How to Withdraw Money from a Dormant Bank Account in Nigeria

The Central Bank of Nigeria (CBN) has introduced new guidelines to help individuals and businesses withdraw money from dormant accounts. A bank account is classified as inactive if there are no transactions for six to twelve months and becomes dormant after one year of inactivity. If funds remain unclaimed for ten years, they are transferred to the Unclaimed Balances Trust Fund (UBTF) Pool Account managed by the CBN. However, account holders, next-of-kin, and beneficiaries can still claim their money under the new policy.

To withdraw money from a dormant account, individuals must visit their bank and submit a formal request along with valid identification, proof of address, and account details. If the account holder is deceased, the next-of-kin or beneficiaries must provide a death certificate, court probate or letter of administration, valid identification, and proof of relationship. Corporate entities must submit company registration documents, a board resolution, and details of authorized signatories.

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Once the bank verifies the claim, it forwards the request to the CBN, which processes the refund within ten business days. The refund includes the original account balance and any accrued interest. If a financial institution loses its license, the Nigeria Deposit Insurance Corporation (NDIC) takes over the management of dormant accounts, ensuring rightful owners can still access their funds.

This directive applies to savings accounts, current accounts, fixed deposits, domiciliary accounts, prepaid card accounts, deposits for shares, and government-owned accounts. However, accounts under litigation, investigation, or legal restrictions are exempt. Banks must also notify account holders when their accounts approach inactivity and send quarterly reminders about dormant status.

The new CBN policy ensures that unclaimed funds do not remain indefinitely with financial institutions while providing a structured process for rightful owners to reclaim their money. If you have a dormant account or are a beneficiary, visit your bank with the required documents to initiate the withdrawal process as soon as possible.