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SPECIAL REPORT: Jigawa villagers link declining farming output, urban drift to abandonment of damSPECIAL REPORT: Katsina farmers lament impact of climate changeSoyinka at 90: A tribute and memorable encounters, By Lanre ArogundadeSPECIAL REPORT: Jigawa villagers link declining farming output, urban drift to abandonment of damSPECIAL REPORT: Katsina farmers lament impact of climate changeSoyinka at 90: A tribute and memorable encounters, By Lanre...
According to these guidelines, the CBN will create an “Unclaimed Balances Trust Fund Pool Account” to manage unclaimed balances and establish a committee to oversee its operation. Also, the guidelines ensure that the principal and any interest from these investments must be refunded to beneficiaries within ten working days of a request. If an extension is necessary, the requesting financial institution will be notified with reasons for the delay.The CBN’s guidelines state that eligible accounts include dormant account balances that have remained with financial institutions for ten years or more.
It said 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 will be communicated subsequently.
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