In Lagos, an unusual story is sparking conversation across Nigeria’s financial and legal circles. A man reportedly discovered over ₦500 million in a dormant bank account that had been inactive for years. The case has reignited interest in Nigeria’s dormant account policy and how individuals can claim forgotten funds through the Central Bank of Nigeria (CBN) and commercial banks.
While the man’s identity remains undisclosed, legal experts suggest his situation is not unique. In fact, thousands of Nigerians may unknowingly have money tied up in old or inactive bank accounts. Financial lawyers are now urging citizens to check whether they have forgotten balances and understand the official claim process.
The Shocking Discovery
According to reports, the man had opened the account over two decades ago, using it primarily for business transactions. Over the years, as business declined, he stopped using the account entirely.
When he recently visited the bank to resolve an unrelated issue, he was shocked to learn that the account was not only still active, but also contained over ₦500 million. The amount had accumulated due to investments linked to the account, accrued interest, and funds that had never been withdrawn.
The discovery has raised serious questions: How many dormant accounts are hiding fortunes? And what is the right process for reclaiming such money?
What the Law Says About Dormant Accounts
Under Nigerian banking regulations, any account with no customer-initiated activity for 12 months is classified as inactive. After two years of inactivity, it becomes dormant.
- Banks are required to move dormant funds into a special pool account.
- However, the rightful owner (or their legal representative) can reclaim the funds at any time.
- If the funds remain unclaimed for 10 years, they are transferred to the CBN Dormant Accounts Fund, though owners or heirs can still request them with valid documentation.
According to Section 60 of the Banks and Other Financial Institutions Act (BOFIA) 2020, dormant account balances must always remain the property of the customer.
Lawyers Explain the Claim Process
Speaking on the case, Barr. Adewale Johnson, a Lagos-based financial lawyer, explained:
“This situation highlights a gap in awareness. Many Nigerians assume dormant funds are lost forever, but in reality, the money is always recoverable. The key is proving ownership with proper documentation.”
He outlined the steps required to reclaim dormant funds:
- Visit the Bank Branch Go to the specific branch where the account was opened.
- Provide Identification Present a valid government-issued ID card, such as a National ID, International Passport, or Driver’s License.
- Submit Supporting Documents Depending on the account type, the bank may request account statements, deposit slips, or signature cards.
- Complete Reactivation Forms The customer must complete a reactivation or claim form provided by the bank.
- Legal Representation (If Needed) In high-value cases like this, lawyers recommend engaging a financial attorney to ensure a smooth recovery process.
- Court Order for Disputes If ownership is challenged, a court order may be necessary to confirm legal rights to the funds.
Could You Have Money Waiting?
Experts believe this case is just the tip of the iceberg. Research by the Nigeria Deposit Insurance Corporation (NDIC)shows billions of naira sit in dormant accounts across multiple banks.
Common scenarios include:
- People who opened accounts decades ago and forgot about them.
- Students who used old accounts for bursaries or allowances.
- Business owners with multiple bank accounts during expansion.
- Families unaware of accounts left behind by deceased relatives.
Steps to Check for Forgotten Funds
If you suspect you may have unclaimed money, here are steps to follow:
- Check old bank documents for account numbers.
- Contact your bank and request a dormant account search using your BVN (Bank Verification Number).
- Ask relatives about accounts belonging to deceased family members.
- Engage a lawyer for high-value claims or disputed ownership.
Some fintech apps are also beginning to offer dormant account search tools, though experts warn against scams. Always go directly through your bank or the CBN.
Financial Experts Warn Against Fraud
The publicity around the Lagos man’s case has unfortunately attracted fraudsters. Scammers are sending messages claiming to help people recover dormant funds for a fee.
Barr. Johnson warns:
“No genuine lawyer or bank official will ask you to pay upfront to check for dormant accounts. The process is free through your bank. If payment is required, it should only be for legal services after verification.”
Final Thoughts
The Lagos man’s extraordinary discovery serves as a wake-up call to Nigerians. Dormant accounts are not dead accounts. Whether you’re a student, business owner, or retiree, you could have money waiting.
With billions of naira lying idle, financial experts encourage citizens to check their banking history, consult with professionals, and reclaim what is rightfully theirs. Who knows? Like the Lagos man, you might just stumble upon a hidden fortune.
