Keeping wrong bank transfers could attract 10 years’ jail — CBN

The Central Bank of Nigeria (CBN) has warned that customers who fail to return money mistakenly paid into their accounts could face between five and 10 years in prison.

CBN Governor, Olayemi Cardoso, gave the warning on Thursday at a stakeholders’ meeting in Ibadan, Oyo State, cautioning Nigerians against keeping funds wrongly credited to their accounts and sharing personal banking information with fraudsters.

Cardoso, who spoke through the bank’s spokesperson, Hakama Sidi Ali, said fraudulently obtaining another person’s account information and failing to return wrongly deposited funds were offences that attracted 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 Jogor Event Centre under the theme, “Towards a Robust, Resilient and Inclusive Financial System for Sustainable Economic Growth,” was part of the CBN’s Listens Programme, which provides a platform for engagement with stakeholders on financial sector policies and consumer protection.

Cardoso said the programme was designed to explain policies, address misconceptions and gather feedback on challenges affecting individuals, businesses and communities.

He also 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 highlighted several reforms, including the introduction of non-resident Bank Verification Numbers (BVN) 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 aimed at improving liquidity management, reducing risks, strengthening financial market infrastructure and supporting sustainable economic growth.

Cardoso said financial inclusion remained central to the bank’s strategy, adding that the CBN was working with financial institutions, fintech companies, mobile money operators, development partners and state governments to extend services to underserved communities.

He also reminded bank customers of their right to escalate complaints to the CBN’s Consumer Protection and Financial Inclusion Department if their banks failed to address them.

Customers can escalate complaints if a bank fails to acknowledge them within three days of submission or provide a resolution within the timelines stipulated by the Consumer Protection Regulation, he said.