Alert: Central Bank of Nigeria Circular FPR/DIR/PUB/CIR/002/012

Frequently Asked Questions (FAQs) on the Guidelines for the Management of Dormant Accounts, Unclaimed Balances and Other Financial Assets in Banks and Other Financial Institutions in Nigeria

Title: Frequently Asked Questions (FAQs) on the Guidelines for the Management of Dormant Accounts, Unclaimed Balances and Other Financial Assets in Banks and Other Financial Institutions in Nigeria

Summary:  The Central Bank issues guidelines on managing dormant accounts, unclaimed balances, and other financial assets in banks and other financial institutions. These objectives include:

1. Identifying dormant accounts/unclaimed balances and financial assets

2. Hold the funds in trust for the beneficial owners

3. Standardize the management of dormant accounts/unclaimed balances and financial assets

4. Establish a standard procedure for reclaiming warehoused funds

Posted on: Jul 26, 2024

Download: FPR/DIR/PUB/CIR/002/012