The Central Bank of Nigeria (CBN) has issued a stern warning that bank customers who refuse to return wrongly deposited funds face heavy jail terms.
Individuals who keep mistakenly transferred money risk between five and 10 years in prison.
CBN Governor Olayemi Cardoso delivered the warning via Hakama Sidi Ali at a stakeholder event in Ibadan.
The announcement took place on Thursday during the “CBN Listens Programme” held at the Jogor Event Centre in Oyo State.
Consequently, the apex bank aims to curb financial fraud and reinforce accountability across the national banking sector.
CBN Warns Against Fraudulent Data Sharing and Unresolved Bank Complaints
During the stakeholder meeting, Cardoso also cautioned customers against sharing sensitive banking credentials with fraudsters.
Fraud Penalties: Unauthorized acquisition of customer account details through fraudulent schemes attracts severe legal consequences.
Consumer Rights: Customers can escalate unresolved complaints to the CBN Consumer Protection and Financial Inclusion Department if banks fail to act within three days.
Regulatory Reforms: The apex bank highlighted recent initiatives, including non-resident BVNs and foreign exchange reforms, designed to strengthen financial stability.
Furthermore, the governor urged depositors to utilize official tracking numbers when reporting prolonged bank delays or unresolved grievances.
Promoting Financial Transparency and Economic Stability
Shifting to broader economic goals, the CBN emphasized its commitment to improving transparency and expanding financial inclusion nationwide.
The bank continues to introduce policy measures like the Nigerian Payments System Vision 2028 to safeguard digital transactions.
“Our ongoing reforms protect customer assets and foster a resilient financial ecosystem,” bank representatives stated.
Meanwhile, financial analysts have commended the apex bank for clarifying the legal repercussions of holding unauthorized funds.
Finally, customers are advised to promptly report erroneous credit alerts to their respective financial institutions to avoid criminal prosecution.
