The Central Bank of Nigeria has warned that failing to return money mistakenly paid into a bank account is a financial offence that can attract between five and ten years’ imprisonment.
The warning was issued on 22 October 2026 during the Central Bank of Nigeria Listens Programme held at the Jogor Event Centre in Ibadan, Oyo State.
The apex bank governor, Olayemi Cardoso, represented by the bank’s spokesperson Hakama Sidi Ali, described the retention of wrongly deposited funds as a punishable financial crime.
He stated: “A customer who fails to refund wrongly deposited money to the rightful owner attracts 5-10 years’ imprisonment.”
The governor also cautioned customers against sharing personal banking information with fraudsters, noting that obtaining another person’s account details through fraudulent means attracts severe penalties.
Customer Protection and Escalation Rights
Hakama Sidi Ali reaffirmed the CBN’s commitment to financial stability and the protection of customers’ rights.
He reminded bank customers that they have the right to seek redress when financial institutions fail to resolve complaints within stipulated timelines.
Customers may escalate unresolved issues to the Director of the Consumer Protection and Financial Inclusion Department if their bank fails to acknowledge a complaint within three days, fails to provide a tracking number, or fails to resolve the matter within the periods set out in the Consumer Protection Regulations.
The Central Bank of Nigeria Listens Programme is designed as a platform for direct engagement with stakeholders across the country.
It allows the apex bank to explain its policies, address misconceptions and receive feedback aimed at improving the financial system.
Governor Cardoso, through his representative, linked the warning to broader economic reforms under President Bola Tinubu that seek to strengthen the financial system, expand access to services and protect depositors’ interests.
The statement has drawn attention because erroneous transfers remain a frequent occurrence in Nigeria’s digital banking environment.
Banks are expected to act promptly when notified of such errors, while customers who knowingly retain funds that do not belong to them face the prospect of criminal prosecution.
The CBN has not issued a new regulation on the matter but has restated the existing legal position that converting money received in error constitutes a serious offence under Nigerian law.
