National
CBN implements stricter regulations for dormant accounts, unclaimed funds
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.
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)
A civil society organisation in Zamfara State has strongly criticised Governor Dauda Lawal, accusing him of gross incompetence and failure to secure the lives and property of the citizens under his watch.
In a scathing statement signed by the group’s Publicity Secretary, Dr Suleiman Ibrahim Usman, the organisation alleged that Governor Lawal has abandoned his responsibilities, choosing instead to blame his predecessor, Dr Bello Matawalle, for the state’s persistent security challenges.
“Governor Lawal has failed woefully in his primary duty of safeguarding the people of Zamfara,” the group said.
“Rather than tackle the escalating insecurity, he spends his time pointing fingers at his predecessor, all while living lavishly and ignoring the plight of his people.”
The group criticised what it described as the governor’s “luxurious lifestyle”, claiming that while communities in the state suffer from hunger, sickness, and fear of bandit attacks, Governor Lawal is busy acquiring exotic vehicles.
“It is disgraceful for a leader of a traumatised state to indulge in such extravagance,” the statement read.
The statement further accused the governor of mismanaging the state’s increased federal allocation and internal revenue, questioning what tangible security investments have been made since he assumed office.
“Under Governor Matawalle, despite limited funds, security agencies received over 200 Hilux vehicles and motorcycles. What has Governor Lawal done with the increased allocation?” the group queried.
The civil society group also criticised the ongoing road projects in the state, describing them as mere reconstructions of long-standing roads rather than the development of new infrastructure.
“These are not new roads; they are just politically motivated renovations focused mostly on his own local government area,” the statement alleged.
It condemned aides of the governor for attacking the current Minister of State for Defence, Dr Bello Matawalle, saying he had contributed to improved security in the state.
“Thanks to Matawalle’s interventions, many villages are now able to sleep with both eyes closed, and farming activities are gradually returning,” Dr Usman claimed.
“It is only hypocrites or those who have never stepped foot in Zamfara that would commend this administration. We challenge anyone to visit the state and see the suffering of the people firsthand.”
National
Enugu Ministers’ Roundtable To Equip Church Leaders for Spiritual Harvest, Says KARM Leader
The Kingdom Apostolic Revival Ministries (KARM) has unveiled plans for a significant gathering dubbed the Enugu Ministers’ Roundtable, aimed at equipping church leaders and workers for what its convener describes as an “imminent harvest of souls.”
The announcement was made on Tuesday by Apostle John Enelamah, leader of KARM, in a statement released to journalists,on Tuesday.
The conference, scheduled for 11-12 April 2025 at the Jesus the Way Gospel Mission Auditorium in New Era Layout, Akwunanu, Enugu, is expected to draw ministers and church workers from across Nigeria’s South East and South South regions.
Apostle Enelamah emphasised that the event would not only address the spiritual needs of attendees but also tackle their temporal concerns, while fostering discussions on expanding the reach of the Christian faith.
“The Ministers’ Roundtable is a forum where ministers and church workers will come together to fellowship and receive the Word of God, equipping them for the great work ahead,” Enelamah said.
“God’s move and revival are sweeping across the nations, and Nigeria has a pivotal role to play in these end times.”
Enelamah highlighted Enugu’s strategic importance in the South East as a key reason for hosting the event there, noting that the conference would serve as a springboard for further outreach in the region.
He also revealed plans for a future gathering, the Mission To West Africa (MTWA) Conference, set to take place in Umuahia in February 2026.
The Enugu Ministers’ Roundtable will feature prominent Christian leaders, including Archbishop Chris Ede of the Methodist Church Nigeria, Enugu Archdiocese; Bishop Obi Onubuogu of Rock Family Church; and Apostle Chuks Alozie of the Abia Apostolic Intercessory Team.
The event will be hosted by Rev John Uga, with sessions running from 9am to 4pm on 11 April and resuming at 9am on 12 April.
In his statement, Enelamah urged ministers “thirsty and hungry for greater exploits in their ministry” to attend, promising a spiritually enriching experience that would “build up our most holy faith.”
He added that KARM intends to collaborate closely with ministers in Enugu and other parts of southern Nigeria to strengthen the church’s mission.
The Nigeria Union of Journalists (NUJ), Rivers State Council, has issued a 14-day ultimatum to the Rivers State Police Command to tender an unreserved public apology over the assault on five journalists during a peaceful protest in Port Harcourt or risk a statewide media blackout.
In a statement jointly signed by the Council Chairman, Comrade Paul Bazia, and Secretary, Dr. Ijeoma Tubosia, the NUJ condemned the actions of police officers involved, demanding their immediate identification and prosecution.
“The NUJ, as a watchdog of society, will not sit idly by while media practitioners are subjected to barbarism and brutality. Enough is enough,” the statement warned, noting that any further attack on journalists in the state would be “vehemently resisted.”
The union described the incident as “unprovoked, barbaric, and inhuman,” saying it amounted to a gross violation of the rights of the affected journalists.
Those assaulted include Charles Opurum of Channels TV, Allwell Ene of Naija FM, Soibelemari Oruwari of Nigeria Info, Ikezam Godswill of AIT, and Femi Ogunkhilede of Super FM.
The journalists were tear-gassed while covering the protest, with Opurum beaten, and detained by security operatives.
Expressing deep regret over the incident, the NUJ lamented that an institution tasked with safeguarding lives and property has turned its weapons on citizens, particularly journalists performing their lawful duties.
Despite the provocation, the union reaffirmed its commitment to constructive engagement and partnership with the police in the interest of peace and national development.
It, however, cautioned the police not to jeopardise the existing relationship with the media.
The NUJ also urged its members to remain calm and law-abiding, expressing hope that the police authorities would take decisive steps to address the matter and ensure a more respectful working relationship with journalists in Rivers State.