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)
By Abubakar Yunusa
A leading civil society organisation, the Resource Centre for Human Rights & Civic Education (CHRICED), has called for the immediate arrest and prosecution of former military ruler General Ibrahim Babangida over his role in the annulment of the June 12, 1993, presidential election.
In a statement released on Thursday in Abuja, CHRICED’s Executive Director, Comrade Ibrahim M. Zikirullahi, described Babangida’s recent self-incriminating remarks as a critical test for President Bola Ahmed Tinubu’s administration.
He asserted that failure to hold the former leader accountable would undermine Tinubu’s moral and political legitimacy.
“We firmly assert that if President Tinubu fails to take decisive action against General Babangida and does not ensure that he faces the consequences of his actions—specifically, imprisonment, which is where he rightfully belongs—he will lack the moral and political legitimacy to govern effectively,” Zikirullahi stated.
The organisation argued that Babangida’s candid admission of his role in annulling the election paints him as a figure who has evaded justice for too long.
It warned that failure to prosecute him would further entrench a culture of impunity in Nigeria.
The statement also highlighted the tragic aftermath of the annulment, including the deaths of protesters and the imprisonment of pro-democracy activists.
Among those mentioned were Chief MKO Abiola, the presumed winner of the election, who was detained and later died under suspicious circumstances, as well as journalist Dele Giwa, whose unresolved murder remains a symbol of repression during Babangida’s regime.
“For decades, successive governments have claimed a lack of evidence to prosecute Babangida.
However, with his recent confessions and public statements, there is now compelling evidence for legal action,” CHRICED said.
The organisation also criticised the financial waste associated with the annulled election, arguing that resources used to conduct the poll could have been better utilised for national development.
The center blamed Babangida’s administration for fostering a political culture where power is acquired through manipulation rather than democratic means.
“The decisions made by Babangida and his associates have led to the infiltration of unqualified individuals into various positions of authority, undermining governance and eroding public trust,” the statement read.
CHRICED urged President Tinubu to take a stand for justice, insisting that addressing Babangida’s role in the June 12 annulment is crucial to restoring faith in Nigeria’s democratic process.
“This is not just about the past; it is about Nigeria’s future. If impunity is allowed to persist, the cycle of injustice and corruption will continue to plague our nation,” Zikirullahi warned.
Gunmen have abducted some female students of Joseph Sarwuan Tarka University in Makurdi, Benue state.
The students, reportedly numbering up to four, were abducted on Tuesday evening at the university’s North Core campus.
The students were said to have been headed for “night class”, a practice of late-night studying in Nigerian campuses.
The gunmen were said to have invaded the hotel area of the campus before abducting the four students.
Some moments after the incident, operatives of the Nigerian army arrived at the school.
Sewuese Anene, Benue police spokesperson, told TheCable on Wednesday that a report received by the police indicated that only two students were kidnapped during the incident.
Anene added that the police have launched an investigation into the matter.
The Markurdi incident is the latest in a series of abductions targeted at Nigeria’s tertiary school students in recent years.
In August 2024, at least 20 medical and dental students were kidnapped in Benue State while travelling to a convention in Enugu.
In September 2023, gunmen abducted approximately 20 students from a university in Zamfara state.
At Greenfield University in Kaduna State, at least 20 students and two staff members were kidnapped in April 2021.
Tragically, five students were killed during captivity before the remaining hostages were released after a month.
The Economic and Financial Crimes Commission (EFCC) has arraigned Jude Okoye, the elder brother and former manager of Paul and Peter Okoye of the defunct music group, P-Square, on charges of laundering ₦1.38billion, $ 1 million and £34,537.59.
Jude was arraigned alongside his company, Northside Music Ltd, before Justice Alexander Owoeye of the Federal High Court, Lagos, on a seven-count charge
One of the counts read: “That you, Jude Okoye Chigozie and Northside Music Ltd sometime in 2022, in Lagos, within the jurisdiction of this Honourable Court, did directly acquire a landed property known as No 5, Tony Eromosele Street Parkview Estate, Ikoyi, Lagos worth ₦850,000,000.00 (Eight hundred and fifty million naira) only, which money you knew or reasonably ought to have known forms part of proceeds of unlawful act and thereby committed an offence contrary to Section 18 (2) (d) and punishable under Section 18 (3) of the Money Laundering (Prevention and Prohibition) Act, 2022.”
Another count read: “That you, Jude Okoye Chigozie and Northside Music Ltd sometime in 2022, in Lagos, within the jurisdiction of this Honourable Court, did indirectly using bureau de change convert the sum of $1,019,762.87 (One million nineteen thousand, seven hundred and six-two dollars eighty-seven cents), domiciled in Access Bank Plc operated by Northside Music Lid to the naira equivalent and remitted into various bank accounts with the intention of concealing that the said fund form part of the proceeds of an unlawful act and thereby committed an offence contrary to Section 18 (2)(a) and punishable under Section 18 (3) of the Money Laundering (Prevention and Prohibition) Act, 2022.”
He pleaded “not guilty” to the charges.
In view of his plea, the prosecution counsel, Larry Peters Aso, applied for a date for hearing as well as for the remand of the defendant in the correctional facility pending trial.
The defendant’s counsel, Inibehe Effiong, informed the court of a pending bail application. He asked for a short date for the hearing. Effiong also asked that the defendant be remanded in the EFCC’s custody pending the hearing of the application.
Aso objected to the request for the defendant to be remanded in the EFCC custody. He argued that the EFCC custody was already congested with suspects awaiting arraignment. He urged the court to remand the defendant to the correctional facility since he had taken his plea.
Justice Owoeye adjourned the matter till February 28 for bail hearing and April 14 for trial.
He also ordered that the defendant be remanded in the Ikoyi correctional facility.