CBN has issued contemporary directives to all banks over dormant accounts in Nigeria.
PoliticalNews Nigeria experiences that the Central {Bank} of Nigeria (CBN) has directed banks and different {financial} establishments to publish the record of dormant accounts, unclaimed balances and different {financial} property.
The apex {bank}, in a round dated February 17, 2024 and seen on its web site, this night, mentioned that the directive was in compliance with the Pointers on the administration of dormant accounts issued final yr.
It mentioned that the record to be printed in two nationwide each day newspapers must also be printed on their web sites, whereas different {financial} establishments with out web sites ought to publish their very own lists on their affiliation’s web sites.
The data to be printed contains the names of accounts, the people authorised to function them and the {bank}.department the place such accounts are domiciled.
The newspapers publications are to be on an annual foundation.
Based on the CBN, the round grew to become vital to clear doubts expressed by some stakeholders who feared that publishing such names would possibly breach the Nigerian Knowledge Safety Act.
It mentioned, “In furtherance due to this fact and in response to I queries from stakeholders concerning 3possible breach of the Nigerian Knowledge Safety Act 2023, Banks and Different {Financial} Establishments to notice the next:
“Part 25 (b) of the NDPA permits justification deviation from the final ideas of the Act.. Additionally Part 72 (ii) of the BOFIA mandates CBN to.subject Pointers on the administration of the Unclaimed funds in banks and different {financial} establishments.
“Data to be printed on banks’ web sites in addition to on affiliation’s web sites (the place relevant) shall embrace the identify of the account, the kind of account, the identify of banks and the department the place the account is domiciled solely.
“Data to be printed yearly within the at the very least two each day.newspapers yearly or on the premises state and unit Microfinance Banks shall additionally cowl the small print as listed above.”