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The Central Bank of Nigeria (CBN) has directed all banks and financial institutions, to publicly disclose details of dormant accounts, unclaimed balances, and other financial assets on their official websites.
A dormant account, according to the CBN, refers to a bank account that has remained inactive for at least one year.
The circular was signed by Michael Akuka on behalf of the director of CBN’s financial policy and regulation department.
The statement reads:
“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 the premises of State and Unit microfinance banks, shall also convey the details as listed in (2) above.”
