Nigerian Central Bank Orders Commercial Banks To Publish Dormant Accounts, Unclaimed Balances Online

The directive was contained in a circular issued on Monday, signed by Michael Akuka on behalf of the Director of the Financial Policy and Regulation Department. Titled "Guidelines on Management of Dormant Accounts, Unclaimed Balances, and Other Financial Assets in Banks and Other Financial Institutions in Nigeria", the circular mandates financial institutions to display key details such as the names of individuals authorised to operate the accounts, the type of account, and the branch where it is domiciled.

For financial institutions without dedicated websites, the CBN has ordered that the information be published on the website of their respective industry associations.

According to the circular: "In furtherance thereof, and in response to enquiries from stakeholders regarding the possible breach of the Nigeria Data Protection Act, 2023 (NDPA), banks and other financial institutions are required to note the following.

1. Section 25(b) of the NDPA permits justifiable deviations from the general principles of the Act. Also, Section 72(ii) 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."

2. Information to be published on banks' websites — as well as the association's website where applicable — shall include the name of the account, the type of account, the name of the bank, and the branch where the account is domiciled ONLY.

Information to be published annually in at least two national daily newspapers, or on the premises of State and Unit microfinance banks, shall also convey the details as listed above.

The directive builds on an earlier order from the CBN on July 19, 2024, which instructed banks and financial institutions to move unclaimed balances and funds from dormant accounts into the apex bank's designated accounts.