The directive by the Central Bank of Nigeria requiring banks to publish dormant account details has triggered widespread concern among economic analysts and financial stakeholders, particularly around customer communication, privacy, and the rising rate of business failures.
Data released by several commercial banks revealed that more than 321,000 accounts have remained inactive for over 10 years, cutting across individuals, companies, cooperatives, religious organisations, clubs, and small businesses.
Among the affected institutions, Access Bank Plc disclosed 243,934 dormant accounts, while Stanbic IBTC Bank listed 26,135 accounts. Fidelity Bank Plc published approximately 61,900 dormant accounts, and Union Bank of Nigeria Plc released a smaller list of 212 accounts classified as dormant or unclaimed.
The disclosures followed the apex bank’s July 2024 Guidelines on the Management of Dormant Accounts, Unclaimed Balances and Other Financial Assets. The policy mandates financial institutions to publish details of dormant accounts on their websites at least six months before such funds are transferred to the CBN’s Unclaimed Balances Trust Fund Pool Account.
Further analysis of the data revealed a nearly equal distribution between individual and corporate accounts in Access Bank’s records, with 122,390 individual accounts and 120,718 corporate accounts. This balance highlights the significant role of business inactivity in driving dormant account volumes.
In contrast, Fidelity Bank’s records showed a heavy concentration of corporate accounts, which made up about 79
per cent of its dormant accounts. These accounts were largely linked to small and medium-sized enterprises (SMEs) and businesses spanning sectors such as oil and gas, logistics, hospitality, pharmaceuticals, and informal trading.Geographically, many dormant accounts were traced to major commercial hubs including Lagos markets like Idumota, Oyingbo, Allen Avenue, Awolowo Road, and Ladipo, as well as oil-service areas in Port Harcourt and key northern trading centres.
Stanbic IBTC’s extensive register also showed concentrations in major cities such as Lagos, Abuja, Kano, Ibadan, Kaduna, and Maiduguri.
Other banks adopted alternative approaches. United Bank for Africa Plc opted to publish an unclaimed dividend list instead of a dormant account register.
First Bank of Nigeria Limited and Zenith Bank Plc provided online portals for customers to search for affected accounts, while Guaranty Trust Bank Plc released only its dormant account management guidelines. Ecobank Nigeria, on its part, focused on reactivation services without publishing a detailed list.
Reacting to the development, the Director of the Centre for the Promotion of Private Enterprise, Muda Yusuf, said the directive underscores gaps in customer engagement by banks.
The apex bank further directed financial institutions to strengthen customer notification systems through emails, text messages, and letters, while ensuring proper audit trails and compliance with quarterly reporting requirements.
As implementation continues, stakeholders are calling for clearer communication, simplified recovery processes, and stronger safeguards to balance financial regulation with customer privacy.
