Nigerians who refuse to return money mistakenly paid into their accounts risk 5 to 10 years in prison – CBN warns

The Central Bank of Nigeria (CBN) has warned that bank customers who refuse to return money mistakenly transferred into their accounts could face between five and 10 years in prison.

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

According to Cardoso, customers who knowingly keep money wrongly deposited into their accounts risk imprisonment. He also warned Nigerians against sharing their personal and banking information with fraudsters.

The governor explained that the CBN Listens Programme was designed to engage stakeholders, address misconceptions about the bank’s policies and receive feedback to improve the financial system.

He also reminded bank customers of their right to report unresolved complaints to the CBN’s Consumer Protection and Financial Inclusion Department if their banks fail to respond within the stipulated period.