The Central Bank of Nigeria (CBN) has warned bank customers against retaining money mistakenly transferred into their accounts, saying offenders could face between five and 10 years’ imprisonment.
CBN Governor, Olayemi Cardoso, issued the warning on Thursday through the bank’s spokesperson, Hakama Sidi Ali, during a stakeholders’ meeting under the CBN Listens Programme at the Jogor Event Centre in Ibadan, Oyo State.
The governor also cautioned Nigerians against obtaining other people’s banking information through fraudulent means and urged customers to protect their personal and financial details from fraudsters.
According to Cardoso, the wrongful retention of funds deposited into an account by mistake attracts severe penalties.
“A customer who fails to refund wrongly deposited money to the rightful owner attracts 5-10 years’ imprisonment,” he said.
The meeting, themed “Towards a Robust, Resilient and Inclusive Financial System for Sustainable Economic Growth,” provided an opportunity for the apex bank to engage stakeholders on financial sector policies, consumer protection and challenges affecting banking customers.
Cardoso said the CBN remained committed to maintaining monetary and financial system stability, strengthening public confidence in the economy and protecting the rights of financial consumers.
He noted that Nigeria had implemented several reforms in recent years to strengthen financial markets, improve transparency, expand financial inclusion and promote sustainable economic growth.
Among the initiatives highlighted were the introduction of the non-resident Bank Verification Number (BVN) for Nigerians living abroad, changes to the foreign exchange trading system, the Nigerian Payments System Vision 2028 and the introduction of the Nigerian Overnight Financial Rate.
The CBN governor said the measures were designed to improve liquidity management, reduce financial risks and strengthen the country’s financial infrastructure.
He added that financial inclusion remained a key priority because it could expand economic opportunities, support entrepreneurship, reduce poverty and promote shared prosperity.
According to him, the bank would continue collaborating with financial institutions, fintech companies, mobile money operators, development partners and state governments to extend financial services to underserved communities.
CBN explains how customers can lodge complaints
The governor also reminded bank customers of their right to seek redress when financial institutions fail to address their complaints.
He advised customers to escalate unresolved complaints to the CBN’s Consumer Protection and Financial Inclusion Department in line with the applicable consumer protection procedures.
Cardoso explained that customers could approach the department if their banks failed to acknowledge complaints within three days of submission or did not resolve them within the stipulated timelines.
The CBN Listens Programme, he said, was established to strengthen engagement with stakeholders, explain policies, correct misconceptions and obtain feedback on issues affecting individuals, businesses and communities.
He reaffirmed the bank’s commitment to building a resilient and inclusive financial system capable of supporting Nigeria’s long-term economic development.
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