Central Bank of Nigeria (CBN) has ordered Deposit Money Banks to transfer funds from Dormant Accounts, unclaimed balances above 10 years for onwards investment in Nigerian Treasury Bills (NTBs) and other government securities.
They are also required to publish, on their websites, details of all dormant accounts, six months prior to their eligibility for transfer to CBN, while other financial institutions (OFIs) without websites shall publish the same on their association’s website.
This is according to the newly released “Guidelines on Management of Dormant Accounts, Unclaimed Balances, and Other Financial Assets in Banks and Other Financial Institutions in Nigeria,” by the…
Source: Nigerian Tribune
