The Central Bank of Nigeria (CBN) has updated guidelines for managing dormant accounts, unclaimed balances, and other financial assets in banks and financial institutions following a review of the guidelines issued in October 2015.

The revised guidelines operationalising Section 72 of the Banks and Other Financial Institutions Act (BOFIA) 2020 standardises the management of dormant accounts, unclaimed balances, and financial assets and outlines the procedure for banks and other financial institutions in Nigeria to administrate these balances, funds, and assets.

In a statement signed by Ag. Director of the Financial Policy and Regulation Department, John S. Onojah, the Central Bank of Nigeria (CBN), will provide instructions for transferring relevant balances, funds, and assets and updated templates for submitting quarterly returns to the CBN.

The CBN emphasises that these guidelines will take precedence over the guidelines issued in October 2015 regarding the management of dormant accounts and other unclaimed funds by banks and financial institutions in Nigeria, effective immediately.

Download Guidelines On Management of Dormant Accounts, Unclaimed Balances and Other Financial Assets in Banks and Other Financial Institutions in Nigeria