The Central Bank of Nigeria (CBN) has warned that failure to refund money wrongly credited to a bank account is a financial crime punishable by 5 to 10 years imprisonment.
The apex bank also cautioned Nigerians against sharing personal banking details with fraudsters, noting that obtaining another person’s account information through fraudulent means also attracts severe penalties.
The warning was given by the CBN Governor, Olayemi Cardoso, at the CBN Listens Programme held on Thursday at the Jogor Event Centre, Ibadan, Oyo State.
Cardoso, who was represented by Hakama Sidi Ali, said the sensitisation programme is a flagship platform for direct engagement with stakeholders across the country, emphasizing that effective policy formulation must be driven by dialogue and feedback.
He reaffirmed the bank’s commitment to ensuring monetary and financial system stability, protecting customers’ rights, and promoting confidence in the economy.
According to him, the programme themed “Towards a Robust, Resilient and Inclusive Financial System for Sustainable Economic Growth,” is timely as Nigeria navigates a rapidly evolving economic and financial landscape.
Cardoso said in the last 38 months, the CBN has pursued bold reforms to strengthen the resilience and integrity of the financial system and lay foundation for inclusive growth. He listed some of the reforms to include the launch of the non-resident BVN for Nigerians in diaspora, the Electronic Foreign Exchange Matching System, the Nigeria Payments System Vision 2028, the introduction of the Nigerian Overnight Financial Rate in collaboration with the Financial Markets Dealers Association, and the implementation of 75 percent Cash Reserve Ratio on non-Treasury Single Account public sector deposits.
He stressed that sustainable economic growth must be inclusive, adding that the CBN is working with financial institutions, fintechs, mobile money operators and development partners to expand financial services to underserved populations.
The Governor also advised bank customers on complaint resolution, stating that customers have the right to escalate complaints to the Director, Consumer Protection and Financial Inclusion Department, if their bank fails to acknowledge a complaint within three days or fails to resolve it within the timeline stipulated by the Consumer Protection Regulation.