The Central Bank of Nigeria (CBN) has announced its intention to invest funds from dormant accounts, unclaimed balances and other financial assets into Nigerian Treasury Bills (NTBs) and other government securities.
This plan is part of the new “Guidelines on Management of Dormant Accounts, Unclaimed Balances, and Other Financial Assets in Banks and Other Financial Institutions in Nigeria” released on Friday.
According to these guidelines, the CBN will create an “Unclaimed Balances Trust Fund (UBTF) Pool Account” to manage unclaimed balances and establish a committee to oversee its operation.
This committee will issue guidelines, monitor compliance, manage funds, and handle claims and complaints.
It will also annually publish the list of unclaimed balance owners and procedures for reclaiming funds on the CBN website and in national newspapers.
Also, the guidelines ensure that the principal and any interest from these investments must be refunded to beneficiaries within ten working days of a request. If an extension is necessary, the requesting financial institution will be notified with reasons for the delay.
Eligible accounts and exemption
The CBN’s guidelines state that eligible accounts include dormant account balances that have remained with financial institutions (FIs) for ten years or more.
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