The Central Bank of Nigeria (CBN) has directed all banks and other financial institutions to disclose details of dormant accounts, including the names of account holders, the type of accounts, and the branches where the accounts are domiciled.
The directive, issued in a circular dated 17 February and signed by the Director, Financial Policy and Regulation Department, Micheal Akuka, requires these details to be published on banks’ websites, industry association websites, and in at least two national newspapers.
The move follows the implementation of the Guidelines on the Management of Dormant Accounts, Unclaimed Balances, and Other Financial Assets in Banks and Other Financial Institutions in Nigeria 2024. The guidelines aim to enhance transparency and ensure unclaimed funds are properly accounted for.
“The Guidelines on Management of Dormant Accounts, Unclaimed Balances and Other Financial Assets in Banks and Other Financial Institutions in Nigeria 2024, requires banks and some other financial institutions to publish on their websites, the names of individuals authorized to operate the accounts, the type of account and the address of the branch where the account is domiciled. In the case of other financial institutions (OFIs) without websites, to publish on their association’s website,” it said.
According to the bank, the directive comes amid concerns from stakeholders over potential breaches of the Nigeria Data Protection Act 2023 (NDPA). However, the CBN insists that the disclosures are legally justified.
The regulator said Section 25 (b) of the NDPA permits justifiable deviations from the general principles of the Act. Also, Section 72 (i) of the Banks and Other Financial Institutions Act mandates the Central Bank of Nigeria to issue Guidelines on the administration of unclaimed funds in banks and other financial institutions,
Under the new guidelines, individuals with dormant accounts may find their details publicly accessible unless they reactivate their accounts or claim their balances.
Banks are expected to provide a mechanism for account holders to reclaim funds before such disclosures are made.
“Information to be published annually in at least two national daily newspapers or the premises of State and Unit microfinance banks, shall also convey the details as listed above,” it said.
| Posted: at | |
TRENDING GISTS 
“My Love Left Me Crying” -Mr Eazi Surprises Temi Otedola For Her 29th Birthday
Businessman, Austin Okpe Surprises Wife With A Roll Royce Spectre
Nigerian Fraudster Spared Deportation After Judge Ruled Healthcare System In Nigeria Couldn't Meet Medical Needs Of His Wife And Children
Where Is Fubara? - Rivers Elders Ask, Demand He Comes On TV To Prove He Is Still Alive
BBNaija Star, BamBam Calls Out Nigerian Police As She Shares Recent Encounter
Everyone Should Stay Away From Crime - Kidnapper Laments As Edo Govt Demolishes His House
FG Unveils Electric Vehicle Charging Station In Abuja Amidst Hardship Crisis In The Country