CBN: Keeping wrongly deposited funds attracts up to 10 years’ jail

The Central Bank of Nigeria (CBN) has warned that refusing to return funds mistakenly deposited into a bank account could attract between five and 10 years’ imprisonment.

The apex bank said the act constitutes a financial crime punishable under the law, urging Nigerians to return funds wrongly credited to their accounts to their rightful owners.

The CBN Governor, Olayemi Cardoso, gave the warning at a stakeholders’ meeting organised under the bank’s CBN Listens Programme at the Jogor Event Centre, Ibadan, Oyo State, on Thursday.

Cardoso, represented by the bank’s spokesperson, Hakama Sidi Ali, reaffirmed the CBN’s commitment to financial stability and protecting customers’ rights.

The meeting, themed “Towards a Robust, Resilient and Inclusive Financial System for Sustainable Economic Growth”, allowed stakeholders to discuss issues affecting customers and financial institutions.

The apex bank also warned that obtaining another person’s account information through fraudulent means attracts severe penalties. It urged customers to protect their banking details and avoid disclosing sensitive information to fraudsters.

The CBN said customers whose rights were violated by financial institutions could seek redress through its consumer protection channels.

According to the bank, customers can escalate complaints to the Director of the Consumer Protection and Financial Inclusion Department (CPFD) if their banks fail to acknowledge complaints within three days, provide a tracking number, or resolve issues within the timelines set out in the Consumer Protection Regulation.

In his address, Cardoso said the CBN Listens Programme was designed to strengthen stakeholder engagement and improve policy formulation through feedback from individuals, businesses, and financial institutions.

He said the programme reflected the bank’s belief that effective policy implementation required continuous dialogue and mutual understanding between regulators and the people they served.

Cardoso said the CBN had introduced several reforms to restore macroeconomic stability, strengthen financial markets, improve transparency, deepen financial inclusion and support sustainable economic growth.

He highlighted initiatives such as introducing the non-resident Bank Verification Number (BVN) to connect Nigerians in the diaspora with domestic banking services, reforming the foreign exchange trading system, and developing the Nigerian payments system under Vision 2028.

He also cited the implementation of a 75 per cent cash reserve ratio on non-Treasury Single Account public sector deposits as part of measures to improve liquidity management and mitigate risks.

The governor further noted that the CBN introduced the Nigerian Overnight Financial Rate, in collaboration with the Financial Markets Dealers Association, to provide a transparent, market-based benchmark for short-term financial transactions.

On financial inclusion, Cardoso said sustainable economic growth could not be achieved without expanding access to financial services, particularly for underserved populations.

He said the bank would continue working with financial institutions, fintech companies, mobile money operators, development partners and state governments to expand access to financial services nationwide.

Cardoso added that the CBN Listens Programme would help the apex bank explain its policies, address misconceptions, and identify challenges affecting individuals, businesses, and communities.

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