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CBN Urges Banks To Transfer Funds In Dormant Account Into Trust Fund Account For Investment in Treasury Bills - The Revealer
Banking and Finance

CBN Urges Banks To Transfer Funds In Dormant Account Into Trust Fund Account For Investment in Treasury Bills

The 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.

Premium Times reported that the move comes 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.

Nigeria Inter-Bank Settlement System data recently showed that, of 191.4 million bank accounts, active bank accounts in the country stood at 133.5 million as of December 2021.

The CBN in a circular dated 6 April and signed by the Director of Financial Policy and Regulation Department of the apex bank, Chibuzor Efobi, said the guideline takes effect immediately.

The circular also called for inputs from stakeholders, which should be sent within three weeks.

The guideline 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. The funds in the account will then be invested in Treasury Bills.

The CBN listed the eligible dormant accounts and unclaimed balances to include current, savings, and term deposits, domiciliary accounts, prepaid card accounts, and more. The category also includes unclaimed salaries and wages, proceeds of stale local and foreign currency drafts, and judgment debts that have not been claimed by the creditor.

The bank said it reserves the right to designate any other deposits or financial assets to be included in the list of eligible dormant accounts.

This move is aimed at ensuring that unclaimed monies in dormant accounts are put to good use and will contribute to the development of the Nigerian economy, it said, adding that it will also help to reduce the number of dormant accounts in the banking system.

The CBN also assured that the inputs of experts and other concerned parties will be considered before the final guidelines are issued.

The bank said the objectives of the guidelines are to “Identify dormant accounts/unclaimed balances and financial assets with a view to reuniting them with their beneficial owners; hold the funds in trust for the beneficial owners; standardise the management of dormant accounts/unclaimed balances and financial assets; and establish a standard procedure for reclaim of warehoused funds.”

In the new guidelines, the apex bank stated that any bank or financial institution that violates the provisions will face a penalty of no less than N2,000,000.

 

 

Edet Udoh

We are The Revealer, a general online news platform based in Nigeria. Our focus amongst others is to provide credible, factual, well researched and balanced news and articles for our teeming readers in business, governments, politics, engineering, science, religion, technology etc. Edet Udoh is the Managing Editor. He is an experienced media person. He has worked extensively with the Champion Newspapers, The Authority Newspapers and the Blueprint Newspaper before starting Revealer Online News platform in 2018. He can be reached with this email address: edetudoh2003@gmail.com or via these phone numbers 08061246427 and 08170080488

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