CBN Dormant Accounts Directive: Four Banks Publish Over 321,000 Inactive Accounts
Four Nigerian banks have published details of more than 321,000 dormant accounts in compliance with a directive from the Central Bank of Nigeria, sparking nationwide conversations around customer privacy, business failures, and banking regulations. The affected banks — Access Bank Plc, Union Bank of Nigeria Plc, Stanbic IBTC Bank, and Fidelity Bank Plc — released the information as part of the apex bank’s 2024 guidelines on dormant accounts and unclaimed balances.
According to the published records, Access Bank accounted for the highest number with 243,934 dormant accounts, while Fidelity Bank listed about 61,900 accounts. Stanbic IBTC published 26,135 dormant accounts, and Union Bank disclosed 212 inactive accounts. The records covered individuals, companies, churches, cooperatives, clubs, schools, and several small businesses that have remained inactive for more than 10 years.
Findings from the documents revealed that many dormant corporate accounts were linked to struggling businesses across major commercial hubs such as Lagos, Port Harcourt, Kano, and Abuja. Analysts say the development reflects the harsh economic realities facing many Nigerian businesses, especially small and medium-sized enterprises. Several inactive accounts were traced to sectors including oil and gas, hospitality, logistics, pharmaceuticals, and informal trade.
Economic experts have, however, raised concerns over the public disclosure of dormant account details. The Director of the Centre for the Promotion of Private Enterprise, Muda Yusuf, said the directive exposes weaknesses in bank-customer communication and urged banks to simplify account reactivation processes. He also noted that many Nigerians abandon accounts due to business collapse, relocation, or difficulties in accessing inherited funds from deceased relatives.
Also reacting, Professor Akpan Ekpo warned that publishing dormant account details could create privacy and security concerns for customers. Former Lagos Chamber of Commerce and Industry president Gabriel Idahosa added that the disclosure may trigger family disputes and possible legal challenges. Despite the criticism, the CBN maintains that dormant balances are vulnerable to fraud and abuse, insisting that banks must regularly notify customers and comply with stricter reporting obligations under the new guidelines.
source: punch