Regulatory Alerts2025-02-18 | FPR/DIR/PUB/CIR/001/004Added · Updated
RE: GUIDELINES 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 issued guidelines for banks and financial institutions regarding the management of dormant accounts and unclaimed financial assets. Institutions must publish specific account details on their websites, while also adhering to the Nigeria Data Protection Act, 2023, which allows deviations from its general principles under certain justifiable circumstances. These guidelines aim to balance transparency and data protection, with institutions required to publish limited account information annually on their websites and in national newspapers.
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