Subscribe to Updates

    Get the latest news as they happen

    What's Hot

    APC wins all chairmanship positions in Lagos LG election

    July 13, 2025

    Things to know about Ex-President Buhari

    July 13, 2025

    Former President Buhari gives up the ghost in UK hospital

    July 13, 2025
    Facebook Twitter Instagram
    Megastar Magazine
    • Politics

      APC wins all chairmanship positions in Lagos LG election

      July 13, 2025

      ADC releases names of all party chairmen across Nigeria

      July 10, 2025

      INEC starts media accreditation, opens portal for by-elections

      July 9, 2025

      APC commences sale of forms for NASS bye-elections

      July 8, 2025

      Aregbesola becomes National Secretary of ADC interim, reveals agenda

      July 2, 2025
    • Entertainment
      1. People
      2. Events
      3. Fashion
      Featured
      Entertainment July 11, 2025

      AMP Welcomes Nollywood Professionals To EFCC Sensitization Programme

      Recent

      AMP Welcomes Nollywood Professionals To EFCC Sensitization Programme

      July 11, 2025

      Ultimate 2025 IX Edition Awards unfolds categories for event

      July 11, 2025

      How marketers blacklisted me for rejecting sexual immorality

      July 10, 2025
    • Business

      Empowering Women at Work: How Union Bank’s Family-Friendly Revolution Is Setting New Standards 

      July 12, 2025

      Flutterwave secures full license to empower businesses in Senegal

      July 11, 2025

      UBA Announces Strategic Expansion into Key Markets Across Africa

      July 11, 2025

      Alternative Bank Pioneers Progress For Africa At ASIS 2025

      July 10, 2025

      Stanbic IBTC Bank meets CBN’s recapitalisation requirements

      July 9, 2025
    • Health

      Healthcare centre named after Remi Tinubu in Lagos

      July 11, 2025

      First Lady, Oluremi Tinubu inaugurates 30-bed Primary Health Centre in Lagos

      July 10, 2025

      Sterling Bank recognised for 2025 Nigerian Healthcare Excellence Awards

      July 4, 2025

      FG approves ₦65bn as intervention to basic health services in 2025

      July 2, 2025

      Guidelines for managing sickle cell in pregnancy – WHO

      June 20, 2025
    • Culture

      Rite Foods Powers Ojude Oba Festival, Adds Colour to its Festivities, Reinvigorates Participants with Its Award-winning Brands

      June 11, 2025

      Glo Celebrates 20-Years Of Showcasing Ojude Oba To The World With Gifts Of Cars, Tricycles And More

      June 9, 2025

      House Of Adron Illuminates Ojude Oba Festival With Grandeur, Honours Awujale Of Ijebuland

      June 8, 2025

      Ijebu Ode aglow with grandeur, culture at Ojude Oba festival

      June 8, 2025

      2025 Durbar Festival: Crowd gather in Ilorin to celebrate in grand style

      June 8, 2025
    • Lifestyle

      Joke Silva celebrates her husband, Olu Jacobs at 83

      July 11, 2025

      Joke Silva celebrates Olu Jacobs at 83

      July 11, 2025

      Kerojet Services CEO Femi Balogun Marks Birthday with Major Empowerment Drive in Lagos

      July 7, 2025

      Birthday: CJPAN Celebrates Media And PR Guru Mrs. Tosin Ajayi 

      July 7, 2025

      Language Is Power: Finding Our Voice Again

      July 7, 2025
    • Sports

      Falcons certain of $200k for q’final qualification in WAFCON

      July 12, 2025

      Galatasaray ready to offer €75 million for Osimhen – Fabrizio Romano

      July 12, 2025

      WAFCON 2024: Super Falcons Advances To Quarterfinals After Win Over Botswana 

      July 11, 2025

      FIFA ranking for Super Eagles, drop to 44th globally

      July 11, 2025

      Meeting International: Ajayi breaks record with 9.92s win in France

      July 8, 2025
    • Contact
    YouTube Facebook Instagram WhatsApp
    Megastar Magazine
    Home»Business»Central Bank of Nigeria Unclaimed Monies In Dormant Accounts To Be Invested In T-Bills
    Business

    Central Bank of Nigeria Unclaimed Monies In Dormant Accounts To Be Invested In T-Bills

    Ifetayo AdeniyiBy Ifetayo AdeniyiApril 14, 20233 Mins Read
    Facebook Twitter Pinterest LinkedIn WhatsApp Reddit Tumblr Email Telegram
    Share
    Facebook Twitter WhatsApp Telegram Email

    ‌Central Bank of Nigeria Unclaimed Monies In Dormant Accounts To Be Invested In T-Bills

    By Elegbede Abiodun

     

    Central Bank of Nigeria (CBN) has proposed that banks transfer funds in accounts that have been dormant for up to 10 years into a Trust Fund account which will ultimately be invested in Treasury Bills.

    This is contained in the just released exposure draft of guidelines on the Management of Dormant Accounts, Unclaimed Balances and Other Financial Assets in Banks and Other Financial Institutions In Nigeria.

    According to a circular accompanying the exposure draft, the guideline was in response to requests from banks and other stakeholders for the CBN to clarify the procedures for the management of dormant and inactive accounts by banks in the country.

    The circular which was signed by the Director of Financial Policy and Regulation Department of the apex bank, Chibuzor Efobi, also called for inputs which should be sent within three weeks.

    The draft states that banks and Other financial institutions (OFIs) are expected to transfer all unclaimed balances in accounts that have been dormant for up to 10 years into an Unclaimed Balances Trust Fund (UBTF) pool account which will be domiciled at the CBN.

    They are also expected to transfer unclaimed balances quarterly, not later than 15 days of the first month of the subsequent quarter; and retain all records of communication on the management of dormant accounts for a minimum of 10 years.

    Banks and OFIs, by the guideline are to “maintain records of the beneficiaries of the unclaimed balances warehoused in the UBTF Pool Account; invest the funds in Nigerian treasury bills (NTBs) and other securities as may be approved by the ‘Unclaimed Balances Management Committee’; and refund the unclaimed funds to the beneficiaries not later than 10 working days from the date of receipt of the request.”

    The exposure draft notes that banks including other financial institutions are saddled with the responsibility of contacting account holders whose account are dormant and are also required to publish the list of dormant accounts on their website.

    Asides these, financial institutions are also saddled with the responsibility of monitoring “inactive accounts and notify the customers as well as protect such accounts from unauthorized usage; Establish procedures that will ensure continuous contact with customers to reduce the incidence of inactive/dormant accounts.

    “Maintain records of procedures and periodic efforts to contact customers with inactive accounts; advise customers, in writing, on the need to communicate changes in their names, addresses, phone numbers, emails and next-of-kin.”

    Financial institutions are also to bear the costs of maintaining inactive and dormant accounts as well as contacting the customers; render quarterly reports on dormant accounts in a prescribed format to Banking Supervision Department and Other Financial Institutions Supervision Department of the CBN.

    They are to “continue to reflect dormant account balances as deposit liabilities and such balances, where applicable, shall continue to earn interest until they are transferred to CBN.

    “Maintain a register for funds transferred to CBN for reclaim and audit trail. Publish, on their websites, details of all dormant accounts, six months prior to their eligibility for transfer to CBN. However, other financial institutions (OFIs) without websites shall publish same on their Association’s website.

    “Publish the list of dormant accounts holders in at least two national daily newspapers, except for unit microfinance banks, which shall publish in their premises. Information to be published shall include the name, address of the branch, and next-of-kin of account holder. It should also be stated that the account has been transferred to the register of dormant account.

     

    Source: Leadership

    Share. Facebook Twitter Pinterest LinkedIn WhatsApp Reddit Tumblr Email
    Previous ArticleUnclaimed Monies In Dormant Accounts To Be Invested In T-Bills
    Next Article Keyamo reacts to Tinubu’s inclusion on Time’s most influential people list
    Ifetayo Adeniyi
    • Website

    Adeniyi Ifetayo Moses is an Entrepreneur, Award winning Celebrity journalist, Luxury and Lifestyle Reporter with Ben tv London and Publisher, Megastar Magazine. He has carved a niche for himself with over 15 years of experience in celebrity Journalism and Media PR.

    Related Posts

    Business July 12, 2025

    Empowering Women at Work: How Union Bank’s Family-Friendly Revolution Is Setting New Standards 

    Business July 11, 2025

    Flutterwave secures full license to empower businesses in Senegal

    Business July 11, 2025

    UBA Announces Strategic Expansion into Key Markets Across Africa

    Business July 10, 2025

    Alternative Bank Pioneers Progress For Africa At ASIS 2025

    Business July 9, 2025

    Stanbic IBTC Bank meets CBN’s recapitalisation requirements

    Business July 9, 2025

    Flutterwave returns to transfers from Europe to Africa after hiatus

    Leave A Reply Cancel Reply

    This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

    Don't Miss
    Politics July 13, 2025

    APC wins all chairmanship positions in Lagos LG election

    APC wins all chairmanship positions in Lagos LG election APC APC wins all chairmanship positions…

    Things to know about Ex-President Buhari

    July 13, 2025

    Former President Buhari gives up the ghost in UK hospital

    July 13, 2025

    Peter Obi serves guests, sweeps by himself

    July 13, 2025

    Subscribe to Updates

    Get the latest news as they happen

    Stay In Touch
    • Facebook
    • Twitter
    • Pinterest
    • Instagram
    About Us
    About Us

    We are Multimedia company that specializes in Events Coverage and Planning, Media Publicity, Publishing, Awards and Outsourcing in giving styles to your event and creating brand visibility for your products and services.

    Email Us: officialmegastarmagazine@gmail.com
    Contact: +234 705 311 1111

    Our Picks

    APC wins all chairmanship positions in Lagos LG election

    July 13, 2025

    Things to know about Ex-President Buhari

    July 13, 2025

    Former President Buhari gives up the ghost in UK hospital

    July 13, 2025
    New Comments
    • Anozie okolo on Supreme Court Affirms President Tinubu’s Victory As Atiku, Peter Obi Lose
    • Mc richman on Nigeria and South African Music histories
    • Moses Ibrahim on Olu of Warri: Pictorial @ The Ogiame Atuwatse III Economic Summit.
    • Sen Rich Kay on MALARIA ERADICATION: Prince Ned Nwoko & NMEP Meet for joint action.
    Megastar Magazine
    YouTube Facebook WhatsApp Instagram
    • Privacy Policy
    • Terms of Use
    • Contact Us
    © 2025 Megastar Magazine. Designed by MANNDI

    Type above and press Enter to search. Press Esc to cancel.