CBN to Banks: Transfer Funds in Dormant Account to Trust Fund   The Central Bank of Nigeria has proposed that banks should transfer funds in accounts that have been dormant for up to 10 years into a trust fund account. This is contained in the recently released...

Buhari Sued Over FG’s Plan To Borrow N895bn From Dormant Accounts       The Federal High Court in Abuja has been asked to restrain and stop President Muhammadu Buhari and the Federal Government from borrowing an estimated N895bn of Nigerians’ money in the form of their unclaimed...

FG To Borrow Unclaimed Dividends, Funds In Dormant Accounts         The Federal Government plans to borrow unclaimed dividends and funds in dormant account balances of Deposit Money Banks. It disclosed this under Part XII of the Companies and Allied Matters Act in the signed Finance Act 2020. Under...

Statistics by the Nigerian Interbank Settlement Systems (NIBSS) shows that the country has a total of 31.2 million bank accounts that are not active in the banking system. According to the data hosted on the website of the NIBSS, there are a total of ninety...