The Central Bank of Nigeria (CBN) has warned that individuals who fail to return money mistakenly transferred into their bank accounts could face between five and 10 years’ imprisonment.
CBN Governor, Olayemi Cardoso, gave the warning on Thursday at a stakeholders’ meeting in Ibadan, Oyo State, cautioning Nigerians against retaining wrongly credited funds and sharing their banking details with fraudsters.
Cardoso, who spoke through the bank’s spokesperson, Hakama Sidi Ali, said fraudulently obtaining another person’s account information and refusing to return money mistakenly deposited into an account were offences that could attract severe penalties.
“A customer who fails to refund wrongly deposited money to the rightful owner attracts 5-10 years’ imprisonment,” he said.
The meeting, held at the Jogor Event Centre under the theme, “Towards a Robust, Resilient and Inclusive Financial System for Sustainable Economic Growth,” was organised under the CBN’s Listens Programme.
The initiative provides a platform for engaging stakeholders on financial sector policies, consumer protection and challenges affecting individuals, businesses and communities.
Cardoso said the programme was designed to explain the bank’s policies, address misconceptions and obtain feedback from the public.
He reaffirmed the CBN’s commitment to maintaining monetary and financial stability, strengthening confidence in the banking system and expanding access to financial services.
The governor also highlighted key reforms, including the introduction of non-resident Bank Verification Numbers (BVNs) for Nigerians in the diaspora, changes to foreign exchange trading, the Nigerian Payments System Vision 2028 and the introduction of the Nigerian Overnight Financial Rate.
According to him, the measures are intended to improve liquidity management, reduce financial risks, strengthen market infrastructure and support sustainable economic growth.
On financial inclusion, Cardoso said the CBN was working with financial institutions, fintech companies, mobile money operators, development partners and state governments to extend financial services to underserved communities.
He also reminded customers that they could escalate complaints to the CBN’s Consumer Protection and Financial Inclusion Department if their banks failed to address their grievances.
He said customers could approach the CBN if a bank failed to acknowledge a complaint within three days of submission or resolve it within the timelines stipulated by the Consumer Protection Regulation.