HomeBankingHow to Recover Dead Person's Money From a Bank in Nigeria

How to Recover Dead Person’s Money From a Bank in Nigeria

This article explains how to Recover Your Dead Person’s Money From Any Bank In Nigeria.

This post talks extensively about how to Recover Dead Relative’s Money from their bank account in Nigeria. All the necessary steps that should be taken were well explained.

Thousands of wealthy people had died over the years with their money left in the bank, having no one to claim it.

Is it not better to give your money to charity? At least with that, you know you are helping someone in need. Instead of letting the bank take over it someday.

Billions of naira are lying idle in the banks with no one coming to claim them. While we are still alive, we can make it easy for our family or friends to claim all we have with the bank easily. A testament will go a long way.

If this is left in the bank after a stipulated period of time, the account and the fund in it will be transferred to the apex bank (central bank) of Nigeria. The fund will remain there until it is claimed rightfully.

Why recovering a dead person’s money from banks seems Difficult


Most people in this part of the world do their possible best not to disclose their funds in the bank to their families. Some even go as far as opening secret accounts with several banks.

While they do this for their selfish or security reasons, they are also expected the know the implications.

The implication is that those secret accounts will remain in the bank when you are gone. No one knows what the bank will do to such an account after several years of inactiveness.

Think about this very well. Would you like the bank to have all your liquid assets?

Alternatively, if you must keep your bank details away from your family, then you can state it in your will.

The essence of having a will is not just to share your property in whatever sharing ratio. A will can also list your secret properties and bank accounts.

A True live Story

I know of a young man who is doing very well for himself and is also the breadwinner of the family.

This young man was involved in a ghastly motor accident and died on the spot. There was no money to give him a befitting burial.

The family was not even sure about the banks he had his money with. With the help of his girlfriend, there were able to know one of the banks where he has over 5 million naira.

Do you know that after one full year, the bank did not release the money? In the process, the family gave up the fight.

People may end up saying that the bank is wicked, but that is not true. Due process must be taken first, and that is the reason I decided to write this post.

Steps to recover the money from a deceased bank account


1. To be able to claim a deceased fund from the bank you must be any of the following to the deceased;

  • Surviving spouse(s),
  • The deceased child or children,
  • The deceased’s parents,
  • The deceased full-blood sibling or their children,
  • The deceased half-blood sibling or their children,
  • The deceased’s grandparents,
  • The deceased uncles and aunts of full blood or their children.

2. If you have any of the relationships mentioned earlier with the deceased, then you should head to the Probate Registry of a High Court to apply for an administration of a deceased estate. The Death Certificate of the deceased will be required to apply for this.

The application must contain the following details;

  • The deceased full names,
  • The deceased date of death,
  • The deceased last residence before his or her death,
  • The name of the proposed administrators

You can choose to do this through a legal practitioner if you think it is complicated.

3. The High court would give you a confirmation letter which you will have to take to the banks, or financial houses of the deceased. With this letter, they will disclose the up-to-date financial standings deceased.

4. Take the confirmation back to the High Court; they will sum up the balances of the deceased and will apply the changes that are due to them.

5. You will be asked to make payments. After making the payments, all the paperwork to make you the administrator would be completed.

6. The letter of administration should be taken to the deceased person’s banks for claims. Note that most banks will ask you to open an account with them, where the funds will be moved to. There is nothing wrong with this; it is just a strategy to keep the funds within their bank.

The whole process may take time because publications will be made in the gazette or in national newspapers. Objections may arise and delay the entire process.

Depending on the state you are in, there may be a fee between 5 – 15% of the value, which will be paid to the state government.

Definition of bank terms

  • Next of kin (NOK): The next of kin is a person’s closest living relative. The NOK is very crucial in determining the inheritance rights of a deceased in the absence of a will, spouse and children. Therefore being a next of kin to a deceased does not necessarily mean that you can claim their money when they are no more.
  • Beneficiary: A beneficiary is someone who is eligible to receive all or part of a deceased estate.
  • Will: A will, also known as a testament, is a document with legal backing, which states a person’s wish as to how their wealth should be distributed when they die. Anyone who receives from the will is a beneficiary.

How long will it take to claim a person’s deceased money from the bank?

All things being equal without any objections, it may take between one to three months. But if issues arise in the process, it may take more time.

How will I know all the bank accounts of the deceased?

This is easy in recent times, since the introduction of the Bank Verification Number (BVN). With a court order, you can get all the bank account that is linked to the deceased BVN.

We are a group of niche-specialized writers. We research for first class information and report it on techorganism.com. Most of the articles we display here are on business, technology, investment, banking and any other information we expect to be relevant to this blog.


Please enter your comment!
Please enter your name here

Most Popular

error: Alert: Content selection is disabled!!