In response to recent directives from the Central Bank of Nigeria (CBN) concerning dormant accounts, numerous bank customers flooded their banks on Tuesday to reactivate their accounts. The urgency to revive these accounts stems from fears that the CBN might absorb their savings if left inactive.
Many customers in Abuja expressed their concerns to the News Agency of Nigeria, noting that they needed to ensure their accounts were active to prevent the CBN from claiming their funds. The sudden influx of customers was also evident in courtrooms, where many sought to swear affidavits to support their reactivation requests.
A representative from a major bank disclosed to The PUNCH that there has been a significant rise in applications from both customers and their families to reactivate dormant accounts. “We’ve seen a notable increase in requests to reactivate accounts,” said the bank official. “Even relatives of deceased individuals are submitting applications to withdraw remaining funds.”
Mrs. Ugonne Akputa, a businesswoman, mentioned she recently deposited money into her old Access Bank account to reactivate it. “I needed to ensure my account was active to continue using it for savings,” she explained.
Mr. Cyprian Yusuf, another customer, visited his late brother’s bank to inquire about the dormant account. “I came to see how I could retrieve my late brother’s funds for his family,” he said, emphasizing the importance of the funds for his brother’s widow and children.
Mrs. Chinny Olaedo, who resides abroad, stressed the need for better communication from banks and the CBN regarding dormant accounts, especially for those living overseas. “I managed to transfer money into my account to keep it active, but others abroad might not be aware of these guidelines,” she said.
An anonymous bank official highlighted that accounts become dormant after six months of inactivity and that customers would be notified accordingly, following CBN guidelines. The banks are also required to report the status of dormant accounts to the CBN.
The CBN’s new policy targets accounts that have been inactive for ten years or more. The guidelines aim to reunite these dormant accounts and unclaimed balances with their rightful owners while holding the funds in trust. The CBN plans to establish an “Unclaimed Balances Trust Fund Pool Account” for these dormant funds, allowing next-of-kin, legal representatives, or beneficial owners to make claims.
This move by the CBN seeks to standardize the management of dormant accounts and ensure a streamlined process for reclaiming funds, ensuring financial assets are rightfully returned to their owners.
