If You Have Money In Bank And Fall Under This Category, Rush There Immediately As CBN Gives Fresh Order
The Central Bank of Nigeria (CBN) has issued a new directive requiring all banks and financial institutions to transfer funds from dormant accounts to the central bank. This directive was announced in a circular from John Onoja, the Acting Director of Financial Policy and Regulations at the CBN.
If You Have Money In Bank And Fall Under This Category, Rush There Immediately As CBN Gives Fresh Order| image 2
The measure targets accounts that have remained inactive for ten years or more. The primary objectives of this directive are to identify dormant accounts and unclaimed balances, to reunite these funds with their rightful owners, to hold the funds in trust, to standardize the management of dormant accounts, and to establish a standard procedure for reclaiming these funds.
The CBN’ s circular outlines that the guidelines apply to all financial institutions under the central bank’ s jurisdiction. Eligible dormant accounts include various types of deposits such as current, savings, and term deposits in local currency, as well as domiciliary accounts, which are accounts held in foreign currencies. Additionally, deposits made towards the purchase of shares and mutual investments, prepaid card accounts, and wallets fall under this directive.
The scope also extends to government- owned accounts, proceeds from uncleared and unpresented financial instruments, unclaimed salaries and wages, commissions, bonuses, stale local and foreign currency drafts, funds received from correspondent banks without sufficient beneficiary details, and judgment debts that have not been claimed by the judgment creditor.
The circular emphasizes the importance of reuniting dormant funds with their beneficial owners. This step is part of a broader strategy to ensure that dormant funds do not remain unutilized within the financial system indefinitely. By transferring these funds to the CBN, the central bank aims to maintain a transparent and standardized approach to managing dormant accounts. The CBN will hold these funds in trust, ensuring that they are available for rightful owners when claimed.
This move by the CBN is part of its ongoing efforts to enhance the efficiency and transparency of Nigeria’ s financial system. By standardizing the management of dormant accounts and unclaimed balances, the central bank aims to protect the interests of account holders and ensure that funds are managed responsibly. The CBN’ s directive also includes establishing a clear procedure for reclaiming warehoused funds, making it easier for beneficiaries to access their funds.
In summary, the CBN’ s new directive requires banks and financial institutions to transfer funds from accounts that have been dormant for ten years or more to the central bank. This initiative aims to identify dormant accounts, reunite funds with their rightful owners, hold the funds in trust, and standardize the management of these accounts. While certain accounts are exempt from this directive, the overall goal is to enhance the transparency and efficiency of Nigeria’ s financial system and ensure that dormant funds are managed responsibly and made accessible to their rightful owners when claimed.
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