CBN Direct Banks To Allow Next-of-kin Have Access To Money In Dormant Accounts
The Central Bank of Nigeria (CBN) has allowed next-of-kin, legal representatives, or beneficial owners to claim unclaimed balances in dormant accounts
The CBN clarified this in a report released over the weekend. It stated that next-of-kin can now claim unclaimed funds by submitting applications to financial institutions.These applications must include legal proof of title & for corporate entities, details of directors & authorized signatories
The CBN has the authority to manage dormant accounts & unclaimed funds. It can receive & manage these funds in trust for account holders. A dedicated office, supervised by a management committee will oversee this proces
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CBN will place unclaimed funds in the Unclaimed Balances Trust Fund Pool Account and invest them in treasury bills & other securities.The principal & any interest will be refunded to beneficiaries within 10 working days of a reclaim request
Account owners must visit financial institutions to complete a reclaim form, provide evidence of ownership, a sworn affidavit, & valid ID.
