The Central Bank of Nigeria (CBN) has warned Nigerians that refusing to return money mistakenly transferred into their bank accounts could attract between five and 10 years in prison.
The warning was delivered by CBN Governor Olayemi Cardoso through the bank’s spokesperson, Hakama Sidi Ali, during a stakeholders’ meeting under the CBN Listens Programme held at the Jogor Event Centre in Ibadan, Oyo State, on Thursday, October 22, 2026.
Cardoso warned that customers who fail to refund wrongly deposited money to its rightful owner could face serious legal consequences.
The warning comes as Nigerians increasingly rely on mobile banking applications, instant transfers and digital payment services for everyday transactions.
Here are five important facts customers should understand about the CBN’s warning and their rights when dealing with banks.
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1. Keeping Money Sent by Mistake Could Lead to Prison
The CBN has cautioned customers against treating money mistakenly credited to their accounts as their personal funds.
Cardoso stated that a customer who fails to refund wrongly deposited money to the rightful owner attracts between five and 10 years’ imprisonment.
This means that anyone who discovers an unexpected credit should take steps to verify the transaction and cooperate with their bank to resolve the issue rather than deliberately retaining money that belongs to another person.
However, the reports did not identify the specific legal provision supporting the stated prison term. The precise charge and possible punishment in an individual case would depend on the applicable law and the circumstances.
Receiving an unexpected payment does not, by itself, establish that a person has committed a crime. Nevertheless, knowingly retaining another person’s money after discovering the error could create serious legal problems.
2. Contact Your Bank Before Returning Unexpected Funds
Customers who receive money they do not recognise should contact their bank through its official customer service channels.
The safest approach is to report the transaction, provide the relevant details and allow the bank to verify the transfer and explain the appropriate refund procedure.
Customers should avoid spending the money while the issue is being investigated.
They should also be cautious if a stranger contacts them claiming to have made the transfer by mistake and demands an immediate refund to a different account. Fraudsters can exploit genuine mistakes to trick people into sending money to another destination.
Do not disclose your PIN, password, one-time password (OTP) or other sensitive banking information to anyone claiming to represent a bank.
3. The CBN Is Also Warning Against Banking Information Fraud
During the meeting, Cardoso also cautioned Nigerians against obtaining another person’s banking information through fraudulent means.
Protecting account details is important because criminals can use stolen personal information to gain unauthorised access to accounts, impersonate customers or facilitate fraudulent transactions.
Bank customers should therefore keep their login credentials private, use official banking applications and websites, and report suspicious activity to their financial institutions.
Anyone who suspects that their account has been compromised should contact their bank promptly and follow its security instructions.
The CBN’s message highlights the importance of responsible banking practices, including protecting personal information and handling funds received in error appropriately.
4. Customers Can Escalate Unresolved Bank Complaints to the CBN
The governor also reminded depositors that they have the right to seek regulatory intervention when their banks fail to address complaints within the required timeframes.
According to reports of his remarks, customers can escalate complaints to the Director of the CBN’s Consumer Protection and Financial Inclusion Department if their bank fails to acknowledge a complaint within three days.
Customers may also seek escalation where a bank fails to resolve a complaint within the applicable timelines set out in the Consumer Protection Regulations.
Before escalating a complaint, customers should keep evidence of their communication with the bank, including transaction references, complaint dates, emails, messages and any complaint-tracking number issued.
These records can help the regulator understand the issue and assess the steps already taken to resolve it.
Customers should use the Central Bank of Nigeria’s official website to locate current consumer complaint guidance and official contact channels.
5. The CBN Listens Programme Aims to Improve the Financial System
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The warning was delivered during the CBN Listens Programme, an initiative designed to create opportunities for direct engagement between the central bank and stakeholders.
The programme allows the CBN to explain its policies, address misconceptions, receive feedback and identify challenges affecting individuals, businesses and communities.
Cardoso reiterated the bank’s commitment to maintaining financial stability, protecting customers and expanding access to financial services.
The central bank has also been working with banks, financial technology companies, mobile money operators, development partners and state governments to extend financial services to underserved communities.
Such engagement is important as digital payments become increasingly common and customers need clear information about their rights, responsibilities and available complaint channels.
What Should You Do If Money Enters Your Account by Mistake?
If you receive an unfamiliar bank transfer, do not assume the money is yours to spend. Check your transaction history, notify your bank through official channels and follow its verified procedure for resolving the mistaken payment.
Keep records of your communications and do not share sensitive account information with strangers.
The CBN’s warning serves as a reminder that customers should handle mistaken transfers responsibly while also protecting themselves against refund scams.
The key message for bank customers is simple: report unexpected credits promptly, cooperate with legitimate bank investigations and use official complaint channels when a financial institution fails to resolve an issue within the stipulated period.
This article reports the CBN’s public warning. It is not a substitute for legal advice, and the precise penalty in any particular case depends on the applicable law and facts.
