The Central Bank of Nigeria (CBN) has revised its guidelines on dormant accounts, removing the mandatory affidavit requirement for customers seeking to reactivate such accounts.
In a circular dated March 12, 2026, issued to banks and other financial institutions, the apex bank said it had “rescinded the requirement under Section 8.0(ii) for the mandatory use of affidavits in the reactivation of dormant accounts,” following representations from stakeholders.
The circular, signed by the Director of the Financial Policy and Regulation Department, Dr. Rita Sike, said the move is aimed at simplifying the reactivation process while maintaining safeguards to protect the integrity of the financial system.
Despite the change, the CBN directed financial institutions to maintain strict verification procedures when processing requests for dormant account reactivation.
“Notwithstanding this rescission, banks and OFIs shall continue to apply enhanced due diligence by implementing robust safeguards to verify the accuracy and authenticity of customer information during dormant account reactivation,” the circular stated.
The CBN clarified that the removal of the affidavit requirement applies only to dormant accounts that have not been transferred to the Unclaimed Balances Trust Fund (UBTF) Pool Account.
“For the avoidance of doubt, affidavits are no longer required for reactivating dormant accounts that have not been transferred to the UBTF Pool Account,” the bank said.
However, it stressed that the exemption does not apply to funds already moved to the UBTF Pool Account, where affidavits remain mandatory for reclaiming such balances.
The revised framework also introduces new disclosure requirements for banks and other financial institutions regarding dormant accounts and unclaimed balances.
Under the directive, institutions must publish limited details of dormant accounts yet to be transferred to the UBTF Pool Account, as well as unclaimed balances already transferred to the fund.
The information must be published on their operational websites and should include the names of authorised account holders, account type, the name of the bank or financial institution, and the branch where the account is domiciled.
Banks without active websites are required to publish the information on the official websites of their respective industry associations.
In addition, financial institutions must publish the details annually in at least two national daily newspapers. However, where the list exceeds two full pages, banks may publish a one-page notice directing customers to a dedicated and searchable section on their websites containing the full list.
State and unit microfinance banks are exempt from the newspaper publication requirement but must display the information in all their business locations.
The CBN also clarified that the disclosure requirements comply with the Nigeria Data Protection Act, 2023 and the Banks and Other Financial Institutions Act, 2020.
Citing Section 25(1)(b) of the NDPA, the bank noted that processing personal data for the administration of dormant accounts and unclaimed balances is permissible when required to meet legal obligations or protect the interests of account holders.
The circular added that Section 72(11) of BOFIA empowers the CBN to issue guidelines on the management of unclaimed funds in banks and other financial institutions.
“Accordingly, the required disclosures are legally justified and fully consistent with the applicable provisions of the NDPA and BOFIA,” the apex bank said.
The CBN noted that the new circular supersedes its earlier directive issued on February 17, 2025, and takes immediate effect.
