The Central Bank of Nigeria (CBN) has established a new regulatory framework that allows it to take over and store billions of naira from dormant bank accounts. The funds will be used to purchase treasury bills and other government securities.
The CBN has released guidelines on the management of dormant accounts, unclaimed balances, and other financial assets, which include the management procedures for monies trapped in dormant accounts, compliance expectations, dispute resolution, and penalties for infractions.
The Unclaimed Balances Trust Fund (UBTF) will be established by the CBN to manage the funds. Dormant accounts with balances that have been dormant for at least ten years are eligible. The funds will be invested in Nigerian treasury bills and other securities with the permission of the Unclaimed Balances Management Committee.
Beneficial owners can reclaim their assets by filling out an asset reclaim form at any bank, and financial institutions have ten working days to process and verify thcustom nfl jerseys best sex toys nike air max plus black jordan shoes for sale air jordan 1 low best wig outlet design your own jersey nfl jersey sales custom nfl jersey custom jersey maker adidas yeezy sneakers real hair wigs for women adidas yeezy boost realistic ass sex toy nfl jersey sales e claims before sending the request to the CBN. Within ten working days, the apex bank must return the funds to the financial institution that submitted the initial payment request, which will be remitted to the claimant.