The Central Bank of Nigeria (CBN) has warned Nigerians that knowingly refusing to return money mistakenly transferred into their bank accounts could attract between five and 10 years’ imprisonment.
CBN Governor, Olayemi Cardoso, issued the warning on Thursday, October 22, 2026, through the bank’s spokesperson, Hakama Sidi Ali, during a stakeholders’ engagement under the CBN Listens Programme in Ibadan, Oyo State.
Cardoso stressed that recipients who deliberately retain funds wrongly credited to their accounts risk legal consequences, describing the act as a financial offence punishable under the law.
The CBN governor also cautioned Nigerians against obtaining other people’s banking information through fraudulent means and urged customers to protect their personal and financial details from fraudsters.
The engagement, themed “Towards a Robust, Resilient and Inclusive Financial System for Sustainable Economic Growth,” was organised to strengthen communication between the apex bank and stakeholders, address misconceptions about its policies and gather feedback on issues affecting individuals, businesses and financial institutions.
Cardoso further reminded bank customers that they have the right to escalate unresolved complaints to the CBN’s Consumer Protection and Financial Inclusion Department if their banks fail to acknowledge complaints within three days or resolve them within the stipulated timelines.
The apex bank reiterated its commitment to strengthening consumer protection, maintaining financial system stability and expanding access to financial services across the country.
The warning serves as a reminder to Nigerians who receive unexpected bank deposits to notify their financial institutions promptly and allow the transaction to be investigated and reversed through official banking procedures, rather than spending or transferring the money.
Members of the public are also advised to be cautious when contacted by strangers claiming to have transferred money in error. Any refund should be handled through the bank to prevent falling victim to fraudulent reversal schemes.
