The Central Bank of Nigeria has proposed that banks should

transfer funds in accounts that have been dormant for up to

10 years into a trust fund account.

This is contained in the recently released exposure draft of

guidelines on the Management of Dormant Accounts,

Unclaimed Balances and Other Financial Assets in Banks and

Other Financial Institutions In Nigeria.

A circular accompanying the exposure draft stated that the

guideline was in response to requests from banks and other

stakeholders for the CBN to clarify the procedures for the

management of dormant and inactive accounts by banks in

the country.