Why CBN Wants To Take Over Dormant Account Balances From Banks

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The Central Bank of Nigeria (CBN) has introduced new guidelines to manage dormant accounts and unclaimed funds in the country’s financial system. This move aims to address concerns about fraud and mismanagement of these assets.

Under the new regulations, accounts that remain inactive for ten years will be classified as dormant and transferred to the Unclaimed Balances Trust Fund (UBTF) managed by the CBN. While there have been concerns about government control over these funds, the CBN has assured that the money will be held in trust for the rightful owners and invested in government securities.

To enhance transparency, the CBN plans to publish annual lists of unclaimed balances and provide clear procedures for individuals to reclaim their funds. This initiative is part of broader efforts to strengthen the financial system and protect consumers from potential losses.

Daily Trust

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