Nigerians who fail to return money mistakenly transferred into their bank accounts risk between five and 10 years in prison, the Central Bank of Nigeria (CBN) has warned, highlighting the potential criminal consequences of retaining funds that do not belong to them.

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

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

The warning also extended to bank customers who disclose personal or financial information to fraudsters, as the CBN cautioned against the fraudulent acquisition of other people’s account details.

Cardoso said the engagement programme was designed to bring the apex bank closer to stakeholders by explaining its policies, correcting misconceptions and gathering feedback to improve the country’s financial system.

He noted that the CBN had introduced several reforms to strengthen financial stability, promote transparency, expand access to financial services and support sustainable economic growth.

Among the initiatives highlighted were 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.

The governor also reminded bank customers that they could escalate unresolved complaints to the CBN’s Consumer Protection and Financial Inclusion Department.

According to him, customers may contact the department’s director if their banks fail to acknowledge complaints within three days.

Where complaints remain unresolved beyond the timelines prescribed by the Consumer Protection Regulation, customers can also obtain a tracking number to facilitate escalation.

The CBN’s warning places renewed emphasis on customers’ responsibility to protect their banking information and return funds received in error, while the complaint escalation process offers a channel for addressing disputes with financial institutions.

The report was based on information provided on the CBN governor’s remarks at the stakeholders’ meeting.