The Central Bank of Nigeria has issued a stern warning to bank customers, stating that failing to refund money deposited into their accounts by mistake attracts a prison sentence of between five and ten years.

The apex bank also cautioned members of the public against sharing sensitive personal details and banking information with fraudsters.

Speaking at the Central Bank of Nigeria Listens Programme held at the Jogor Event Centre in Ibadan, Oyo State, CBN Governor Olayemi Cardoso emphasized that retaining funds mistakenly transferred by another party constitutes a financial crime under Nigerian law.

Represented by Hakama Sidi Ali, Cardoso reiterated the regulatory body's dedication to maintaining financial stability and safeguarding consumer rights across the country.

"Obtaining information relating to another person's account through fraudulent means attracts severe penalties. A customer who fails to refund wrongly deposited money to the rightful owner attracts 5 to 10 years’ imprisonment," Cardoso stated.

He explained that the CBN Listens initiative serves as a direct platform for engaging stakeholders and gathering constructive feedback to support effective policy formulation.

"The theme, ‘Towards a Robust, Resilient and Inclusive Financial System for Sustainable Economic Growth,’ is both timely and significant as Nigeria continues to navigate a rapidly evolving economy and financial landscape.

The CBN remains steadfast in its mandate of ensuring monetary and financial system stability while promoting confidence in the economy," he said.

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