• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Friday, August 29, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

CBN Guidelines: Customers Throng Banks To Reactivate Dormant Accounts

by Leadership News
1 year ago
in Business
Share on WhatsAppShare on FacebookShare on XTelegram

Bank customers have thronged their banks to reactivate their dormant accounts in line with the Central Bank of Nigeria (CBN) guidelines on the management of dormant accounts and unclaimed balances.

Advertisement

Some of the customers, who spoke to the News Agency of Nigeria (NAN) in Abuja on Tuesday, said they had activated their bank accounts to avoid mop up of their little savings.

A business woman, Ugonne Akputa, said that she paid some money into her six year old Access Bank account which she had left for some time to reactivate.

Akputa said she still needed to operate the account to save some money which she rarely withdrew.

”I went to my bank to make enquiries about my account which I have left for some time now.

RELATED

Parallex Bank To Provide Limitless Banking Experience

Bank Unveils N4bn Financial Support For Lagos LGAs, LCDAs

19 hours ago
FCT Town Planners Reaffirm Commitment To Abuja Master Plan Restoration

Ministry Launches Portal For Tracking Real Estate Fraudsters

19 hours ago
ADVERTISEMENT

”They told me that I should just put money into the account to activate it and I did,” she said.

Another customer at First Bank, Cyprian Yusuf, said he was at the bank to make enquiries on his late brother’s account.

Yusuf said that although he was not aware of the amount in the account, he would not forfeit the money.

ADVERTISEMENT

”When I heard of this dormant account thing, I decided to quickly come to my late brother’s bank to ask them how I can retrieve the money.

”He died three years ago and I don’t think the account has been in operation.

”So, I want to see what I can do so that his wife and children can use the money at least to feed,” he said.

Another bank customer, Chinny Olaedo, appealed to banks and the CBN to ensure the safety of customers’ monies, especially those abroad.

”I live abroad but I came back to Nigeria for something very important to my family.

”I have a savings account in one of the banks and I have my savings there. I transferred some money into the account recently so that it will still be active but I know that many people abroad might not know about this or do this.

”The CBN and other banks should make things easier for us abroad so that many of us will still be operating our Nigerian accounts,” she said.

A bank official who pleaded anonymity said it would take six months of no activity in an account before it would be declared dormant in their bank.

The official said the bank would notify customers whose accounts were dormant in line with the CBN’s guideline.

The source said the bank was preparing reports to also notify the CBN on the status of their dormant customers’ accounts.

Another bank official who also preferred anonymity, called on customers whose accounts were dormant to pay in monies into them to activate them.

According to CBN, eligible accounts are dormant accounts with balances that have remained with the financial institutions for a period of 10 years and beyond.

The apex bank said eligible dormant accounts/unclaimed balances and other financial assets including current, savings and term deposits in local currency, domiciliary accounts and unclaimed salaries and wages, commissions, and bonuses, among others.

The apex bank said the aim of the guidelines were to identify dormant accounts/unclaimed balances and financial assets with a view to re-uniting them with their beneficial owners, hold the funds in trust for the beneficial owners.

The bank said the objective was also to standardise the management of dormant accounts/unclaimed balances and financial assets and establish a standard procedure for reclaim of warehoused funds.

The CBN said it would open and maintain an account earmarked for the purpose of warehousing unclaimed balances in eligible accounts.

According to the CBN, the account would be called “Unclaimed Balances Trust Fund Pool Account”.

The CBN had also cleared Next-of-Kin (NoK), legal representative, or beneficial owner to make claims on unclaimed balances or funds in dormant accounts.

The bank said the NoK to dormant account owner could now make claims on unclaimed balances or funds in dormant accounts by submitting applications for the reclaims to the financial institutions.


Join Our WhatsApp Channel

Nigerians can now earn US Dollars monthly by acquiring domains cheaply and reselling for profits up to $18,000 (nearly ₦30Million). Beneficiaries include professionals, entrepreneurs, civil servants and more. Click here to start.


Tags: CBN
SendShare10178Tweet6361Share
ADVERTISEMENT
Previous Post

Paris Olympics: AFN, NOC Bungle Nigeria’s Medal Chance, Fail To Register Ofili For 100m Race

Next Post

AIICO Insurance Records N12bn Profit In 2023

Leadership News

Leadership News

You May Like

Parallex Bank To Provide Limitless Banking Experience
Business

Bank Unveils N4bn Financial Support For Lagos LGAs, LCDAs

2025/08/28
FCT Town Planners Reaffirm Commitment To Abuja Master Plan Restoration
Business

Ministry Launches Portal For Tracking Real Estate Fraudsters

2025/08/28
Renewed Confidence In Aviation Sector Raises Local Airlines Participation – NCAA
Business

Lagos, FCT, Rivers Generate 70% Of Aviation’s N215.6bn GDP Contribution

2025/08/28
Air Peace Lauds Minister Over Installation Of Airfield Lighting On Lagos Airport
Business

Tinubu’s Brazil Visit Yielded Air Peace, Embraer MRO Agreement – Onyema

2025/08/28
Large-cap Stock Drives Local Bourse To N180bn Gains
Business

Bulls Lose Steam As Equities Market Dips By N325bn Amid Profit Booking

2025/08/28
Kogi Stakeholders Task Federal Gov’t On Ending Benue Killings
Business

Tinubu Promises Continued Support For Capital Market Reforms, Expansion

2025/08/28
Leadership Conference advertisement

LATEST

Nigeria’s Top Oil Boss Walking into A Trap

Herders Ask Security Agencies, Others To Disregard Alleged Killings In Bokkos

Commissioner Tasks Kwara Teachers On Innovation

320 Kwara Schools Get Hygiene Wash Stations

Church Donates Food, Hygiene Items To Vulnerable Families In 5 States

Nigeria, Team Europe Chart New Course For Data Exchange

Again, 4 Killed In Benue Attack

AIG Hails Dangote Cement CSR Initiatives

Experts Task Schools To Integrate AI Into Curriculum

FG Urged To Provide Mentorship, Harness Youths’ Digital Skills For Security

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.