₦airaland Forum

Where a bank holds one or more accounts in the name of or on behalf of an incorporated trustees of a particular association, and the account(s) is dormant (as defined under the relevant banking regulation), the bank must notify the Commission of these facts, without delay.

When the Commission receives the notification, it may request that the association provide evidence of its activities, and if the association fails to respond satisfactorily within 15 days of the request, the Commission may dissolve the association and give a direction to the bank concerned to transfer the amount to another association with similar objects.

Owing to the large funding such organizations acquire at times and their numerous bank accounts, the likelihood of this is quite possible.

It is also noteworthy that according to the CBN guidelines, a dormant account is an account not operated by the owner for more than one year.

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