CBN: Keeping wrongly transferred funds attracts 5-10 years’ jail term

The Central Bank of Nigeria (CBN) has warned Nigerians that fraudulently accessing another person’s bank account and failing to return money wrongly transferred into their accounts could attract severe penalties, including imprisonment.

The CBN Governor, Olayemi Cardoso, gave the warning on Thursday October 22 at the ‘CBN Listens’ annual programme.Cardoso, who was represented by the bank’s spokesperson, Hakama Sidi Ali, also cautioned bank customers against disclosing their personal and financial information to fraudsters.

He said obtaining another person’s account information through fraudulent means attracts severe penalties, adding that customers who fail to refund money mistakenly transferred into their accounts could face between five and 10 years’ imprisonment.

The governor said the CBN remained committed to protecting customers’ rights, maintaining financial stability and promoting confidence in the banking system.He described the CBN Listens Programme as a platform for engaging stakeholders, explaining monetary and financial policies, addressing misconceptions and receiving feedback on issues affecting individuals, businesses and communities.

According to him, the programme’s theme, “Towards a Robust, Resilient and Inclusive Financial System for Sustainable Economic Growth,” reflects the need for a financial system that supports economic growth and provides access to financial services for more Nigerians.

Cardoso said the bank had introduced several reforms to strengthen the financial system, improve transparency, manage liquidity and expand financial inclusion.

He listed the introduction of the non-resident Bank Verification Number (BVN) for Nigerians in the diaspora, reforms to the foreign exchange market, the Nigerian Payments System Vision 2028 and the Nigerian Overnight Financial Rate among the initiatives.

He added that the CBN was working with financial institutions, fintech companies, mobile money operators, development partners and state governments to extend financial services to underserved communities.

The governor also urged customers to use the bank’s established complaint channels when their banks fail to resolve disputes.

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

Customers could also obtain a tracking number and escalate unresolved complaints where banks failed to address them within the timelines stipulated by the CBN’s Consumer Protection Regulation.

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