Four major Nigerian banks have released records of more than 321,000 inactive accounts in compliance with new regulatory requirements introduced by the Central Bank of Nigeria concerning dormant balances and unclaimed financial assets.
The disclosures followed the apex bank’s directive requiring financial institutions to notify the public and affected customers before eligible dormant funds are transferred into the regulator’s Unclaimed Balances Trust Fund Pool Account.
Analysis of the published records showed that the combined dormant accounts disclosed by the four lenders reached 321,181, covering personal accounts, corporate accounts, associations, religious organisations, cooperatives and small businesses that have remained inactive for over a decade.
Access Bank Plc accounted for the largest volume among the institutions, with hundreds of thousands of dormant accounts listed across both individual and corporate categories.
Fidelity Bank Plc also reported a substantial number of inactive accounts, with corporate entities representing a dominant share of the register, reflecting increasing business closures and prolonged inactivity among enterprises.
Stanbic IBTC Bank published an extensive dormant account register spanning multiple cities and account categories, including current accounts, salary accounts and joint accounts.
Meanwhile, Union Bank of Nigeria Plc disclosed a smaller number of dormant balances, largely linked to community groups, associations, cooperatives and religious bodies.
The development has generated debate among financial analysts and stakeholders over customer communication practices, privacy concerns and the broader economic implications reflected in the large volume of inactive accounts.
Economic experts said the data highlights the impact of difficult business conditions, particularly among small and medium-sized enterprises that have struggled with rising operating costs, inflationary pressure and weak economic activity.
Several analysts noted that dormant corporate accounts often emerge after businesses cease operations, relocate or abandon banking relationships due to financial distress.
Stakeholders also raised concerns about the complexity of account reactivation procedures, arguing that cumbersome documentation requirements discourage customers from restoring inactive accounts.
Some analysts questioned the public disclosure of dormant account holders, warning that publishing account information could expose customers and families to privacy risks and potential disputes.
The Central Bank of Nigeria has maintained that the policy is intended to improve transparency, strengthen oversight of abandoned financial assets and reduce the risk of fraud associated with long-inactive accounts.
Under the current framework, dormant balances eligible for regulatory transfer include savings accounts, current accounts, domiciliary accounts, unclaimed salaries, prepaid card balances and other financial assets that have remained inactive for at least 10 years.
The apex bank also directed financial institutions to intensify efforts to contact affected customers through electronic messages, letters and other communication channels before any transfer process is completed.
