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
Under CBN guidelines issued on 19 July 2024, balances in accounts inactive for 10 years or more are moved by banks to a CBN-managed fund, but the owner keeps the right to reclaim them. You claim through the bank that held the account: an Asset Reclaim Form, proof that the account was yours, valid ID, proof of address and usually an affidavit. FirstBank says the bank verifies within 10 working days and the CBN refunds through the bank within another 10.
What happens to an account nobody touches
An account moves from inactive to dormant within months or a year of no activity, depending on the bank. After that, the CBN's Guidelines on the Management of Dormant Accounts, Unclaimed Balances and Other Financial Assets, which GTBank's summary says were issued on 19 July 2024, set the next step: balances in accounts inactive for 10 years or more are transferred to a fund managed by the CBN. Banks must publish lists of these accounts. TheCable's explainer notes the framework gives effect to section 72 of the Banks and Other Financial Institutions Act 2020.
Transfer to the fund does not end your ownership. FirstBank's dormant account page says claims are paid with interest at a rate the CBN determines. The money is still yours; what changes is the paperwork to get it.
Is there money in your name?
- Check the bank's own dormant or unclaimed accounts list on its website; Access Bank and GTBank both publish theirs.
- Check the CBN's published list and newspaper notices, which banks are also required to use.
- Look for old statements, cheque books, cards or emails from the bank, which also serve as proof of ownership.
- If a parent or relative has died, the next of kin or estate may be the claimant rather than you; ask the bank about its deceased-account process.
What the bank will ask for
| Item | Examples given by banks |
|---|---|
| Asset Reclaim Form | Available at branches (FirstBank, GTBank) and from the bank on request |
| Evidence of ownership | Old statements, a reference letter, email alerts (Access Bank) |
| Valid ID | International passport, NIN, driver's licence or voter's card |
| Proof of current residence | A utility bill within three months (Access Bank) |
| Affidavit | Required by FirstBank and GTBank; Access Bank mentions one where originals are missing |
| Other | BVN or TIN, a passport photo, and an indemnity (Access Bank) |
Running the claim from the US
The banks' pages describe submission at a branch, so the challenge from abroad is getting the form and documents in front of the bank in a form it accepts.
- Email the bank's customer service or unclaimed balances desk, give the account name and number if you know it, and ask for the Asset Reclaim Form and its rules for claimants abroad.
- Ask whether a representative can submit the claim for you, and whether that needs a letter of authority or a power of attorney.
- Swear the affidavit. Section 110 of the Evidence Act 2011 recognises affidavits sworn outside Nigeria before a judge or magistrate, a notary public, or an authorised officer at a Nigerian embassy, high commission or consulate. Confirm which the bank accepts.
- Send scans of your ID, proof of address and proof of ownership; ask whether originals must follow by courier.
- Keep the bank's reference. GTBank says unresolved claims can be escalated to the CBN's Consumer Protection Department after 15 working days.
How long it takes
FirstBank says the bank verifies a claim and sends it to the CBN within 10 working days, and the CBN refunds through the bank within 10 working days. Access Bank's reclaim document gives "typically 10 working days" for the CBN approval stage. Allow extra time for documents to travel from the US.
Worked example (illustrative)
Bola in New Jersey finds his name on a bank's list for an account he opened as a student in 2012, with a balance of ₦185,000. He swears an affidavit before a local notary, emails the form, his passport, a New Jersey utility bill and a scan of an old statement, and his sister submits the originals at a Lagos branch with his authority letter. If both 10-working-day stages run to time, the money is back in an active account about four weeks after submission. The balance is paid in naira; how he moves it is a separate decision.
Mistakes that slow a claim
- Names that do not match. If your passport name differs from the old account, include the document that links them, such as a marriage certificate or a sworn declaration of name.
- No proof of ownership. Search old email for alerts and statements; even one old alert helps. Your BVN record can also link you to the account.
- An affidavit the bank will not accept. Ask which forms of affidavit it takes before you pay a notary or travel to a mission.
- Using an agent who asks for a percentage. The banks describe a direct claim; there is no need to pay a third party to find or reclaim your own money.
Once the money is back, keep the account in use; our guide to keeping a Nigerian account active from the US sets out a simple routine.
Where Pryme fits
The reclaimed money is paid into a Nigerian account, so you need one that works from the US. A Pryme Personal Account can be opened from abroad and holds naira alongside dollars; when you want dollars, Swap shows the rate and the fee before you approve (Swap, multicurrency). For the general rules, see dormant accounts and unclaimed balances in Nigeria.
Questions people ask
How many years before a Nigerian bank account balance goes to the CBN?
Under the 2024 CBN guidelines, as described by GTBank and FirstBank, balances in accounts inactive for 10 years or more are transferred to the CBN-managed fund.
Can I still get my money after it goes to the CBN?
Yes. You claim through the bank that held the account, and FirstBank says claims are paid with interest at a rate the CBN determines.
Can I reclaim a Nigerian unclaimed balance without travelling?
Often, with help. Banks describe branch submission, so you may need a representative with written authority and an affidavit sworn abroad, which the Evidence Act recognises if sworn before a notary or a Nigerian mission officer.
How long does a reclaim take?
FirstBank says up to 10 working days for the bank to verify and send it to the CBN, and 10 working days for the CBN to refund through the bank.
Sources
- GTBank: Guidelines for managing dormant accounts, unclaimed balances and other financial assets · accessed Oct 2026
- FirstBank: Dormant account · accessed Oct 2026
- Access Bank: UBTF reclaim process document · accessed Oct 2026
- TheCable: Understanding CBN guidelines on dormant accounts and unclaimed assets · accessed Oct 2026
- Evidence Act 2011 (PLAC) · accessed Oct 2026
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