The Central Bank of Nigeria issued a circular to banks and other financial institutions clarifying what information should be disclosed when publishing dormant account and unclaimed balance lists under its 2024 guidelines, following stakeholder enquiries about potential breaches of the Nigeria Data Protection Act 2023. The circular cites Section 25(b) of the Nigeria Data Protection Act as permitting justifiable deviations from the Act’s general principles, and Section 72(ii) of the Banks and Other Financial Institutions Act as mandating the Central Bank of Nigeria to issue guidelines on administering unclaimed funds. It directs that publications on banks’ websites, or on an association’s website for other financial institutions without websites, must contain only the account name, account type, bank name, and the branch where the account is domiciled. The same limited set of details must also be published annually in at least two national daily newspapers, or displayed at the premises of State and Unit microfinance banks.
Central Bank of Nigeria 2025-02-17
Central Bank of Nigeria limits public disclosures for dormant and unclaimed accounts to address data protection concerns
The Central Bank of Nigeria issued a circular clarifying disclosure requirements for dormant accounts and unclaimed balances under its 2024 guidelines, addressing concerns about the Nigeria Data Protection Act 2023. It permits limited information disclosure, including account name, type, bank name, and branch, on bank websites or in national newspapers, aligning with Section 25(b) of the Data Protection Act and Section 72(ii) of the Banks and Other Financial Institutions Act.