CBN mandates banks to publish details of dormant accounts, unclaimed balances on their websites

The guidelines were outlined in a circular titled “Guidelines on Management of Dormant Accounts, Unclaimed Balances, and Other Financial Assets in Banks and Other Financial Institutions in Nigeria,” and signed by Michael Akuka on behalf of the Director of the Financial Policy and Regulation Department of CBN.

According to the CBN, financial institutions must display the names of individuals authorized to operate the accounts, the type of account, and the branch where the account is domiciled on their official websites.

In cases where other financial institutions (OFIs) do not have websites, they are required to publish the information on their association’s website.

“In furtherance thereof, and in response to inquiries from stakeholders regarding the possible breach of the Nigeria Data Protection Act, 2023 (NDPA), banks and other financial institutions are required to note the following,” the CBN stated.

The CBN further instructed that information must be published annually in at least two national daily newspapers or on the premises of state and unit microfinance banks, conveying the details as listed above.

The move is part of broader efforts to address governance lapses and curb excessive exposure to politically connected or influential insiders, a long-standing issue in Nigeria’s financial sector.

The CBN has now made it clear that banks must bring all insider-related exposures within regulatory limits within six months.

At the heart of the directive is Section 19 of BOFIA 2020, which caps lending to insiders at a percentage of a bank’s total loan book. In recent years, some banks have received CBN approvals for insider-related facilities without clear timelines for compliance, leaving room for regulatory arbitrage.