Unclaimed Dormant Account: CBN Streamlines Process For Claiming Funds, Next-Of-Kin Gets Green Light

With a trailblazing decision, the Central Bank of Nigeria (CBN) has thrown open the doors for next-of-kin, legal representatives, and beneficial owners to claim unclaimed balances in dormant accounts, unlocking a treasure trove of funds previously left untouched.

According to a report released over the weekend, the CBN has clarified the process for claiming these unclaimed funds, empowering individuals to submit applications to financial institutions, accompanied by legal proof of title.

Corporate entities must also provide details of directors and authorized signatories.

With the CBN wielding authority over dormant accounts and unclaimed funds, a dedicated office supervised by a management committee will oversee the process, ensuring transparency and accountability.

Unclaimed funds will be channeled into the Unclaimed Balances Trust Fund Pool Account and invested in treasury bills and other securities, generating interest for beneficiaries.

To reclaim their rightful funds, account owners or their representatives must visit financial institutions, complete a reclaim form, and provide evidence of ownership, a sworn affidavit, and valid identification.

The CBN guarantees a swift refund of the principal and interest within 10 working days of a reclaim request.

This bold move by the CBN is set to revolutionize the financial landscape, reuniting rightful owners with their long-abandoned funds and injecting a fresh wave of liquidity into the economy.