Next-of-kin, others can claim funds in dormant accounts – CBN

The Central Bank of Nigeria (CBN) says next-of-kin, legal representatives, and beneficial owners can claim the funds in dormant accounts.

CBN said this in a report released over the weekend.

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CBN, in its frequently asked questions, disclosed that next-of-kin can now claim unclaimed funds by submitting applications to financial institutions.

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These applications, according to the apex bank, must include legal proof of title and, for corporate entities, details of directors and authorised signatories.

“Yes. Next-of-kin, legal representative, or beneficial owner can make claims on unclaimed balances or funds in dormant accounts by submitting applications for the reclaims to the financial institutions, with necessary legal evidence of title and, in the case of corporate entities, their directors, authorized signatories, business addresses and any other customer update for the reclaim of balances transferred to CBN,” CBN stated.

CBN also disclosed that account owners should visit the Financial Institutions (FIs), complete an Asset Reclaim Form, and provide evidence of account ownership, a sworn affidavit of support, and valid identification.

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“The FI shall verify the claim and initiate the request with supporting documents to CBN within ten (10) working days. The CBN shall refund the monies to the accounts of the beneficiaries within ten (10) working days from the date of the receipt of the FI’s request.”

In the case of FIs in liquidation, CBN noted that the Nigeria Deposit Insurance Corporation (NDIC) shall assume the role of the FI.

This implies that customers of FIs in liquidation (or whose licence has been withdrawn) can approach the NDIC to apply for the unclaimed balances in their dormant account.

Regarding fees or associated costs with reactivating a dormant account or processing reclaims on unclaimed balances, CBN stated that no financial institution (FI) is allowed to charge any fees for reactivating a dormant account or processing any unclaimed balance requests from the account owners or beneficiaries.