The Central Bank of Nigeria (CBN) has issued updated guidelines for managing dormant accounts, unclaimed balances, and other financial assets in banks and financial institutions. This follows a comprehensive review of the previous guidelines issued in October 2015, as reported by Ogasabi on 9am news Nigeria.
However, The revised guidelines operationalize Section 72 of the Banks and Other Financial Institutions Act (BOFIA) 2020. They standardize the management of dormant accounts, unclaimed balances, and financial assets, outlining the procedures for banks and other financial institutions in Nigeria. These procedures ensure the proper administration of these balances, funds, and assets.
Furthermore, In a statement signed by Ag. Director of the Financial Policy and Regulation Department, John S. Onojah, the CBN detailed the new instructions for transferring relevant balances, funds, and assets. Additionally, the statement included updated templates for submitting quarterly returns to the CBN. As highlighted in 9am news, these measures are designed to improve transparency and efficiency in managing dormant and unclaimed financial assets.
finally, the CBN emphasized that these new guidelines take precedence over the previous guidelines issued in October 2015. Effective immediately, banks and financial institutions in Nigeria must adhere to the updated procedures for managing dormant accounts and other unclaimed funds.
For more details on the revised guidelines and their implications, stay tuned to 9am news Nigeria and follow updates from Ogasabi.
