The Central Bank of Nigeria (CBN) has directed all banks and other financial institutions to publish details of dormant accounts and unclaimed balances on their websites. The CBN’s directive, issued on February 19, 2025, aims to address the issue of unclaimed funds in Nigerian banks.
The CBN’s circular, titled “Guidelines on Management of Dormant Accounts, Unclaimed Balances, and Other Financial Assets in Banks and Other Financial Institutions in Nigeria,” was signed by Michael Akuka, on behalf of the Director of the Financial Policy and Regulation Department of CBN.
The CBN requires financial institutions to display the names of individuals authorized to operate the accounts, the account type, and the branch where the account is domiciled on their websites. Financial institutions without websites should publish the information on their association’s website.
According to the CBN, the directive responds to inquiries from stakeholders regarding the possible breach of the Nigeria Data Protection Act, 2023 (NDPA). Section 25 (b) of the NDPA permits justifiable deviations from the general principles of the Act. Section 72 (ii) of the Banks and Other Financial Institutions Act mandates the CBN to issue guidelines on the administration of unclaimed funds.
The CBN also instructed that the information be published annually in at least two national daily newspapers or on the premises of state and unit microfinance banks. A dormant account is a bank account that has remained inactive for at least one year
