CBN new Rule Exposes 321,181 Dormant Bank Accounts Nationwide

• Access, Fidelity rank tops amongst four banks

BY Bonny Amadi

A new rule by Nigeria’s apex bank, the Central Bank of Nigeria (CBN) has triggered the exposition of 321,181 dormant bank accounts across the country.

The figures represent data released by only four banks in the country so far.

A general compliance exercise mandated by the CBN has as a result, led to the publication of more than 321,000 dormant bank accounts across four major commercial banks in Nigeria.

The new rule is what the regulators termed as a transparency and anti-fraud safeguard measure.

The related disclosure follows updated rules on dormant accounts and unclaimed balances, requiring banks to publicly list long-inactive accounts before transferring funds into the CBN’s Unclaimed Balances Trust Fund Pool Account.

According to regulatory filings, accounts that have remained inactive for 10 years or more are classified as dormant and become subject to enhanced oversight procedures.

Among the institutions affected is Access Bank Plc, which released the largest batch, publishing details of 243,934 dormant accounts belonging to individuals and corporate entities.

Another major lender, Fidelity Bank Plc, disclosed 61,900 dormant accounts, with a significant proportion linked to corporate customers, reflecting years of inactivity across business portfolios.

Stanbic IBTC Bank also complied with the directive, releasing 26,135 dormant accounts, which were spread across more than a thousand online publication pages due to the volume of records.

Access, 243,934 Fidelity, 61,900 Stanbic IBTC 26,135 Union Bank 212

Meanwhile, Union Bank of Nigeria Plc published a smaller list of 212 dormant and unclaimed accounts, many of which are linked to associations, cooperatives, and community-based organisations.

The CBN’s directive is anchored on its revised guidelines for managing dormant accounts, unclaimed balances, and other financial assets, aimed at strengthening accountability within the banking system.

Under the framework, accounts that remain inactive for a decade are flagged for potential transfer of funds to a central custody arrangement managed by the apex bank.