CBN releases guidelines on how banks can manage dormant assets
The Central Bank of Nigeria (CBN) understands that many banks have different policies on how they treat dormant accounts, unclaimed balances, and other financial assets in banks and other financial institutions in Nigeria. Accordingly, it has released a draft guideline for the management of these assets, Nairametrics reports.
The guidelines mandate that the CBN shall open and maintain an account called “Unclaimed Balances Trust Fund Pool Account” to warehouse unclaimed balances in eligible accounts. The funds in the account will be invested in Nigerian Treasury Bills (NTBs) and other securities as approved by the “Unclaimed Balances Management Committee.”
[ ]. The scope of the guidelines covers all financial institutions (FI) under the purview of the Central Bank of Nigeria (CBN) and applies to eligible accounts that have been dormant for a period of 10 years and beyond.
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