Regulatory Alerts2026-03-13 | FDR/DIR/CIR/001/014Guidelines on Management of Dormant Accounts, Unclaimed Balances and Other Financial Assets in Banks and Other Financial Institutions in Nigeria
The Central Bank of Nigeria has revised its guidelines for dormant account management, notably rescinding the mandatory use of affidavits for reactivating dormant accounts not yet transferred to the UBTF Pool Account, while still requiring robust alternative identification and verification methods. Financial institutions are now mandated to publish specific dormant account and unclaimed balance information on their websites and annually in at least two national daily newspapers, with exceptions for very extensive lists and microfinance banks. These updated disclosure requirements are explicitly affirmed as compliant with the Nigeria Data Protection Act and the Banks and Other Financial Institutions Act, superseding previous directives.
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