The Central Bank of Nigeria is set to mop up funds in accounts that have been dormant for up to 10 years into a trust
fund account.
This is contained in the recently released exposure draft of guidelines signed by the director of financial policy and regulation department of the Apex bank, Mr Chibuzo Ofobi on the Management of Dormant Accounts, Unclaimed Balances and Other Financial Assets in Banks and Other Financial Institutions across the country.
The drafts states that banks and other financial institutions are expected to transfer all unclaimed funds into an unclaimed balances trust fund pool account which will be domiciled at the CBN.
The apex bank further explained that the balances would be invested in government securities such as Treasury Bills and would be returned to the beneficiaries not later than ten days of notice.
However, the the CBN calls for inputs from citizens and stakeholders.
CBN said, “The Central Bank of Nigeria shall open and maintain an account earmarked for the purpose of warehousing unclaimed balances in eligible accounts. The account shall be called ‘Unclaimed Balances Trust Fund Pool Account.”
The eligible accounts and financial assets are current, savings and term deposits in local currency; domiciliary accounts; deposits towards the purchase of shares and mutual investments; prepaid card accounts and wallets; proceeds of uncleared and unpresented financial instruments belonging to customers or non-customers of FIs; unclaimed salaries and wages, commissions, and bonuses.
Others include proceeds of stale local and/or foreign currency drafts not presented for payment by beneficiaries; funds received from a correspondent bank without sufficient details as to the rightful beneficiary and/or a recall of funds made to the remitting bank to which the Nigerian bank’s account has not been debited and a judgment debt for which the judgment creditor has not claimed the amount of judgment award.
