NIGERIANS WHO REFUSE TO RETURN MONEY WRONGLY DEPOSITED INTO THEIR BANK ACCOUNTS RISK 5-10 YEARS IN PRISON - CBN WARNS

The Central Bank of Nigeria (CBN) has warned Nigerians that refusing to return money mistakenly paid into their bank accounts could attract between five and 10 years’ imprisonment. 

CBN Governor Olayemi Cardoso issued the warning through Hakama Sidi Ali at a stakeholders’ meeting of the bank’s “CBN Listens Programme,” held at Jogor Event Centre in Ibadan, Oyo State, on Thursday. 

He also cautioned bank customers against sharing personal and banking information with fraudsters, stressing that obtaining another person’s account details through fraudulent means attracts severe penalties.

 “A customer who fails to refund wrongly deposited money to the rightful owner attracts 5-10 years’ imprisonment,” Cardoso stated. 

Speaking on the programme’s importance, he said the initiative allows the apex bank to engage stakeholders, explain its policies, address misconceptions and receive feedback to improve the financial system. 

He noted that the CBN had introduced several reforms in recent years to strengthen financial stability, improve transparency, expand financial inclusion and support sustainable economic growth. 

Among the initiatives 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 introduction of the Nigerian Overnight Financial Rate. 

The governor also reminded depositors of their right to escalate unresolved complaints against their banks. According to him, customers can contact the Director of the CBN’s Consumer Protection and Financial Inclusion Department if their bank fails to acknowledge a complaint within three days. 

Alternatively, customers can obtain a tracking number if their complaints are not resolved within the timelines stipulated by the Consumer Protection Regulation.

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