CBN to invest unclaimed bank balances
The Central Bank of Nigeria (CBN) has said it would take over the deposits in unclaimed bank accounts and invest the same in securities, until their owners reclaim them.
“The Central Bank of Nigeria shall open and maintain an account earmarked for the purpose of warehousing unclaimed balances in eligible accounts. The account shall be called ‘Unclaimed Balances Trust Fund Pool Account,” the bank said in a latest circular.
The eligible accounts and financial assets are current, savings and term deposits in local currency; domiciliary accounts; deposits towards the purchase of shares and mutual investments; prepaid card accounts and wallets; proceeds of uncleared and unpresented financial instruments belonging to customers or non-customers of FIs; unclaimed salaries and wages, commissions, and bonuses. The Apex Bank said it would publish a list of claimants of the accounts.
Chibuzor Efobi, CBN’s director of financial policy and regulation department, urged members of the public to send inputs on the policy within three weeks. Money deposit banks are therefore to transfer all unclaimed funds into the designated ‘Unclaimed Balances Trust Fund pool account kept at the CBN.
