The Central Bank of Nigeria (CBN) has directed commercial banks and other financial institutions to disclose specific details of dormant accounts in compliance with regulatory guidelines.
According to a circular titled “Guidelines on Management of Dormant Accounts, Unclaimed Balances, and Other Financial Assets in Banks and Other Financial Institutions in Nigeria”, the CBN instructed that only the name of the account, the type of account, the name of the bank, and the branch where it is domiciled should be published. The circular, signed by Micha L C. Akuka on behalf of the director of the financial policy and regulation department, clarifies banks’ responsibilities regarding dormant accounts.
This follows the apex bank’s release of guidelines in July 2024, which required financial institutions to make available on their websites the names of account operators, account types, and domiciled branches. Institutions without websites were expected to publish the details on their association’s platform.
Addressing concerns over potential breaches of the Nigeria Data Protection Act, 2023 (NDPA), the circular references Section 25(b) of the Act, which allows justified deviations from general data protection principles. Additionally, it cites Section 72(ii) of the Banks and Other Financial Institutions Act, which grants the CBN authority to issue guidelines on managing unclaimed funds.
The directive also mandates that the required details be published annually in at least two national newspapers or at the premises of state and unit microfinance banks.
