The Central Bank of Nigeria (CBN) has announced its intention to annually publish the names of individuals with unclaimed balances from dormant accounts that have been transferred to the Unclaimed Balances Trust Fund (UBTF) Pool Account. This was detailed in a recent statement titled “Frequently Asked Questions on the Guidelines for the Management of Dormant Accounts, Unclaimed Balances, and Other Financial Assets in Banks and Other Financial Institutions in Nigeria.”
According to the CBN, the names of account holders with unclaimed balances in the UBTF Pool Account will be published annually on its website. The CBN will also outline the procedure for reclaiming these funds and other financial assets and will issue a notice in three national daily newspapers inviting the public to check for any unclaimed balances held by the CBN.
Unclaimed balances are defined as account balances and other financial assets that have been inactive for at least ten years and are thus eligible for transfer to the CBN.
The CBN clarified that these guidelines pertain specifically to dormant accounts, which differ from domiciliary accounts. Dormant accounts are those that have been inactive for over ten years, whereas domiciliary accounts hold foreign currencies.
The CBN further explained the distinction between inactive and dormant accounts, noting that an inactive account lacks customer-initiated transactions for six to twelve months, whereas a dormant account has been inactive for more than ten years.
Peoplesmind
