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CBN implements stricter regulations for dormant accounts, unclaimed funds

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The Central Bank of Nigeria (CBN) has implemented stricter regulations for managing dormant accounts and unclaimed financial assets in banks and other financial institutions.

These new guidelines, effective immediately, supersede previous policies issued in 2015.

This is made known in a circular signed by John Onojah, Acting Director, Financial Policy and Regulations Department, CBN on Friday night.

The guidelines, which align with Section 72 of the Banks and Other Financial Institutions Act (BOFIA) 2020, followed engagement and consultations with relevant stakeholders, whose comments and recommendations were considered in the review process.

The guidelines, therefore, reduced dormancy period of account from six years of inactivity accounts to 10 years with no customer activity.

After 10 years of dormancy, the guidelines allows eligible account balances and unclaimed financial assets to be transferred to a special account managed by the CBN.

“It, amongst others, standardises the management of dormant accounts, unclaimed balances and financial assets, and outlines the procedure for the administration of these balances, funds, and assets by banks and other financial institutions in Nigeria.

“The modalities for the transfer of the relevant balances/funds/assets to the CBN, together with the revised templates for the rendition of quarterly returns to the Banking Supervision Department or Other Financial Institutions Supervision Department (as the case may be) will be communicated subsequently,” it said.

The News Agency of Nigeria (NAN) reports that the new guidelines spelt out the roles and responsibilities of stakeholders.

The guidelines mandated CBN to open and maintain accounts earmarked to warehouse unclaimed balances in eligible accounts under a trust fund.

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It also mandated the apex bank to establish a management committee that will oversee the operation of the Unclaimed Balances Trust Fund (UBTF Pool Account).

CBN will also manage the funds in line with the provisions of BOFIA 2020, and publish procedures for reclaiming warehoused funds and other financial assets, among other roles.

It added that eligible dormant accounts, unclaimed balances and other financial assets shall include: current, savings and term deposits in local currency, domiciliary accounts; deposits towards the purchase of shares and mutual investments; prepaid card accounts and wallets.

Also listed were government-owned accounts; proceeds of uncleared and unpresented financial instruments; unclaimed salaries and wages, commissions , and bonuses; among others.

The guidelines, however, exempted accounts subject to litigation, judgment debts, accounts under investigation, and encumbered accounts including, but not limited to, collaterals and liens. (NAN)

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Why Civilians Shouldn’t Use Military Uniforms, Says Army

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The Nigerian Army has explained why civilians cannot use military uniforms in whatever guise.

It said wearing military uniforms is a crime, which could attract jail terms.

Army’s Chief of Civil-Military Affairs (CCMA), Major.-Gen. Gold Chibuisi, made the clarification on Saturday night during a media chat with Defence correspondents in Abuja.

The CCMA noted that respecting the uniform is an important part of strengthening national security and building trust between the military and the public.

Gen. Chibuisi said the misuse of military attire by unauthorized persons not only violates the law but also aids criminal activities.

He said: “I am a bit surprised that most briefs we give in our programmes, we always talk about this issue of uniform because it keeps recurring.

“It is against the law of the land. If you are not in the armed forces or the security agencies, to use their uniform — whether you love it or not — is a crime.

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“If you like the military, join the military. “Don’t wear our uniform if you are not one of us.”

The CCMA stressed that the law must be respected to maintain the integrity and safety of the Armed Forces.

Highlighting the security risks, Chibuisi noted that criminals increasingly exploit military uniforms to commit crimes, making it harder for civilians and security agencies to identify genuine soldiers.

“Currently, there are a lot of criminals using military garb to perpetrate crime,” he said. “If people keep dressing like that, how do you differentiate between a criminal and a genuine soldier?”

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Gen. Chibuisi explained that soldiers are trained to arrest civilians caught wearing military gear and hand them over to the police for prosecution.

“All these other things that come with it — harassment or rough handling those caught— are not right. And we are doing sensitization on them. The soldiers that we get evidence against, we always sanction them sternly,” he said.

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FG reopens Enugu Airport April 28

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The Federal Government of Nigeria has announced that the Akanu Ibiam International Airport in Enugu will reopen for flight operations on April 28, following the completion of emergency runway repairs.

The Director of Public Affairs and Consumer Protection, Federal Airports Authority of Nigeria (FAAN), Mrs Obiageli Orah, disclosed this in a statement on Saturday.

The News Agency of Nigeria (NAN) recalls that on April 18, FAAN announced the closure of the airport for repairs due to a sudden and significant rupture in the asphalt surface at a critical section of the runway.

According to Orah, the work was scheduled to begin on April 22 and concluded before reopening on May 6.

“However, rehabilitation works on the runway have been completed, and the runway is cleared for landings and takeoffs by the engineers working with FAAN.

“FAAN appreciates all airport users and stakeholders for their understanding and cooperation during this time.

“The Authority sincerely apologises for the inconvenience but assures the public that all actions were taken in the interest of safety,” Orah said.

The News Agency of Nigeria (NAN) reports that the faulty runway had caused airlines operating in the airport to either suspend operations or divert flights to nearby airports. (NAN)

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FCT Orders Crackdown On Unregistered Hospitals After Pregnant Woman’s Death

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The Minister of the Federal Capital Territory, Nyesom Wike, has ordered a clampdown on unregistered hospitals and quack medical personnel operating within the territory.

In a statement issued on Saturday by the Senior Special Assistant to the FCT Minister on Public Communications and Social Media, Lere Olayinka, the Minister warned, “Henceforth, anyone found to be operating or working in an unregistered health facility should be arrested and prosecuted.”

According to the statement, Wike issued the directive following the death of a 35-year-old pregnant woman, Chekwube Chinagorom, after a caesarean section at Afolmi Hospital, a private, unregistered facility located in Durumi, Abuja.

The statement described the incident as unfortunate, stressing that despite the free registration of pregnant women into the Federal Capital Territory Health Insurance Scheme, many still patronise unsafe health facilities.

“In the FCT, vulnerable persons, including pregnant women, enjoy free enrollment into the FHIS, which allows them free access, through the Primary Health Care Centres, to all services covered in the Basic Minimum Package of Health Services,” Olayinka said.

He further noted that several hospitals in the FCT, including Gwarinpa, Nyanya, Abaji, and Kuje General Hospitals, have been designated as Comprehensive Emergency Obstetric and Neonatal Care centres, offering cesarean sections free of charge.

“Our pregnant women are once again urged to take advantage of this free health insurance scheme and stop visiting quack medical personnel and unregistered health facilities,” Olayinka added.

According to the statement, Chinagorom was brought in dead to Asokoro District Hospital after undergoing a caesarean section at Afolmi Hospital. While she died, her baby was delivered alive and referred to Asokoro Hospital for care.

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An investigation by the Private Health Establishments Registration and Monitoring Committee revealed that Afolmi Hospital was not duly registered. During inspection, only one staff member, Mr. Simon Elisha Godiya, a Junior Community Health Extension Worker, was found on duty.

“Mr. Godiya reported that the surgical operation was performed by one Murtala Jumma in conjunction with another unidentified individual. All attempts to reach Murtala Jumma via phone were unsuccessful.

“Shortly after the PHERMC team arrived at the facility, a detachment of officers from the Nigeria Police, Durumi Divisional Headquarters, also arrived. The case was immediately handed over to the Police for further investigation.

“The officer in charge requested that the PHERMC team accompany them to the station to formally record the incident, and the team complied accordingly.

“The Nigeria Police is currently assisting in identifying the individuals responsible for the surgery, verifying their qualifications, and investigating the circumstances that led to the death of the late Chekwube Chinagorom at Afolmi Hospital,” the statement added.

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