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
There is no fixed national timeline. A bank pays a deceased customer's balance only to executors or administrators holding a grant of probate or letters of administration, so the time is mostly the probate registry's process, which includes a 21-day newspaper publication period in Lagos. After the grant, the bank's own verification adds further time, and an account already sent to the CBN's unclaimed balances fund adds the reclaim process.
Why there is no single answer
A bank cannot pay a dead customer's money to whoever asks. Once it has notice of death, its authority to pay the customer's cheques ends (section 75 of the Bills of Exchange Act), and it waits for someone with legal authority over the estate: executors named in a will, who obtain a grant of probate, or administrators, who obtain letters of administration where there is no will. How long that takes depends on the state's probate registry, the size and spread of the estate, and whether the family agrees. Banks do not publish a standard payout period for estates on the pages we read.
The stages, and what is fixed
| Stage | What happens | Fixed period? |
|---|---|---|
| 1. Notify the bank | Written notice with the death certificate; bank stops the account | No |
| 2. Apply to the probate registry | In Lagos, online application with the deceased's details and two or more proposed administrators | No |
| 3. Bank certificate | Registry issues a certificate; each bank endorses the value of the deceased's interest | No; depends on each bank |
| 4. Estate fees | Assessed as a percentage of the estate's value and paid before proceeding | No |
| 5. Sureties and interview | Two sureties provide documents and an affidavit of means; administrators and sureties attend an interview | No |
| 6. Publication | Application published in newspapers so objectors can file a caveat | 21 days in Lagos |
| 7. Grant issued | Letters reviewed by the probate registrar and judge, then issued | No |
| 8. Bank payout | Bank's legal team verifies the grant and pays the administrators | No |
Stages 2 to 7 follow the Lagos process described by Tope Adebayo LP on Mondaq (29 May 2024). Other states' registries follow similar steps but their forms and fees differ. The only period stated in that description is the 21-day publication.
Common delays
- Missing or inconsistent documents: names spelt differently on the death certificate, the account and family IDs. Sort these before applying.
- Several banks: each must endorse the bank certificate, and one slow bank holds up the whole application.
- A caveat: if anyone objects during the publication period, the grant waits until the dispute is resolved.
- Valuation: the estate fee depends on the estate's value, so property and shares must be valued and evidenced.
- Dormancy: if the account has been inactive for ten years or more, the balance may have moved to the CBN's Unclaimed Balances Trust Fund. FirstBank says it forwards reclaim requests to the CBN within 10 working days and the CBN refunds within 10 working days, which adds about four weeks after the grant.
- The bank's own review: legal teams check the grant against the registry, which takes longer at peak times.
Worked example
Example only. Mrs Eze dies with accounts at two banks and no will. Her children apply for letters of administration in Lagos. Stage 3 takes three weeks because one bank is slow to endorse the certificate. Publication runs its 21 days with no caveat. Once the letters are issued, the first bank pays within two weeks; the second finds the account was transferred to the UBTF and takes a further four weeks. Every figure here except the 21 days is illustrative; your case will differ.
With a will, or without one
Where there is a valid will naming executors, they apply for a grant of probate rather than letters of administration. The bank's part is the same: it waits for the grant and pays the people named in it. A will can still save time, because the family does not need to agree on administrators and there are fewer grounds for argument over who should apply. It does not remove the registry's steps, the estate fees or publication.
Without a will, the people entitled to apply are set by the law that governs the estate, which can differ by state and by the deceased's circumstances. Where family members disagree about who should apply, the delay can be far longer than any banking step. Taking advice from a lawyer early is usually quicker than resolving a caveat later.
How to keep it moving
- Notify every bank in writing early, and ask each what it needs at payout so you can collect it once.
- Agree the administrators within the family before applying; a caveat costs months.
- Gather statements, share certificates and title documents before you apply.
- Follow up each bank's endorsement in person if needed.
- If a bank delays after you present the grant, complain in writing; if unresolved, escalate to the CBN Consumer Protection Department after two weeks.
The full process is in how to claim a deceased person's bank account, and the costs in charges banks deduct from an estate.
Where Pryme fits
Families sorting an estate often struggle to prove what was held where. Pryme customers can generate verifiable statements through VerifyDoc.ai that anyone can check are genuine; see receipts and statements.
Questions people ask
How long does it take to get money from a deceased person's bank account in Nigeria?
There is no fixed period. The bank pays only once executors or administrators hold a grant of probate or letters of administration, and the registry process includes a 21-day publication period in Lagos before the grant.
Can next of kin collect a deceased person's money without letters of administration?
Not usually. Banks pay the people named in a grant of probate or letters of administration. Ask the bank whether it has any procedure for small balances.
Why is the bank delaying payment after letters of administration?
Banks verify the grant with the registry and check signatories and documents. If the delay is long, complain in writing and escalate to the CBN Consumer Protection Department after two weeks.
What if the deceased's account has been dormant for years?
If inactive for ten years or more, the balance may have gone to the CBN's Unclaimed Balances Trust Fund. The administrators reclaim it through the bank with the grant and an Asset Reclaim Form.
Sources
- Mondaq (Tope Adebayo LP): Issuance of letters of administration in Nigeria, a practical approach (29 May 2024) · accessed Oct 2026
- Bills of Exchange Act, Laws of the Federation (PLAC) · accessed Oct 2026
- FirstBank: Dormant Account · accessed Oct 2026
- CBN Consumer Protection Department: Complaints Management · 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.