The Central Bank of Nigeria (CBN) has warned bank customers against retaining money mistakenly transferred into their accounts, saying failure to return such funds to their rightful owners could attract between five and 10 years’ imprisonment.
The warning was issued by CBN Governor Olayemi Cardoso, who was represented by the bank’s spokesperson, Hakama Sidi Ali, at a stakeholders’ meeting under the CBN Listens Programme in Ibadan, Oyo State, on Thursday.
According to the governor, customers who receive funds in error are expected to return the money rather than treat the unexpected credit as personal income.
“A customer who fails to refund wrongly deposited money to the rightful owner attracts 5-10 years’ imprisonment,” Cardoso said.
The warning comes amid continued efforts by financial authorities to strengthen consumer protection, promote responsible banking practices and address financial misconduct within Nigeria’s banking system.
Mistaken transfers can occur when a sender enters incorrect account details, makes an error while processing a transaction or encounters a problem during a banking operation. Regardless of how the money arrives, recipients should not assume that funds they cannot identify belong to them.
Customers who discover an unexpected credit are advised to contact their banks through official channels, preserve transaction records and allow the financial institutions involved to investigate and arrange any necessary reversal.
The CBN also cautioned customers against sharing personal or banking information with fraudsters. Account details and other sensitive information can be exploited to facilitate unauthorised transactions, identity theft and other forms of financial crime.
The governor made the remarks during the CBN Listens Programme, an initiative designed to engage members of the public, explain monetary and financial policies, address misconceptions and obtain feedback on issues affecting consumers and businesses.
During the meeting, Cardoso highlighted measures intended to strengthen the financial system, improve transparency, expand financial inclusion and support sustainable economic growth.
Among the initiatives mentioned were the non-resident Bank Verification Number (BVN) arrangement for Nigerians living abroad, foreign exchange market reforms, the Nigerian Payments System Vision 2028 and the Nigerian Overnight Financial Rate.
The CBN said such measures form part of wider efforts to improve the resilience of the financial system and strengthen access to financial services.
The governor also reminded customers that they could escalate unresolved complaints against their banks to the CBN’s Consumer Protection and Financial Inclusion Department.
According to the information provided, customers may seek further intervention if their banks fail to acknowledge complaints within three days or do not resolve them within the applicable timelines under the consumer protection regulations.
However, the specific legal provision and circumstances under which a five-to-10-year prison sentence would apply to retaining mistakenly transferred funds were not detailed in the information supplied. The precise penalty in an individual case would depend on the applicable law and the facts established through the legal process.
The warning nevertheless serves as a reminder that money received in error should be reported promptly and handled through official banking procedures.