{"id":1104,"date":"2024-07-19T21:20:14","date_gmt":"2024-07-19T21:20:14","guid":{"rendered":"https:\/\/panoramanews.com.ng\/?p=1104"},"modified":"2024-07-19T21:20:14","modified_gmt":"2024-07-19T21:20:14","slug":"cbn-directs-banks-to-send-funds-in-dormant-accounts-unclaimed-balances-to-apex-bank","status":"publish","type":"post","link":"https:\/\/panoramanews.com.ng\/index.php\/2024\/07\/19\/cbn-directs-banks-to-send-funds-in-dormant-accounts-unclaimed-balances-to-apex-bank\/","title":{"rendered":"CBN directs banks to send funds in dormant accounts, unclaimed balances to apex bank"},"content":{"rendered":"

\"\"Central Bank of Nigeria logo (Credit: CBN website)<\/p>\n

PRESS RELEASE \u2022 JULY 19, 2024<\/span><\/p>\n

The CBN hereby issues the revised guidelines on the management of dormant accounts, unclaimed balances and other financial assets in banks and other financial institutions in Nigeria to banks and other financial institutions for implementation.<\/span><\/p>\n

This is sequel to the conclusion of the review of the Guidelines on the Management of Dormant Accounts and Other Unclaimed Funds by Banks and Other Financial Institutions in Nigeria issued in October 2015.<\/span><\/p>\n

The revised Guidelines, which operationalises Section 72 of the Banks and Other Financial Institutions Act (BOFIA) 2020, followed engagement and consultations with relevant stakeholders, whose comments and recommendations were considered in the review process.<\/p>\n

It, amongst others, standardised the management of dormant accounts, unclaimed balances and financial assets, and outlined the procedure for the administration of these balances, funds, and assets by banks and other financial institutions in Nigeria.<\/p>\n

The modalities for the transfer of the relevant balances\/funds\/ assets to the CBN, together with the revised templates for the rendition of quarterly returns to Banking Supervision Department or Other Financial Institutions Supervision Department (as the case may be) will be communicated subsequently.<\/p>\n

This Guidelines supersedes the Guidelines on the Management of Dormant Accounts and Other Unclaimed Funds by Banks and Other Financial Institutions in Nigeria, issued in October 2015 and takes effect immediately.<\/p>\n

Signed<\/p>\n

JOHN S. ONOJAH<\/p>\n

Ag. DIRECTOR, FINANCIAL POLICY & REGULATION DEPARTMENT<\/p>\n

\"\"<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Central Bank of Nigeria logo (Credit: CBN website) PRESS RELEASE \u2022 JULY 19, 2024 The CBN hereby issues the revised…<\/p>\n","protected":false},"author":1,"featured_media":1103,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,2],"tags":[54],"class_list":["post-1104","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-economy","category-news","tag-central-bank-of-nigeria"],"yoast_head":"\nCBN directs banks to send funds in dormant accounts, unclaimed balances to apex bank - Panorama News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/panoramanews.com.ng\/index.php\/2024\/07\/19\/cbn-directs-banks-to-send-funds-in-dormant-accounts-unclaimed-balances-to-apex-bank\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBN directs banks to send funds in dormant accounts, unclaimed balances to apex bank - 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