Wrongful retention of erroneous bank transfers attracts 5-10 years’ imprisonment — CBN

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

The apex bank gave the warning on Thursday at its stakeholders’ meeting, tagged CBN Listens Programme, held at Jogor Event Centre, Ibadan, Oyo, describing the act as a financial offence punishable under the law.

It also warned against fraudulently obtaining another person’s banking information and urged customers to protect their account details from fraudsters.

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The CBN further reminded bank customers of their right to seek redress when financial institutions violate their rights or fail to resolve complaints within the stipulated timelines.

According to the bank, customers may escalate complaints to the Director of its Consumer Protection and Financial Inclusion Department (CPFID) if their banks fail to acknowledge complaints within three days, provide a tracking number, or resolve the issues within the timelines prescribed by the Consumer Protection Regulations.

In his address, CBN Governor Olayemi Cardoso, who was represented by Hakama Sidi Ali, reaffirmed the bank’s commitment to maintaining financial stability and protecting customers’ rights.

Cardoso said the Federal Government’s economic reforms under President Bola Tinubu were aimed at strengthening the financial system, improving access to financial services and protecting depositors’ interests.

He described the CBN Listens Programme as a platform for direct engagement with stakeholders, saying feedback from individuals, businesses and institutions was essential to effective policy formulation and implementation.

“The CBN Listens Programme is one of our flagship platforms for direct interaction with stakeholders across the country. It reflects our conviction that effective policy formulation and implementation must be supported by continuous dialogue, mutual understanding and constructive feedback from the people and institutions we serve,” he said.

Cardoso said the theme of the meeting, Towards a Robust, Resilient and Inclusive Financial System for Sustainable Economic Growth, was timely as Nigeria continued to navigate changes in its economic and financial landscape.

He reiterated that the CBN remained committed to its mandate of ensuring monetary and financial system stability, restoring confidence in the economy and promoting sustainable growth.

According to him, recent reforms have focused on strengthening financial markets, improving transparency, deepening financial inclusion and positioning the country for long-term economic development.

The CBN governor said the reforms were designed to improve the resilience and integrity of Nigeria’s financial system while promoting inclusive growth and wealth creation.

Among the initiatives he highlighted were the introduction of the non-resident Bank Verification Number (BVN) to enable Nigerians in the diaspora to access local banking services, reforms to the foreign exchange market and the unveiling of the Nigerian Payments System Vision 2028.

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

Cardoso further disclosed that the CBN had introduced the Nigerian Overnight Financial Rate in collaboration with the Financial Markets Dealers Association.

He said the benchmark was designed to align Nigeria’s monetary market infrastructure with international practices by providing a transparent, market-based reference rate for short-term financial transactions.

On financial inclusion, the governor said sustainable economic growth could not be achieved without expanding access to financial services, noting that inclusion could create economic opportunities, reduce poverty, support entrepreneurship and promote shared prosperity.

He said the CBN would continue to work with financial institutions, fintech companies, mobile money operators, development partners and state governments to extend financial services to underserved populations.

Cardoso added that the CBN Listens Programme provided an opportunity for the bank to explain its policies, clarify misconceptions, receive feedback and identify challenges affecting individuals, businesses and communities.