2015-10-08 | FPR/DIR/GEN/05/013

Guidelines on the Management of Dormant Account and Other Unclaimed Funds by Banks and Other Financial Institutions in Nigeria

The Central Bank of Nigeria has issued guidelines for the management of dormant and inactive accounts, as well as other unclaimed funds, to standardize practices and protect the rights of depositors. These guidelines include definitions of inactive and dormant accounts, procedures for notifying account holders and reactivating accounts, and requirements for reporting and insuring dormant account balances. The guidelines also specify how banks should handle unclaimed funds and outline sanctions for non-compliance.

Nigeria

Central Bank of Nigeria

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