How to Claim Dormant Account Money and Unclaimed Balances in Nigeria (Step by Step)

If you have an old bank account you stopped using years ago, the clock may already be ticking on it. In Nigeria, an account that sits untouched long enough is first flagged as inactive, then dormant — and once it crosses the ten-year line, the balance is moved out of your bank and into a special pool held by the Central Bank of Nigeria (CBN). The money is not gone, but from that point you have to follow a different route to get it back.

1 See the Official CBN Rules for Myself

🔒 You’ll be redirected to the Central Bank of Nigeria (cbn.gov.ng). The official service is free.

The good news is that claiming your dormant account money is a defined process, not a favour anyone does for you — and it does not cost a fee. This guide walks you through it step by step: how to confirm you have unclaimed balances, how to reactivate the account, what to do if the funds have already moved to the CBN’s trust fund, and how a next-of-kin claims money left behind by someone who has passed on.

Before you start, it helps to have a few things within reach: your Bank Verification Number (BVN), your National Identification Number (NIN), any old account numbers or statements, and a valid means of identification. If you are claiming for a late relative, you will also need proof of your relationship and the right legal documents.

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Dormant Accounts and Unclaimed Balances: What They Actually Mean

Banks classify accounts by activity. When you stop making transactions yourself, an account is treated as inactive after roughly six to twelve months. If nothing changes, it becomes dormant after about a year. Once a balance has sat dormant for ten years or more, it is treated as an unclaimed balance and can be transferred to the CBN’s Unclaimed Balances Trust Fund (UBTF).

This framework sits on real law — the Banks and Other Financial Institutions Act (BOFIA) 2020 and the Finance Act 2020 — which is why banks are obliged to follow it. The CBN warehouses these funds, may invest them in government securities, and holds them in trust so the rightful owner can still come forward and reclaim.

A few important details:

• Inactive domiciliary accounts are covered too, but an account you are still actively using is not affected.
• Some accounts are exempted from transfer, including those under litigation or investigation, or used as collateral.
• If a bank’s licence is revoked, the Nigeria Deposit Insurance Corporation (NDIC) steps in to handle depositors’ funds.

Understanding this matters because your claim route depends on where the money currently sits — still at your bank, or already in the CBN pool.

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Step-by-Step: How to Claim Your Dormant Account Money

Step 1: Identify the Bank and Confirm the Account

Start with what you already know. List every bank where you have ever held an account — salary accounts, cooperative accounts, that savings account you opened for one goal and forgot. Dig out old ATM cards, cheque books, statements or SMS alerts that show account numbers.

Then check the published lists. Banks are required to publish the details of dormant accounts on their websites and in national newspapers, so your name may already be listed. If you spot yourself, note the account number and the bank branch — you will need them.

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Step 2: Find Out Where the Money Is

This is the fork in the road. If the account has been dormant for less than ten years, the balance is almost certainly still with your bank, and you simply need to reactivate it. If it has been dormant for ten years or more, the funds may already have been moved into the CBN’s Unclaimed Balances Trust Fund, and you will follow the reclaim route instead.

You do not have to guess. Walk into the bank branch, or use the bank’s official customer channels, and ask them to confirm the account status and current balance. Ask directly: “Is this balance still here, or has it been transferred to the CBN UBTF?”

Step 3: Reactivate the Dormant Account (Funds Still at the Bank)

If the money is still with your bank, reactivation is straightforward:

• Visit your branch with a valid means of identification (National ID card, driver’s licence, international passport or voter’s card).
• Complete the bank’s dormant-account reactivation form.
• Provide proof of your current address if the bank requests it, and update your contact details and BVN records.

Under the current CBN approach, banks can reactivate a dormant account through secure channels without demanding a sworn affidavit — unless the funds have already been moved to the Unclaimed Balances Trust Fund. And crucially, the bank is not allowed to charge you a fee for reactivating the account or processing the request. Once reactivated, your balance — often with any interest that accrued — becomes available to you again.

Step 4: Reclaim Funds Already Moved to the CBN Trust Fund

If the money has crossed into the UBTF, the balance is held in trust for you and remains claimable. You reclaim it by submitting an application through the financial institution, backed by proof that you are the rightful owner: valid identification, evidence linking you to the account, and any supporting documents the bank asks for. The bank verifies your claim, and once confirmed as the true beneficial owner, the funds are released back to you from the trust fund.

Patience helps here. Because these are older balances that passed through several checks, verification can take longer than a simple reactivation — but the money is being kept for you, not taken from you.

Step 5: Claiming on Behalf of a Deceased Account Holder

If the account belonged to a parent or relative who has passed on, you may still be able to claim as a next-of-kin, legal representative or rightful beneficiary. You apply to the financial institution with legal evidence of your entitlement — typically proof of death, proof of your relationship, and, depending on the estate, letters of administration or a grant of probate. The bank processes the claim the same way, confirming the beneficial owner before releasing the funds.

Documents You’ll Need (Quick Checklist)

Having everything ready the first time saves weeks of back-and-forth:

• A valid government-issued ID (National ID/NIN, passport, driver’s licence or voter’s card).
• Your BVN.
• Old account details — number, branch, any statements or cards.
• Proof of current address, if requested.
• For a deceased holder: death certificate, proof of relationship, and letters of administration or probate where required.

How Long It Takes and What to Expect

A simple reactivation, where the money is still at the bank, can often be sorted within a short visit or two once your records check out. Reclaiming funds already sitting in the CBN trust fund usually takes longer because of the extra verification, and claims involving a deceased relative depend heavily on how quickly you can produce the legal documents. Throughout, remember one thing: at no genuine point are you asked to pay to unlock your own money.

Avoid These Costly Mistakes (and Scams)

The single biggest mistake is paying a so-called “agent” who promises to fast-track your money for an upfront fee. The official process is free — reactivation and unclaimed-balance claims do not attract charges. Anyone demanding payment to “release” your funds is running a scam.

Other common traps to sidestep:

• Sharing your BVN, PIN or full card details with strangers on WhatsApp or social media. No legitimate claim needs those handed over to a third party.
• Trusting messages that promise a guaranteed payout or ask you to “confirm” your account through a random link. Deal only with your bank and official .gov.ng channels.
• Letting the reactivated account go quiet again. Once you recover the money, move it somewhere purposeful — an emergency fund, a high-interest savings account, or a digital bank where it earns rather than idles — so you are not repeating this whole exercise in another decade.

What to Do Next

You now have the full route to claim a dormant account balance, whether the money is still at your bank or already resting in the CBN’s trust fund. If you want to read the framework straight from the source, the Central Bank of Nigeria publishes its own guidelines on dormant accounts and unclaimed balances.

Bank accounts are only one of the three places forgotten money hides. If you once worked a formal job, there may be a pension you have lost track of — a Retirement Savings Account still holding contributions from an old employer. And if you are owed unpaid salaries or work-related benefits, there is a separate route through the NSITF worth checking. Following each trail is how people turn “I think I might have money somewhere” into funds back in their hands.