The Central Bank of Nigeria has warned that keeping money wrongly deposited into a bank account attracts a sentence of 5-10 years' imprisonment, as the regulator stepped up efforts to protect financial system integrity. CBN Governor Olayemi Cardoso issued the warning during a stakeholders' meeting in Ibadan themed around building a robust and inclusive financial system for sustainable economic growth. The CBN said that obtaining account information through fraudulent means also attracts severe penalties under financial crime legislation.
Cardoso, speaking through Hakama Sidi Ali, said the central bank remained committed to financial stability and the protection of customers' rights. He cautioned bank customers against sharing personal details with fraudsters and urged them to report concerns through proper channels. The warning forms part of broader efforts to strengthen the resilience and integrity of Nigeria's financial system, the CBN said.
The governor highlighted reforms undertaken over the past 38 months to lay the foundation for sustainable economic growth. These included the launch of the non-resident Business Verification Number to connect diaspora Nigerians with local banking services, reforms to the foreign exchange trading system, and the introduction of the Nigerian Overnight Financial Rate as a benchmark for short-term lending transactions aligned with international practices. The CBN also implemented a 75 per cent cash reserve ratio on non-treasury single account public sector deposits to improve liquidity management and mitigate risk.
Cardoso stressed that financial inclusion remained critical to national development, saying economic growth cannot be sustainable unless it is inclusive. The CBN said it continues to work with financial institutions, fintech companies, mobile money operators and state governments to expand financial services to underserved populations. He emphasised that the CBN Listens Programme provided opportunities for dialogue with stakeholders, enabling the bank to explain policies, clarify misconceptions and receive feedback on issues affecting individuals, businesses and communities.
The central bank reminded depositors of their rights in lodging complaints. According to the CBN, customers can escalate complaints to the Director of the Consumer Protection and Financial Inclusion Department if their bank fails to acknowledge a complaint within three days, or if the bank fails to resolve it within stipulated timelines under Consumer Protection Regulation.
For savers and account holders in Nigeria, this means that receiving money transferred to your account in error and keeping it instead of returning it is now treated as a serious crime with potentially severe imprisonment consequences.