CBN Orders Banks to Publish Lists of Dormant Accounts and Unclaimed Balances

The Central Bank of Nigeria (CBN) has directed banks and other financial institutions to publish the list of dormant accounts, unclaimed balances, and other financial assets in compliance with its Guidelines on the Management of Dormant Accounts issued last year.

In a circular dated February 17, 2024, and published on its website, the apex bank stated that the lists must be made public in two national daily newspapers and on the websites of the respective banks. Financial institutions without websites are required to publish their lists on their association’s websites.

Details to be published include:

• Account holder names
• Authorized signatories
• Bank names and branch locations

The CBN emphasized that banks must publish these lists annually to maintain transparency.

Addressing concerns from stakeholders about potential breaches of the Nigerian Data Protection Act (NDPA) 2023, the CBN clarified that:

• Section 25(b) of the NDPA permits exceptions to general data protection principles.
• Section 72(ii) of the Banks and Other Financial Institutions Act (BOFIA) grants the CBN authority to issue guidelines on unclaimed funds.

The apex bank further explained that only essential details—account name, type, bank, and branch—will be published to balance transparency with privacy regulations.

Banks and financial institutions are expected to comply with this directive to ensure proper management of dormant accounts and unclaimed funds in Nigeria’s financial system.