AfriPulse
T he Central Bank of Nigeria (CBN) has revised its guidelines on the management of dormant bank accounts, removing the mandatory requirement for customers to present affidavits when seeking to reactivate such accounts.
The development was disclosed in a circular dated March 12, 2026, and addressed to banks and other financial institutions across the country.
In the circular signed by the Director of the Financial Policy and Regulation Department of the apex bank, Rita Sike, the CBN said it had rescinded the provision that previously required customers to provide affidavits as part of the process of reactivating dormant accounts.
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The bank explained that the decision followed representations from stakeholders and forms part of efforts to simplify the process of accessing dormant funds while maintaining safeguards to protect the integrity of the financial system.
According to the circular, the apex bank has “rescinded the requirement under Section 8.0(ii) for the mandatory use of affidavits in the reactivation of dormant accounts.”
However, the CBN stressed that financial institutions must continue to apply enhanced due diligence when handling requests for dormant account reactivation.
“Notwithstanding this rescission, banks and other financial institutions shall continue to apply enhanced due diligence by implementing robust safeguards to verify the accuracy and authenticity of customer information during dormant account reactivation,” the circular stated.
The apex bank also clarified that the removal of the affidavit requirement only applies to dormant accounts that have not yet been transferred to the Unclaimed Balances Trust Fund (UBTF) Pool Account.
“For the avoidance of doubt, affidavits are no longer required for reactivating dormant accounts that have not been transferred to the UBTF Pool Account,” the CBN said.
It further explained that the exemption does not extend to funds already transferred to the Unclaimed Balances Trust Fund.
“This rescission does not extend to the reclaiming of funds already transferred to the UBTF Pool Account, where affidavits remain mandatory,” the circular added.
Banks to disclose dormant account details
Under the revised framework, banks and other financial institutions are now required to publish details of dormant accounts and unclaimed balances.
The CBN directed financial institutions to disclose limited information regarding dormant accounts that have not been transferred to the UBTF Pool Account as well as unclaimed balances already moved to the fund.
According to the directive, the information must be published on the operational websites of banks and other financial institutions.
The details to be disclosed include the names of authorised account holders, the type of account, the name of the bank or financial institution, and the branch address where the account is domiciled.
“All banks and other financial institutions shall only publish the following information concerning dormant accounts not yet transferred to the UBTF Pool Account and unclaimed balances already transferred to the UBTF Pool Account on their operational websites,” the circular stated.
Financial institutions that do not operate active websites are required to publish the information on the official websites of their respective industry associations.
In addition to online publication, the apex bank directed banks and other financial institutions to publish the information annually in at least two national daily newspapers.
However, where the publication would exceed two full pages, financial institutions may publish a one-page notice in at least two national newspapers directing customers to a dedicated section on their corporate websites where the full list of dormant accounts can be accessed.
The CBN noted that state and unit microfinance banks are exempted from the newspaper publication requirement but must display the relevant information in all their business locations.
The apex bank also addressed concerns regarding compliance with the Nigeria Data Protection Act, explaining that the disclosure requirements are consistent with Nigeria’s data protection regulations.
The CBN cited Section 25(1)(b) of the law, which permits the processing of personal data where it is necessary for compliance with a legal obligation or to protect the vital interests of the data subject.
The circular also referenced the Banks and Other Financial Institutions Act (BOFIA), which empowers the CBN to issue guidelines on the administration of unclaimed funds in banks and other financial institutions.
According to the apex bank, the disclosure requirements are therefore legally justified and consistent with applicable financial and data protection laws.
The CBN noted that the new directive supersedes its earlier circular issued on February 17, 2025, and takes immediate effect.
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Source: DailyTrust | Read the Full Story…
