Business

CBN to keep Dormant Accounts Money in UBTF for investing in TBs

Justifying this move, the Governor of the Central Bank of Nigeria, Olayemi Cardoso, said that monies in dormant accounts in banks are susceptible to fraud.

Published

1 year ago

February 20, 2025

OCHEFA

377 Views

The CBN Governor, Olayemi Cardoso says that the monies in dormant accounts and unclaimed balances with banks for at least 10 years will be warehoused in a dedicated account known as the Unclaimed Balances Trust Fund Pool Account (UBTF).

According to the Nigeria Inter-Bank Settlement System, the number of dormant bank accounts in Nigeria is over 19.69 million, with an estimated over N850 billion deposits.

According to the NIBSS data, dormant accounts remained above 19 million every month since February 2024, with December closing at 19,697,125 inactive accounts.

This represents an increase of 1,205,000 from January’s figure of 18,492,169, marking a 6.51 percent rise over the year.

The peak was recorded in May and June when the number reached 20.57 million before dropping slightly in the second half of the year.

The data further shows that there was an increase of 2.08 million dormant accounts between the first six months of 2024 before the CBN’s July directive on such accounts.

The apex bank explains that the funds from dormant accounts, and unclaimed balances may be invested in Nigerian Treasury Bills and other government securities.

The CBN, in its new guidelines, which is a review of the guidelines issued in October 2015, exempted dormant accounts and unclaimed balances under litigation and investigation.

The guideline reads, “CBN shall treat unclaimed balances (dormant accounts and financial assets) as follows:

“Open and maintain the ‘UBTF Pool Account’, maintain records of the beneficiaries of the unclaimed balances warehoused in the UBTF Pool Account.

“Invest the funds in Nigerian treasury bills (NTBs) and other securities as may be approved by the ‘Unclaimed Balances Management Committee.

“Refund the principal and interest (if any) on the invested funds to the beneficiaries not later than 10 working days from the date of receipt of the request and where it is imperative to extend the timeline, a notice of extension shall be communicated to the requesting FI stating reasons for the extension.”

Justifying this move, the Governor of the Central Bank of Nigeria, Olayemi Cardoso, said that monies in dormant accounts in banks are susceptible to fraud.

At the end of the 296th meeting of the Monetary Policy Committee in Abuja, Cardoso said,

“Concerning dormant accounts, what I found personally is if you leave accounts dormant in banks, sometimes more than when you don’t leave them dormant in banks. In fact, most times, they are more susceptible to fraudsters copying your identity and trying to gain hold of the system to grab your money. So, that is a problem I think most money banks face.”

“The policy and the directive are meant to ensure that all those monies come to the central bank for safekeeping and it is at zero cost to the beneficiaries.

All that will happen is that the central bank will manage the money within our possession and when the rightful owner surfaces, the money is returned plus whatever income is accrued to you.”

Related Topics:Dormant accounts Featured

Up Next

JUST IN: CBN retains Nigeria’s interest rate at 27.50% amid inflation drop

Don't Miss

Cadbury Nigeria @60 Fireside Chat With Dr Christopher Kolade: Here are the key points

Click to comment

Business

BUA Foods target expansion into noodles industry

Rabiu described the expansion programme as a strategic investment in Nigeria’s industrial future, emphasising that the company’s growth ambitions are driven by a commitment to national development rather than scale alone.

Published

5 hours ago

July 17, 2026

OCHEFA

26 Views

Chairman of the Board of Directors of BUA Group, Abdul Samad Rabiu disclosed that it’s food arm – BUA Foods is going into new sectors such as instant noodles because “we see it as a very important sector because of its affordability and its accessibility.”

Rabiu made the disclosure in Abuja on Thursday during the 5th Annual General Meeting of BUA Foods.

He also disclosed that as part of efforts to boost food sufficiency, “we are doubling our wheat milling capacity from over a million to over two million, wheat per annum. And that is huge.”

“We are also tripling the capacity of our edible oil business. In fact, we are setting up a brand new oil mill in Port Harcourt.

“Our ambition has never been to become bigger simply for the sake of size. We are building scale because Nigeria needs strong indigenous companies capable of competing at the highest level, investing for the long term and creating lasting value,” he said.

Business

Naira Exchange Today Rates Friday,July 17

Published

6 hours ago

July 17, 2026

OCHEFA

26 Views

BLACK MARKET RATES

US DOLLAR (USD) Buy ₦1, 417 Sell ₦1,423

GREAT BRITISH POUND (GBP)Buy ₦1,900 Sell: ₦1,920

EURO (EUR) Buy ₦1,600 Sell ₦1,615

CANADIAN DOLLAR (CAD) Buy ₦1,020 Sell ₦1,080

SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90

UAE DIRHAM Buy ₦350 Sell ₦370 CHINESE YUAN Buy ₦190 Sell ₦205

GHANA CEDI (GHS) Buy ₦95 Sell ₦110

WEST AFRICAN CFA Buy ₦2, 300 Sell ₦2, 400

CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250

AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900

CBN OFFICIAL EXCHANGE RATES

US DOLLAR (USD) ₦1,381.53

GREAT BRITISH POUND (GBP) ₦1,866.17

EURO (EUR) ₦1,582.68

SWISS FRANC (CHF) ₦1,710.03

JAPANESE YEN (JPN) ₦8.51

CHINESE YUAN (CNY) ₦204.05

WEST AFRICAN CFA (XOF) ₦2.40

WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,876.60

SAUDI RIYAL (SAR) ₦367. 87

SOUTH AFRICAN RAND (ZAR) ₦84.08

Business

IEA ratifies Nigeria as an Association Country

In response, Nigeria’s Minister of State for Petroleum Resources (Gas) Ekperikpe Ekpo, said : “I am elated with the decision of the IEA Members to officially welcome Nigeria to the IEA Family as an Association country;

Published

4 days ago

July 13, 2026

OCHEFA

74 Views

Photo: Nigerian Minister of State for Petroleum Resources ( Gas) Ekperikpe Ekpo (left) and the IEA Executive Director Fatih Birol, at the event. Credit: IEA

The Governing Board of the International Energy Agency (IEA) has unanimously agreed for Nigeria to join the IEA Family as an Association country.

“I am thrilled that Nigeria is joining the IEA – it is Africa’s most populous country and a major international energy player. Nigeria becoming part of the world’s energy authority marks a milestone for global energy governance. I am very thankful to President Tinubu and Minister Ekpo for their trust in the IEA,” said IEA Executive Director Fatih Birol.

Emphasising that Nigeria is home to over 240 million people and one of Africa’s largest economies, Faith Birol acknowledged that Nigeria is a major producer of oil and natural gas and is one of the continent’s most dynamic renewable energy markets.

“As Nigeria works to strengthen energy security, support economic growth and expand energy access, deeper cooperation with the IEA will bring important benefits for both sides. We look forward to building on our already strong partnership and welcoming Nigeria to the IEA, ” he said

“It is an honour for Nigeria to join this leading energy agency and I will take this opportunity to encourage the African continent to embrace the IEA, as we all work together to achieve key development goals including universal energy access and industrialisation.”

The IEA Governing Board’s decision builds on a strong history of engagement and collaboration between Nigeria and the IEA since 2014.

In September 2025, the IEA, Nigeria’s Minister of Petroleum Resources and the African Energy Commission (AFREC) jointly convened a Regional Roundtable on “Turning Methane Pledges into Action” in Abuja, bringing together energy stakeholders from across the region to advance efforts to reduce methane emissions from the energy sector.

As an Association country, Nigeria and the IEA will work more closely across a wide range of energy issues, including on the Agency’s engagement in sub-Saharan Africa.