July 19, 2024
By InvestAdvocate
Lagos (INVESTADVOCATE)-The Central Bank of Nigeria (CBN) on Friday updated guidelines for managing dormant accounts, unclaimed balances, and other financial assets in banks and financial institutions following a review of the guidelines issued in October 2015.
The CBN in a statement signed by John Onoja, Ag. Director of the Financial Policy and Regulation Department said the revised guidelines operationalising Section 72 of the Banks and Other Financial Institutions Act (BOFIA) 2020 standardises the management of dormant accounts, unclaimed balances, and financial assets and outlines the procedure for banks and other financial institutions in Nigeria to administrate these balances, funds, and assets.
The CBN said the modalities for the transfer of the relevant balances, funds, and assets and updated templates for submitting quarterly returns to it will be communicated subsequently.
The CBN affirms that this guidelines supersedes the guidelines issued in October 2015 on the management of dormant accounts and other unclaimed funds by banks and financial institutions in Nigeria, effective immediately.
Click here to read full PDF copy of Circular
