The Central Bank of Nigeria (CBN) has reiterated the requirements outlined in its Guidelines on Management of Dormant Accounts, Unclaimed Balances, and Other Financial Assets in Banks and Other Financial Institutions in Nigeria 2024.
Under these guidelines, banks and select financial institutions are mandated to publish details of dormant accounts, including account holders’ names, account types, and branch locations, on their official websites. For other financial institutions (OFIs) that lack websites, the directive requires the publication of such details on their association’s website.
This reaffirmation follows the CBN’s update to the guidelines on July 19, 2024, revising the initial provisions issued in October 2015. The revision aims to enhance transparency and ensure compliance with regulatory standards in managing dormant accounts and unclaimed balances.
In a statement signed by Michael Akuka, Director of the Financial Policy and Regulation Department, the CBN addressed concerns raised by stakeholders regarding potential violations of the Nigeria Data Protection Act, 2023 (NDPA). The statement clarified that:
“Section 25 (b) of the NDPA permits justifiable deviations from the Act’s general principles. Additionally, Section 72 (ii) of the Banks and Other Financial Institutions Act empowers the CBN to issue guidelines on the administration of unclaimed funds in banks and other financial institutions.”
The CBN further specified the extent of information to be disclosed:
- Banks and their respective associations must publish details, including the account holder’s name, type of account, bank name, and branch location where the account is domiciled.
- This information must also be published annually in at least two national newspapers or displayed at the premises of state and unit microfinance banks.
The reaffirmation of these guidelines underscores the CBN’s commitment to regulatory compliance and transparency in the financial sector.
