CBN has issued fresh directives to all banks over dormant accounts in Nigeria.
NewsOnline Nigeria reports that the Central Bank of Nigeria (CBN) has directed banks and other financial institutions to publish the list of dormant accounts, unclaimed balances and other financial assets.
The apex bank, in a circular dated February 17, 2024 and seen on its website, this evening, said that the directive was in compliance with the Guidelines on the management of dormant accounts issued last year.
It said that the list to be published in two national daily newspapers should also be published on their websites, while other financial institutions without websites should publish their own lists on their association’s websites.
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The information to be published includes the names of accounts, the individuals authorised to operate them and the bank.branch where such accounts are domiciled.
The newspapers publications are to be on an annual basis.
According to the CBN, the circular became important to clear doubts expressed by some stakeholders who feared that publishing such names might breach the Nigerian Data Protection Act.
It said, “In furtherance therefore and in response to I queries from stakeholders regarding 3possible breach of the Nigerian Data Protection Act 2023, Banks and Other Financial Institutions to note the following:
“Section 25 (b) of the NDPA permits justification deviation from the general principles of the Act.. Also Section 72 (ii) of the BOFIA mandates CBN to.issue Guidelines on the administration of the Unclaimed funds in banks and other financial institutions.
“Information to be published on banks’ websites as well as on association’s websites (where applicable) shall include the name of the account, the type of account, the name of banks and the branch where the account is domiciled only.
“Information to be published annually in the at least two daily.newspapers annually or on the premises state and unit Microfinance Banks shall also cover the details as listed above.”
