The Central Bank of Nigeria (CBN) has introduced new rules that make it easier for next-of-kin, legal representatives, and beneficial owners to claim funds from dormant accounts. According to the recent update, these individuals can now submit applications to banks to recover unclaimed money.

To claim these funds, you’ll need to provide legal proof of your right to the money. For businesses, you’ll also need to include information about directors and authorized signatories. The CBN will transfer unclaimed funds into an Unclaimed Balances Trust Fund (UBTF) Pool Account and invest them in treasury bills and other securities. You can expect to receive the principal and any interest back within 10 working days once your claim is approved.

Here’s how you can reclaim the funds:

1. Visit your bank and fill out a reclaim form.
2. Provide evidence of ownership, a sworn affidavit, and a valid ID.
3. The bank will verify your claim and send it to the CBN within 10 days.
4. The CBN will process and refund the money within 10 days of receiving the request.

If a bank loses its license, the Nigeria Deposit Insurance Corporation (NDIC) will manage its dormant accounts. This policy also applies to dormant domiciliary accounts, but not to active ones.

Inactive accounts are those with no customer-initiated transactions for 6 to 12 months, while dormant accounts are inactive for a year or more. Unclaimed balances are those that have been dormant for at least 10 years.

Eligible accounts for this policy include current, savings, term deposits, domiciliary accounts, and others, but accounts under litigation or investigation are exempt. Banks are now required to inform account holders when their accounts become inactive or dormant and to send notifications quarterly.

Recently, the CBN also instructed banks to transfer all unclaimed funds to an account managed by the bank itself.