The Central Bank of Nigeria has warned bank customers that failing to return money mistakenly credited to their accounts could attract between five and 10 years’ imprisonment.
The apex bank also cautioned Nigerians against obtaining other people’s banking information through fraudulent means, stressing that such actions constitute financial crimes with severe penalties.
The CBN Governor, Olayemi Cardoso, gave the warning on Thursday through the Director of Risk Management, Hakama Sidi Ali, at the CBN Listens Programme stakeholders’ meeting held at the Jogor Event Centre in Ibadan, Oyo State.
Mr Cardoso said the CBN remained committed to maintaining financial system stability and protecting the rights of bank customers.
Wrongful credit attracts jail term
The governor said customers who receive money erroneously into their accounts have an obligation to return the funds to the rightful owner.
He warned that retaining such money could have serious legal consequences.
“A customer who fails to refund wrongly deposited money to the rightful owner attracts five to 10 years’ imprisonment,” Mr Cardoso said.
He also warned Nigerians against fraudulently obtaining information relating to another person’s bank account.
The CBN’s warning comes amid growing concerns over erroneous electronic transfers and the misuse of funds accidentally credited to bank accounts. Existing CBN rules provide mechanisms for banks to reverse erroneous transfers and require customers to cooperate with the process.
CBN highlights financial reforms
Speaking on the theme, “Towards a Robust, Resilient and Inclusive Financial System for Sustainable Economic Growth,” Mr Cardoso said the CBN had implemented several reforms aimed at strengthening Nigeria’s financial system.
He said the reforms were designed to restore macroeconomic stability, strengthen financial markets, improve transparency, deepen financial inclusion and enhance confidence in the economy.
Among the initiatives highlighted were the introduction of the non-resident Bank Verification Number for Nigerians in the diaspora, reforms to the foreign exchange market and the Nigerian Payments System Vision 2028.
The governor also cited the implementation of a 75 per cent cash reserve ratio on non-Treasury Single Account public-sector deposits as part of measures to improve liquidity management and reduce financial risks.
CBN introduces new financial benchmark
Mr Cardoso disclosed that the CBN had also introduced the Nigerian Overnight Financial Rate in collaboration with the Financial Markets Dealers Association.
He explained that the benchmark was designed to align Nigeria’s monetary market infrastructure with international practices by providing a transparent, market-based reference rate for short-term lending transactions.
He added that the CBN would continue to work with banks, fintech companies, mobile money operators, development partners and state governments to expand financial services to underserved Nigerians.
Customers can escalate complaints
The governor urged bank customers to exercise their rights when financial institutions fail to address legitimate complaints.
He said customers could escalate complaints to the Director of the CBN’s Consumer Protection and Financial Inclusion Department if their banks failed to acknowledge complaints within three days.
Customers could also obtain a tracking number where banks failed to resolve complaints within the timelines stipulated by the Consumer Protection Regulation.
Mr Cardoso said the CBN Listens Programme was established to promote direct engagement between the apex bank and stakeholders, allowing the regulator to explain its policies, address misconceptions and receive feedback on challenges affecting individuals, businesses and communities.
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