The Central Bank of Nigeria (CBN) has introduced new regulations governing the management of dormant accounts, unclaimed balances, and other financial assets in banks and financial institutions across the country.
Under the new guidelines, banks and certain financial institutions are now required to:
Publish on their websites the names of individuals authorised to operate dormant accounts.
Disclose the type of account.
Provide the address of the branch where the account is domiciled.
The move is aimed at enhancing transparency and accountability in the financial sector while ensuring that unclaimed funds are properly managed.
