News | Events | Digital PR | Advertising

Home News Next-of-kin can now claim funds in dormant accounts – CBN
News

Next-of-kin can now claim funds in dormant accounts – CBN

Share
Share

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 and, for corporate entities, details of directors and authorized signatories.

The CBN has the authority to manage dormant accounts and unclaimed funds. It can receive and manage these funds in trust for account holders.

A dedicated office, supervised by a management committee, will oversee this process.

The CBN will place unclaimed funds in the Unclaimed Balances Trust Fund (UBTF) Pool Account and invest them in treasury bills and other securities.

The principal and 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, and valid ID.

Financial institutions will verify the claim and send it to the CBN within 10 days. The CBN will refund the money within 10 days of receiving the request.

 

Share

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles
FeaturesNews

Scientists Research Nigeria’s Okra, Maize, Four Other Crops During NASA’s Space Mission

International astronauts will research six indigenous Nigerian crops and seeds during the...

President Donald Trump
FeaturesNews

President Trump Orders Pharmaceutical Companies To Cut Drug Prices Within 60 Days

President Donald Trump on Thursday said he asked major pharmaceutical companies to...

FeaturesNews

Microsoft To Become The Next $4 Trillion Company

Microsoft (MSFT.O), opens new tab soared past $4 trillion in market valuation...

FeaturesNews

Importers Slash Petrol Prices Below Dangote Rates Amid Rising Market Competition

Competition has hit Nigeria’s petroleum sector as fuel importers slash petrol prices...