Economy
Banks To Publish Details Of Dormant Accounts, Unclaimed Funds – CBN
Banks To Publish Details Of Dormant Accounts, Unclaimed Funds – CBN
Banks to Publish Details of Dormant Accounts, Unclaimed Funds. The Central Bank of Nigeria (CBN) has mandated all banks and financial institutions to publicly disclose details of dormant accounts, unclaimed balances, and other financial assets on their official websites.
According to the CBN, a dormant account is one that has remained inactive for at least a year.
This directive was outlined in a circular issued on Monday, titled “Guidelines on Management of Dormant Accounts, Unclaimed Balances, and Other Financial Assets in Banks and Other Financial Institutions in Nigeria.” The circular was signed by Michael Akuka on behalf of the director of the CBN’s financial policy and regulation department.
Under the new regulations, financial institutions must display essential details such as the names of authorized account operators, account type, and the branch where it is domiciled on their official websites. For other financial institutions (OFIs) without dedicated websites, the information must be published on their respective industry association websites.
Addressing concerns over data privacy, the CBN clarified that the directive aligns with Section 25(b) of the Nigeria Data Protection Act, 2023 (NDPA), which allows justified exceptions. Additionally, Section 72(ii) of the Banks and Other Financial Institutions Act empowers the CBN to issue guidelines on unclaimed funds.
CBN
As part of compliance, banks must also publish these details annually in at least two national newspapers and at the premises of state and unit microfinance banks.
This directive follows a previous CBN order issued on July 19, 2024, requiring banks and financial institutions to transfer unclaimed balances and dormant account funds to the apex bank’s designated accounts.
Tinubu Welcomes Brazilian Delegation For Bilateral Talks
Tinubu welcomes Brazilian delegation for Bilateral talks. A Brazilian delegation led by Minister of Foreign Affairs Mauro Viera visited Abuja to strengthen cooperation between Nigeria and Brazil.
The visit included delivering an official invitation from Brazilian President Luiz Inácio Lula da Silva for President Bola Tinubu to visit Brazil soon.
Discussions focused on trade, investment, and cultural collaboration, with both nations signing agreements to enhance bilateral relations.
Viera praised Tinubu’s participation in the G-20 summit in Brazil last November and emphasized the need for deeper ties in culture, economics, and education.
Tinubu
Nigeria’s Minister of Foreign Affairs, Ambassador Tuggar, highlighted Brazil’s historic support, recalling its participation in Nigeria’s independence celebrations, underscoring the long-standing relationship between both countries.
Gov. Fubara Calls For Lasting Peace In Rivers, Reaffirms Commitment to Education
Gov. Fubara calls for lasting peace in Rivers, reaffirms commitment to education. Rivers State Governor, Siminalayi Fubara, has emphasized the need for lasting peace in the state, urging members of the Rivers State House of Assembly to fully comply with the Supreme Court ruling in the interest of stability and development.
Speaking on Thursday during the inauguration of the renovated Okrika Grammar School in Okrika LGA, Fubara reiterated his commitment to peaceful governance, stating, “For me to govern effectively, there must be peace. The Supreme Court has ruled, and we must abide by it.”
He also highlighted the government’s intervention in revamping the school, following a request from the Diocese of Okrika Anglican Communion.
The renovation aligns with his administration’s focus on education, healthcare, and food security.
Rivers State Commissioner for Education, Dr. Ovy Chukwuma, described the project as a testament to Fubara’s dedication to quality education.
The renovations included modern classrooms, hostels, an ICT library, laboratories, an administrative block, perimeter fencing, and improved sports facilities.
Governor Fubara
Fubara assured the Anglican Church that experts would assess erosion threats to the school’s land, ensuring its long-term sustainability.
The event saw praise from the Old Boys Association, community leaders, and religious figures, who commended the governor for restoring the institution’s legacy.
Rivers State Assembly to Investigate Chief Judge Over Alleged Age Falsification
Rivers State Assembly to investigate Chief Judge over alleged age falsification. The Rivers State House of Assembly has initiated an investigation into the state’s Chief Judge, Justice Simeon Amadi, over alleged age falsification.
The move comes amid the ongoing political crisis in the state, involving a power struggle between FCT Minister Nyesom Wike and Governor Similayi Fubara.
On Thursday, the issue was raised during plenary after the House Leader, Hon. Major Jack, presented certain documents to the Speaker, Martin Amaewhule.
The Deputy Speaker, Hon. Dumle Maol, stated: “These documents indicate that Justice Simeon Amadi falsified his age in service. This is a serious allegation, and I hope the House takes legislative notice.”
Rivers State Assembly
Following deliberations, the Assembly resolved to request an investigation by the Department of State Services (DSS).
The motion was put to a vote and approved, directing the DSS to verify the claims and report back to the House.
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