AI agents for business finance: what they can and can't do
What AI agents can do in bookkeeping, close, collections and compliance today, where a person must stay in charge, and how to judge a product.
The short answer
Nigerian banks mark accounts dormant after a period of no customer-initiated activity, set by the bank and often one year for current accounts under the CBN's 2024 guidelines, and balances untouched for 10 years can move to a CBN-managed fund. To reactivate a company account, the bank usually wants a written request backed by a board resolution, updated documents for the company and each signatory (ID, BVN, proof of address) and sometimes a branch visit. CBN's guide to charges lists dormant reactivation as free.
How a company account becomes dormant
The CBN issued guidelines on dormant accounts and unclaimed balances on 19 July 2024. TheCable's summary says dormancy typically follows one year without customer activity on a current account and two years on savings, and GTBank's own page says balances inactive for 10 years or more are transferred under the guidelines. Each bank applies its own clock: Fidelity Bank's FAQ, for example, says current accounts become dormant after six months of inactivity. Bank charges and interest do not count as activity.
Company accounts drift into dormancy when the business pauses, when operations move to another bank, or when the only signatories have moved abroad and stopped using the account.
What a dormant status does
- Debits are usually blocked, so payments out fail even if credits still arrive.
- Online access is often suspended, so directors abroad cannot see statements.
- After the period in the guidelines, the balance can be moved out of the bank to a CBN-managed fund. You can still claim it, but with more paperwork. See dormant accounts and unclaimed balances in Nigeria.
What banks usually ask for
Requirements differ by bank. Access Bank's account management form, for instance, lists dormant reactivation alongside a reason, ID, a utility bill and a compliance form, and accepts a passport plus visa or notarised permit as ID for customers in the diaspora. For a company, expect a combination of:
| Document | Why | From abroad |
|---|---|---|
| Reactivation request on letterhead | States the account and reason | Signed by the authorised signatories |
| Board resolution | Confirms the request and the current mandate | Written resolution signed by directors wherever they are |
| Current CAC status report | Confirms directors and shareholders | Download from the CAC portal |
| Signatories' ID and BVN | Updates KYC | Passport with visa or residence permit; BVN or NRBVN |
| Proof of address (company and signatories) | Updates KYC | Utility bill for the registered office; foreign address proof for signatories |
| Updated mandate and specimen signatures | If signatories have changed | May need notarisation or a branch visit |
Before you start: three checks
- Is the company still active at CAC? A company that has not filed annual returns for years may face questions, or may have been struck off. Check the public record and bring filings up to date if needed.
- Are the signatories on the mandate still directors? If someone has resigned or died, the mandate must change before the bank will act on any instruction.
- Does anyone owe the bank? An overdraft or loan on another account of the company can affect reactivation and any balance released.
Steps from abroad
- Email the relationship manager or the bank's contact centre from the company's known email address, giving the account number and asking for the corporate reactivation requirements.
- Check that every signatory has a working BVN. If not, see linking an NRBVN to an existing account.
- Pass the board resolution and update the mandate if signatories have changed. Our guide to bank mandates with signatories abroad covers notarised signatures.
- Send documents through the bank's secure channel or a branch, via a director or authorised representative in Nigeria if a visit is required.
- Make a small customer-initiated transaction once reactivated, and set a reminder to repeat it if the account is not in daily use.
GTBank's page says an unresolved claim can be escalated to the CBN's consumer protection department after 15 working days. Most banks have a similar complaint route; keep every acknowledgement.
If the bank says the money has moved
If the account passed the 10-year mark, the bank may say the balance has been transferred under the CBN guidelines. GTBank's page describes the reclaim route: check the published lists, complete an asset reclaim form at a branch, and provide evidence of ownership, valid ID, proof of residence and an affidavit. A company adds its CAC documents and a board resolution authorising the claim.
Worked example
Example only. A Lagos trading company with two directors in Birmingham stopped using its current account in March 2025. By April 2026 the bank had marked it dormant. The directors request the checklist on 2 November, sign a written board resolution on 4 November, download a CAC status report, and send passport, residence permit, NRBVN details and proof of address for both. The bank asks one director to confirm by video call. The account is reactivated and a ₦5,000 transfer is made the same week to restart activity. CBN's 2020 guide to charges lists dormant account reactivation as free, so query any charge.
Where Pryme fits
A Pryme Business Account can be opened and run from any country, with approvals and statements in the app, which suits companies whose signatories live abroad. It does not reactivate an account at another bank. See keeping a Nigerian account from going dormant for habits that prevent the problem.
Questions people ask
How long before a Nigerian company account becomes dormant?
It depends on the bank. The CBN's 2024 guidelines are summarised as typically one year for current accounts and two for savings; some banks use shorter periods, such as six months at Fidelity.
Can I reactivate a dormant company account without travelling to Nigeria?
Often yes, with a board resolution, updated KYC for each signatory and documents sent through the bank's channels, but some banks require a branch visit or video confirmation.
Do banks charge to reactivate a dormant account?
The CBN's guide to charges lists dormant account reactivation as free.
What happens to money in a dormant Nigerian account after 10 years?
Under the CBN's 2024 guidelines, balances inactive for 10 years or more are transferred from the bank; you can still reclaim them with proof of ownership.
Sources
- TheCable: Understanding CBN guidelines on dormant accounts and unclaimed assets · accessed Oct 2026
- GTBank: Guidelines for managing dormant accounts, unclaimed balances and other financial assets · accessed Oct 2026
- CBN: Guide to Charges by Banks, Other Financial and Non-Financial Institutions (effective 1 Jan 2020) · accessed Oct 2026
- Access Bank: Account Management Request Form · accessed Oct 2026
- Fidelity Bank: Help and support FAQs · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.