In line with the Central Bank of Nigeria (CBN) guidelines on the management of Dormant Accounts and Unclaimed Funds issued on 19 July 2024, the CBN has classified accounts that have remained inactive for 10 years or more as eligible dormant accounts. These accounts are now subject to transfer to the CBN.

Eligible Dormant Accounts

Eligible dormant accounts are account balances that have remained inactive for a minimum period of ten (10) years. These include:

i. Current, Savings and term deposit accounts in local currency

ii. Domiciliary accounts

iii. Deposits towards the purchase of shares and mutual investments

iv. Prepaid card accounts and wallets

v. Government-owned Accounts

vi. Proceeds of uncleared and unpresented financial instruments belonging to customers or non-customers of Financial Institutions (FIs)

vii. Unclaimed salaries, wages, commissions and bonuses

viii. Proceeds of stale local and/or foreign currency drafts not presented for payment by beneficiaries

ix. Judgment debts for which the judgment creditor has not claimed the amount of judgment award

x. Any other deposits or financial assets as may be designated by the CBN

Reclaiming Unclaimed Balances

Reclaim of unclaimed balances shall be subject to the following procedures:

i. The account owners/beneficial owners can access the list of unclaimed balances transferred to CBN on our websites, CBN website and/or newspaper publications.

ii. The account owner/beneficial owner shall visit any of our branches to complete an ‘Asset Reclaim Form’.

iii. The account owner/beneficial owner shall provide evidence of account ownership, valid means of identification, evidence of present place of residence and an affidavit affirming the accuracy of the information to reactivate the account.

iv. The interest on the unclaimed balances shall be payable at a rate determined by the CBN from time to time.

v. The Bank shall verify the claim and initiate the request with supporting documents to CBN within ten (10) working days.

vi. It is expected that CBN shall process and refund all unclaimed balances to the account owners/beneficial owners through their Banks within ten (10) working days from the date of the receipt of the Bank’s request.