If You Refuse to Return Money Sent to Your Account by Mistake, You Could Go to Jail for 10 Years

The Central Bank of Nigeria (CBN) has warned Nigerians that refusing to return money mistakenly sent to their bank accounts could lead to five to 10 years in prison.

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

Cardoso warned bank customers not to keep money wrongly sent to their accounts. He said the money should be returned to its rightful owner. He also warned people against obtaining or sharing other people’s banking information through fraudulent means.

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

The governor said the CBN Listens Programme was created to improve communication between the apex bank and stakeholders. He said the programme would also help the CBN explain its policies, correct wrong information and receive feedback to improve the financial system.

He said the CBN had introduced several reforms to strengthen financial stability, promote transparency, expand financial inclusion and support economic growth.

The reforms include the non-resident Bank Verification Number (BVN) for Nigerians living abroad, foreign exchange market reforms, the Nigerian Payments System Vision 2028 and the Nigerian Overnight Financial Rate.

Cardoso also reminded bank customers that they could report unresolved complaints to the CBN if their banks failed to address them within the required time.

He said customers could contact the Director of the CBN’s Consumer Protection and Financial Inclusion Department if their bank failed to acknowledge a complaint within three days.

Customers whose complaints remain unresolved within the time set by the Consumer Protection Regulation can also request a tracking number to follow up on their cases.

The CBN urged customers to stay alert, protect their banking information and use the proper channels to resolve disputes with financial institutions.