigeria 2024.
The guidelines require banks and some financial institutions to publish details of dormant accounts, including authorised operators’ names, account types, and branch locations, on their official websites.
For other financial institutions (OFIs) without websites, the directive requires publication on their association’s website.
Recall that on July 19, 2024, the CBN updated guidelines for managing dormant accounts, unclaimed balances, and other financial assets in banks and financial institutions following the review of the guidelines issued in October 2015.
In a release signed by Michael Akuka, the director of the Financial Policy and Regulation Department, the statement reads in furtherance thereof and response to inquiries 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:
‘’Section 25 (b) of the NDPA permits justifiable deviations from the Act’s general principles. 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.
‘’Information to be published on banks’ websites and the association’s website (where applicable) shall include the name of the account, the type of account, the bank’s name, 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.’’
