Refusing To Return Wrongly Credited Money Attracts 5-10 Years In Prison – Olayemi Cardoso

The Central Bank of Nigeria (CBN) has warned bank customers that refusing to return money wrongly paid into their accounts is a criminal offence punishable by five to 10 years in prison.

According to a report published on Punch’s official website on Friday, October 23, 2026, the warning came from CBN Governor, Olayemi Cardoso, who was represented by Hakama Sidi Ali. He spoke on Thursday at the “Central Bank of Nigeria Listens Programme,” a stakeholders’ meeting held at the Jogor Event Centre, Ibadan, Oyo State.

Cardoso stated that “a customer who fails to refund wrongly deposited money to the rightful owner attracts 5-10 years’ imprisonment.” He also advised customers not to share personal details with fraudsters, adding that obtaining another person’s account information through fraudulent means carries severe penalties.

He described the programme as one of the apex bank’s flagship platforms for engaging the public directly, noting that it allows the CBN to explain policies, clear up misconceptions and receive feedback from individuals, businesses and communities.

Highlighting recent reforms, he cited the introduction of the non-resident BVN for Nigerians in the diaspora, the Nigerian Payments System Vision 2028, and the 75 per cent cash reserve ratio on non-Treasury Single Account public sector deposits. He also mentioned the Nigerian Overnight Financial Rate, introduced with the Financial Market Dealers Association as a transparent benchmark for short-term lending.

On financial inclusion, he said the CBN is working with financial institutions, fintech companies, mobile money operators, development partners and state governments to extend services to underserved Nigerians.

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