{"id":1876,"date":"2024-07-21T07:23:14","date_gmt":"2024-07-21T07:23:14","guid":{"rendered":"https:\/\/beadysword.com.ng\/blog\/?p=1876"},"modified":"2024-07-21T07:23:19","modified_gmt":"2024-07-21T07:23:19","slug":"cbn-to-channel-dormant-account-funds-into-nigerian-treasury-bills","status":"publish","type":"post","link":"https:\/\/beadysword.com.ng\/blog\/2024\/07\/21\/cbn-to-channel-dormant-account-funds-into-nigerian-treasury-bills\/","title":{"rendered":"CBN To Channel Dormant Account Funds Into Nigerian Treasury Bills"},"content":{"rendered":"<p>The central Bank Of Nigeria (CBN) has announced its intention to invest funds from dormant accounts, unclaimed balances and other financial assets into Nigerian Treasury Bills (NTBs) and other government securities.<\/p>\n<p>This plan is part of the new \u201cGuidelines on Management of Dormant Accounts, Unclaimed Balances, and Other Financial Assets in Banks and Other Financial Institutions in Nigeria\u201d released on Friday.<\/p>\n<div class=\"code-block code-block-12\">\n<div id=\"v-premiumtimesng-0\" aria-hidden=\"true\">\n<div id=\"_vdo_ads_player_ai_26063\" class=\"vdo_video_unit vdo_content\">\n<div id=\"vdo_logo_parent\">\n<div>\n<div aria-hidden=\"true\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>According to these guidelines, the CBN will create an \u201cUnclaimed Balances Trust Fund (UBTF) Pool Account\u201d to manage unclaimed balances and establish a committee to oversee its operation.<\/p>\n<div class=\"code-block code-block-1\">\n<div id=\"elm-esk-7956172911856-jvy\"><\/div>\n<\/div>\n<p>This committee will issue guidelines, monitor compliance, manage funds, and handle claims and complaints.<\/p>\n<p>It will also annually publish the list of unclaimed balance owners and procedures for reclaiming funds on the CBN website and in national newspapers.<\/p>\n<p>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.<\/p>\n<p>The CBN\u2019s guidelines state that eligible accounts include dormant account balances that have remained with financial institutions (FIs) for ten years or more.<\/p>\n<div class=\"code-block code-block-6\"><\/div>\n<p>These accounts 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; government-owned accounts; proceeds of uncleared and unpresented financial instruments belonging to customers or non-customers.<\/p>\n<p>Also included are unclaimed salaries, wages, commissions, and bonuses; proceeds of stale local and\/or foreign currency drafts not presented for payment by beneficiaries; funds received from a correspondent bank without sufficient details as to the rightful beneficiary and\/or a recall of funds made to the remitting bank to which the Nigerian bank account had not been debited.<\/p>\n<div class=\"code-block code-block-7\">\n<div><\/div>\n<\/div>\n<p>The guidelines also specify exemptions, which include accounts subject to litigation, those under investigation by regulatory authorities or law enforcement, encumbered accounts such as collaterals and liens, and judgment debts with ongoing court cases.<\/p>\n<p>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 (as the case may be) will be communicated subsequently.<\/p>\n<p>\u201cThis Guidelines supersedes the Guidelines on the Management of Dormant Accounts and Other Unclaimed Funds by Banks and Other Financial Institutions in Nigeria, issued in October 2015 and takes effect immediately,\u201d it said.<\/p>\n<div class=\"at-below-post addthis_tool\" data-url=\"https:\/\/www.premiumtimesng.com\/business\/business-news\/715540-cbn-to-channel-dormant-account-funds-into-nigerian-treasury-bills.html\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The central Bank Of Nigeria (CBN) has announced its intention to invest funds from dormant accounts, unclaimed balances and other financial assets into Nigerian Treasury Bills (NTBs) and other government securities. This plan is&#46;&#46;&#46;<\/p>\n","protected":false},"author":2,"featured_media":1877,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-1876","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/posts\/1876","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/comments?post=1876"}],"version-history":[{"count":1,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/posts\/1876\/revisions"}],"predecessor-version":[{"id":1878,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/posts\/1876\/revisions\/1878"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/media\/1877"}],"wp:attachment":[{"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/media?parent=1876"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/categories?post=1876"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/tags?post=1876"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}