The Central Bank of Nigeria (CBN) has warned bank customers against retaining money mistakenly credited to their accounts, stating that such conduct could attract imprisonment of between five and 10 years. The apex bank also cautioned Nigerians against disclosing personal banking information to fraudsters.
CBN Governor Olayemi Cardoso issued the warning on Thursday, October 22, 2026, during a stakeholders' meeting held at the Jogor Event Centre in Ibadan, Oyo State. Cardoso was represented by the bank's spokesperson, Hakama Sidi Ali.
The meeting, organised under the CBN Listens Programme, focused on strengthening Nigeria's financial system, protecting consumers and improving public understanding of banking regulations.
Addressing participants, Cardoso warned that customers who knowingly retain funds belonging to others could face serious legal consequences.
“A customer who fails to refund wrongly deposited money to the rightful owner attracts 5–10 years’ imprisonment,” he said.
The governor also warned against fraudulently obtaining another person's banking information, urging customers to safeguard their personal and financial details against unauthorised access.
The warning comes amid concerns about erroneous electronic transfers and financial fraud, particularly as more Nigerians rely on mobile banking applications and other digital payment platforms.
Under existing CBN regulations governing electronic funds transfers, customers who receive money in error are expected to cooperate with their banks to facilitate its recovery.
Where a recipient refuses to authorise a refund, the affected financial institutions may initiate dispute-resolution procedures. Cases involving suspected fraudulent conduct may also be referred to law enforcement agencies.
However, receiving an unexpected bank transfer does not automatically constitute a criminal offence. Criminal liability depends on the circumstances, applicable legislation and whether the recipient has unlawfully appropriated the money.
Speaking on broader financial sector developments, Cardoso reaffirmed the bank's commitment to maintaining monetary stability, strengthening public confidence and improving access to financial services.
He explained that the CBN Listens Programme provides an opportunity for individuals, businesses and financial institutions to engage directly with the regulator on banking policies and consumer protection concerns.
The governor also highlighted ongoing initiatives, including the introduction of non-resident Bank Verification Numbers for Nigerians abroad, reforms in foreign exchange trading and improvements to Nigeria's payment infrastructure.
He maintained that financial inclusion remained a priority, with the CBN working alongside commercial banks, financial technology companies, mobile money operators and other stakeholders to expand access to banking services.
Cardoso further reminded customers that they have the right to escalate unresolved complaints to the CBN's Consumer Protection and Financial Inclusion Department.
According to the bank, customers may seek regulatory intervention where financial institutions fail to acknowledge complaints within three days or do not resolve disputes within the timelines prescribed by consumer protection regulations.
The CBN's latest warning reinforces the need for responsible banking practices, particularly in handling funds received in error and protecting sensitive financial information.
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