The CBN has allowed next-of-kin, legal representatives, or beneficial owners to claim unclaimed balances in dormant accounts.
The CBN clarified this in a report released over the weekend. It stated that next-of-kin can now claim unclaimed funds by submitting applications to financial institutions.These applications must include legal proof of title & for corporate entities, details of directors & authorized signatories.
According to the report, the Central BANK of Nigeria (CBN) has the legal authority to manage dormant accounts & unclaimed funds.
CBN is expected to place unclaimed funds in the Unclaimed Balances Trust Fund Pool Account and invest them in treasury bills & other securities.
The principal & any interest will be refunded to beneficiaries within 10 working days of a reclaim request.
Account owners must visit financial institutions to complete a reclaim form, provide evidence of ownership, a sworn affidavit, & valid ID.
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