CBN Warns Nigerians Against Keeping Wrongly Transferred Money

The Central Bank of Nigeria (CBN) has warned Nigerians against keeping money mistakenly transferred into their bank accounts, saying offenders risk between five and 10 years’ imprisonment.

CBN Governor Olayemi Cardoso gave the warning through Hakama Sidi Ali at a stakeholders’ meeting under the bank’s CBN Listens Programme at Jogor Event Centre in Ibadan, Oyo State, on Thursday.

He also cautioned bank customers against sharing personal and financial details with fraudsters, warning that fraudulently obtaining another person’s account information attracts severe penalties.

“A customer who fails to refund wrongly deposited money to the rightful owner attracts 5-10 years’ imprisonment,” Cardoso said.

The governor said the CBN Listens Programme provides an opportunity for the apex bank to engage stakeholders, explain its policies, address misconceptions and receive feedback on ways to improve the financial system.

He noted that the bank had introduced several reforms in recent years to strengthen financial stability, promote transparency, expand financial inclusion and support sustainable economic growth.

Among the initiatives he highlighted were the non-resident Bank Verification Number (BVN) for Nigerians living abroad, reforms in foreign exchange trading and the Nigerian Payments System Vision 2028.

He also listed the introduction of the Nigerian Overnight Financial Rate as part of the bank’s efforts to improve the financial system.

Cardoso further reminded bank customers that they could escalate complaints when their financial institutions failed to address their grievances.

He advised customers to contact the Director of the CBN’s Consumer Protection and Financial Inclusion Department if their banks failed to acknowledge complaints within three days.

Customers can also obtain a tracking number to escalate complaints that remain unresolved beyond the timelines stipulated by the Consumer Protection Regulation.

The CBN said the complaint channels enable customers to seek redress when banks fail to respond appropriately to their concerns.