The Central Bank of Nigeria (CBN) has directed all banks and other financial institutions to transfer all dormant accounts, unclaimed balances to a special account called Unclaimed Balances Trust Fund Pool Account (‘UBTF Pool’ Account).
In a circular available on the official website of CBN, the apex bank said all dormant accounts and unclaimed balances with banks for at least 10 years will be warehoused in the ‘UBTF Pool’ Account)
According to CBN, funds from dormant accounts, and unclaimed balances may be invested in Nigerian Treasury Bills and other government securities.