CBN to Nigerians: Keeping erroneous bank credits attracts 10-year jail term

NEWSPEAKONLINE.COM • 1h ago

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The Central Bank of Nigeria (CBN) has warned Nigerians against failing to return money mistakenly credited to their bank accounts, saying the offence attracts a prison term of between five and 10 years.

The apex bank also cautioned bank customers against disclosing their personal and financial information to fraudsters, warning that obtaining another person’s account information through fraudulent means attracts severe penalties.

CBN Governor, Mr Olayemi Cardoso, gave the warning at a stakeholders’ meeting organised under the Central Bank of Nigeria Listens Programme at the Jogor Event Centre in Ibadan, Oyo State.

Cardoso, who was represented by Hakama Sidi Ali, CBN’ s Acting Director of Corporate Communications, said the programme provided a platform for direct engagement with stakeholders on policies and developments in the nation’s financial sector.

“Obtaining information relating to another person’s account through fraudulent means attracts severe penalties. A customer who fails to refund wrongly deposited money to the rightful owner attracts five to 10 years’ imprisonment,” he said.

The meeting, themed “Towards a Robust, Resilient and Inclusive Financial System for Sustainable Economic Growth,” focused on strengthening Nigeria’s financial system, promoting financial inclusion and sustaining economic growth.

According to Cardoso, the programme reflected the CBN’s commitment to continuous dialogue, constructive feedback and mutual understanding in the formulation and implementation of effective policies.

He said the bank remained committed to maintaining monetary and financial system stability while promoting public confidence in the economy.

Cardoso noted that recent reforms by the CBN were aimed at restoring macroeconomic stability, strengthening financial markets, improving transparency, deepening financial inclusion and positioning Nigeria for sustainable economic growth.

He added that the bank had introduced several initiatives over the past 38 months to strengthen the financial system, improve access to financial services and promote inclusive growth.

Among the initiatives, he said, were the introduction of the non-resident Bank Verification Number (BVN) to connect Nigerians in the diaspora with domestic banking services, foreign exchange market reforms, the unveiling of the Nigerian Payments System Vision 2028 and the implementation of a 75 per cent cash reserve ratio on non-Treasury Single Account public sector deposits.

According to him, the measures were designed to improve liquidity management and mitigate risks within the financial system.

The CBN governor also highlighted the introduction of the Nigerian Overnight Financial Rate in collaboration with the Financial Markets Dealers Association, describing it as a benchmark designed to align Nigeria’s monetary market infrastructure with international practices.

He said the rate provided a transparent, market-based reference for short-term lending transactions.

On financial inclusion, Cardoso said sustainable economic growth could not be achieved without ensuring that underserved populations had access to appropriate financial services.

“Financial inclusion remains a critical pillar of national development. It expands economic opportunities, reduces poverty, supports entrepreneurship and promotes shared prosperity,” he said.

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

Cardoso further explained that the CBN Listens Programme was designed to help stakeholders understand the bank’s policies, clarify misconceptions and communicate concerns affecting individuals, businesses and communities.

He also urged bank customers to take advantage of the CBN’s consumer protection channels when their complaints were not adequately addressed by their financial institutions.

The CBN governor said customers can escalate complaints to the Director of the Consumer Protection and Financial Inclusion Department if their banks fail to acknowledge them within three days.

He added that customers could also use their complaint tracking numbers to follow up on unresolved cases where banks failed to resolve complaints within the timelines stipulated by the Consumer Protection Regulation.

The CBN was established under the Central Bank of Nigeria Act of 1958 and commenced operations on July 1, 1959, in Lagos, taking over the functions previously performed by the British colonial West African Currency Board.

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