Several bank clients impacted by the updated guidelines from the Central Bank of Nigeria regarding dormant accounts rushed to their respective banks on Tuesday to reactivate those accounts.
Speaking to the News Agency of Nigeria in Abuja, some customers explained that they decided to take action to avoid potential loss of their savings due to the new CBN regulations.
Additional investigations by our correspondent confirmed this situation, with courtrooms experiencing an influx of requests for affidavits.
An official from a first-generation bank informed NewsNow that numerous customers and families had submitted requests to reactivate inactive accounts, fearing that their funds might be used by the central bank for investments.
The official mentioned, “Yes, we have witnessed customers coming in to reactivate their accounts. Even relatives and next of kin of deceased individuals have submitted applications to withdraw funds left in their loved ones’ accounts. It seems that the CBN guidelines served as a reminder for these accounts.”
A businesswoman named Mrs. Ugonne Akputa shared that she made a deposit into her Access Bank account, inactive for six years, in order to reactivate it.
Akputa expressed her intention to resume using the account for occasional savings without regular withdrawals.
”I visited my bank to inquire about my dormant account that has been untouched for some time.
”They advised me to make a deposit to reactivate it, and so I did,” she recounted.
Another client at First Bank, Mr. Cyprian Yusuf, explained that he visited the bank to inquire about his late brother’s account.
Yusuf, unaware of the account balance, emphasized his determination not to forfeit any funds.
”Upon hearing about dormant accounts, I promptly went to my late brother’s bank to learn how I could access the funds.
”He passed away three years ago, and I suspect the account has been inactive.
”Hence, I want to explore ways for his wife and children to utilize the funds, at least for sustenance,” he expressed.
Another bank customer, Mrs. Chinny Olaedo, urged banks and the CBN to prioritize the safety of customers’ funds, especially those residing abroad.
”I reside overseas but returned to Nigeria for significant family matters.
”I hold a savings account with one of the banks, and I recently deposited funds to keep the account active. However, I am concerned that many people living abroad might not be aware of this requirement.
”The CBN and banks should simplify procedures for international customers, enabling more of us to manage our Nigerian accounts,” she suggested.
An anonymous bank official mentioned that an account would only be labeled dormant if inactive for six months at their bank.
The official added that customers with dormant accounts would be notified as per the CBN directives.
The source revealed that the bank was compiling reports to update the CBN regarding the status of their clients’ dormant accounts.
Another unnamed bank official encouraged customers with dormant accounts to make deposits to reactivate them.
Per the CBN, eligible dormant accounts are those with balances untouched for over 10 years.
The CBN clarified that the directive aims to identify dormant accounts and unclaimed balances, reuniting them with their rightful owners and securing the funds on their behalf.
Additionally, the goal is to establish a standard process for managing such accounts and assets, streamlining the reclaiming of funds.
The CBN specified the creation of an account dedicated to holding unclaimed balances from eligible accounts – termed the “Unclaimed Balances Trust Fund Pool Account.”
Moreover, the CBN verified that next-of-kin, legal representatives, or beneficial owners could claim unclaimed balances or funds in dormant accounts.
The bank outlined that next-of-kin could initiate claims by submitting applications to the financial institutions for the recovery of unclaimed funds in dormant accounts.