CBN Warns Nigerians: Keeping Erroneous Bank Transfers Could Attract 10 Years in Jail

The Central Bank of Nigeria (CBN) has warned that customers who knowingly fail to return money mistakenly credited to their bank accounts could face between five and 10 years’ imprisonment.

The warning was delivered on Thursday by CBN Governor Olayemi Cardoso, who was represented by the bank’s spokesperson, Hakama Sidi Ali, at a stakeholder engagement meeting under the CBN Listens Programme in Ibadan, Oyo State.

Cardoso said retaining funds deposited in error could constitute a financial offence punishable by law. He also warned Nigerians against fraudulently obtaining other people’s banking information.

“A customer who fails to refund wrongly deposited money to the rightful owner attracts 5–10 years’ imprisonment,” the governor said through his representative.

CBN Warns Against Banking Information Fraud

The apex bank also cautioned customers against disclosing sensitive banking information to fraudsters, stressing the importance of protecting account details against unauthorised access and financial abuse.

The warning comes amid continuing concerns about banking fraud and the misuse of electronic payment systems. Customers who receive unexpected credit alerts are advised to contact their banks promptly and avoid spending or transferring funds they are not entitled to.

 Customers Can Escalate Unresolved Complaints

The CBN also reiterated that bank customers have the right to seek redress when financial institutions fail to address complaints within the prescribed timelines.

According to Cardoso, customers may escalate complaints to the Director of the Consumer Protection and Financial Inclusion Department if their bank fails to acknowledge a complaint within three days or resolve it within the applicable regulatory timeframe.

The governor said the CBN Listens Programme provides a platform for customers, businesses and other stakeholders to raise concerns, receive clarification on banking policies and communicate challenges affecting financial services.

CBN Highlights Financial Sector Reforms

Cardoso also highlighted initiatives aimed at strengthening Nigeria’s financial system, including the non-resident Bank Verification Number (BVN), foreign exchange market reforms, the Nigerian Payments System Vision 2028 and measures to improve liquidity management.

He reaffirmed the CBN’s commitment to financial stability, consumer protection and expanding access to financial services.

The bank’s warning serves as a reminder that money mistakenly paid into an account does not automatically become the recipient’s property. Customers should notify their banks and follow the formal reversal or refund process.