CBN insists banks, others must publish details of dormant account

BY BABATUNDE OPALANA

The Central Bank of Nigeria (CBN) insisted that banks and other financial institutions in the country must publish the names of individuals whose bank accounts have gone dormant on their websites and national newspapers in line with the Guidelines on Management of Dormant Accounts, Unclaimed Balances and Other Financial Assets in Banks and Other Financial Institutions in Nigeria released last year.

According to the guideline, banks and OFIs are expected to make public, to the names of individuals authorized to operate the accounts, the type of account and the address of the branch where the account is domiciled.

The apex bank in a circular made available on Wednesday, which is in in response to enquiries from stakeholders regarding the possible breach of the Nigeria Data Protection Act, 2023 (NDPA) insisted that the information be made public.

In the circular signed by the Director, Financial Policy and Regulation, Michael Akuka, CBN noted that, Section 25 (b) of the NDPA permits justifiable deviations from the general principles of the Act.

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“Also, Section 72 (ii) of the Banks and Other Financial Institutions Act mandates the Central Bank of Nigeria to issue Guidelines on the administration of unclaimed funds in banks and other financial institutions,” he stressed.

It insisted that, information to be published on banks’ websites as well as the association’s website in the case of OFIs without their websites, “shall include the name of the account, the type of account, the name of the bank, and the branch where the account is domiciled only.

“Asides this, the information is to be published annually in at least two national daily newspapers or the premises of State and Unit microfinance banks,” he said.