Keeping mistaken Bank transfers could attract 10 years in jail–CBN

The Central Bank of Nigeria (CBN) has warned Nigerians against keeping money mistakenly transferred into their bank accounts, saying offenders could face between five and 10 years’ imprisonment.

CBN Governor, Olayemi Cardoso, issued the warning through the bank’s spokesperson, Hakama Sidi Ali, during a stakeholders’ meeting in Ibadan, Oyo State, on Thursday.

The meeting, held at the Jogor Event Centre under the CBN Listens Programme, focused on consumer protection, financial literacy and the apex bank’s ongoing reforms.

According to Cardoso, customers who fail to return money wrongly deposited into their accounts risk severe legal consequences.

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

He also cautioned bank customers against disclosing their personal and financial information to fraudsters, warning that the fraudulent acquisition of another person’s account details could attract serious penalties.

The CBN urged customers who receive unfamiliar payments to contact their banks through official channels to verify the transactions and arrange safe refunds rather than treating the money as personal income.

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Cardoso said the CBN Listens Programme provides a platform for the apex bank to engage stakeholders, explain its policies, address public concerns and receive feedback on the financial system.

He noted that recent reforms were designed to strengthen Nigeria’s financial system, improve transparency and expand access to financial services.

The initiatives include 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.

The governor also highlighted the channels available to customers seeking redress when banks fail to resolve their complaints.

He advised customers to escalate complaints to the Director of the CBN’s Consumer Protection and Financial Inclusion Department if their banks failed to acknowledge them within three days.

Customers can also request a tracking number when complaints remain unresolved beyond the stipulated timelines, he added.

The warning comes amid continued concerns about electronic banking fraud and disputes arising from mistaken transfers.

The CBN’s advice reinforces the importance of reporting erroneous deposits promptly and using official banking channels to facilitate refunds.

Customers who receive money unexpectedly are advised not to spend or transfer it to unknown individuals claiming to be the sender. Instead, they should notify their banks and follow the prescribed verification and refund procedures.