A financial expert, Okechukwu Unegbu, says the directive by the Central Bank of Nigeria, CBN, that balances of dormant accounts be transferred to it, was in order.
Mr Unegbu, a seasoned banker and past president of Chattered Institute of Bankers of Nigeria, CIBN, said this in an interview with the News Agency of Nigeria on Sunday in Abuja.
According to him, monies in dormant accounts run into billion of Naira, which most Deposit Money Banks, DMBs, usually continue to invest without accountability.
He said that the DMBs were supposed to contact the accounts holders or their representatives when bank accounts are not operated for a considerable length of time.
“But they usually do not make such contact.
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