The Central Bank of Nigeria (CBN) has warned bank customers that refusing to return money mistakenly credited to their accounts could attract between five and 10 years’ imprisonment.
CBN Governor Olayemi Cardoso issued the warning through the bank’s spokesperson, Hakama Sidi Ali, during a stakeholder meeting under the CBN Listens Programme at Jogor Event Centre in Ibadan, Oyo State, on Thursday. Cardoso stressed that customers who retain funds transferred to their accounts through error risk prosecution and imprisonment rather than treating the money as their personal property.
“A customer who fails to refund wrongly deposited money to the rightful owner attracts 5-10 years’ imprisonment,” he stated.
The governor also cautioned Nigerians against obtaining or using other people’s banking and personal information through fraudulent means, warning that such actions attract severe legal penalties.
He explained that the CBN Listens Programme provides a platform for the apex bank to engage stakeholders, explain its policies, address misconceptions and receive feedback on issues affecting the financial sector.
According to him, the bank has introduced several reforms to strengthen financial stability, promote transparency, expand financial inclusion and support sustainable economic growth.
Among the initiatives he highlighted were the non-resident Bank Verification Number (BVN) for Nigerians living abroad, reforms in foreign exchange trading, the Nigerian Payments System Vision 2028 and the Nigerian Overnight Financial Rate.
Cardoso also reminded bank customers of their right to escalate unresolved complaints to the CBN when their financial institutions fail to address their concerns within the prescribed timelines. He said customers could contact 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 request a tracking number when banks failed to resolve complaints within the timelines stipulated by the Consumer Protection Regulation.
The CBN urged customers to follow the appropriate complaint channels when disputes arise, while reinforcing the need for responsible banking practices and compliance with financial regulations.
By Musekir Faisat Omolara
