By Gwurld4026 
Banks Required to Publish Unclaimed Balance Information
The Central Bank of Nigeria (CBN) has issued a directive requiring all banks and financial institutions to publicly disclose details of dormant accounts, unclaimed balances, and other financial assets. This mandate, outlined in a 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.
According to the directive, financial institutions must publish the names of account holders, the type of account, and the branch where the account is domiciled on their official websites. For institutions without dedicated websites, the information should be made available on the website of their respective industry associations. Additionally, this information is to be published annually in at least two national daily newspapers or displayed on the premises of state and unit microfinance banks.
The CBN addressed potential concerns regarding the Nigeria Data Protection Act, 2023 (NDPA), stating that Section 25(b) of the NDPA permits justifiable deviations from its general principles. Furthermore, Section 72(ii) of the Banks and Other Financial Institutions Act authorizes the CBN to issue guidelines on the administration of unclaimed funds in banks and other financial institutions.
This directive builds upon a previous order from July 19, 2024, which instructed banks and financial institutions to transfer unclaimed balances and funds from dormant accounts into designated accounts held by the CBN.
A dormant account is defined as one that has remained inactive for at least one year.
The CBN’s initiative aims to enhance transparency and ensure that unclaimed funds are properly accounted for within the Nigerian financial system.