CBN warns Nigerians: keeping wrongly credited money can attract 5-10 years in jail

The Central Bank of Nigeria (CBN) has warned that a customer who keeps money mistakenly credited to their bank account could face between five and 10 years in prison. Governor Olayemi Cardoso gave the warning on Thursday at a stakeholders’ meeting at Jogor Event Centre in Ibadan, Oyo State, under the CBN Listens Programme.

Cardoso, represented by Hakama Sidi Ali, said: “A customer who fails to refund wrongly deposited money to the rightful owner attracts 5-10 years’ imprisonment.” He added that obtaining another person’s bank account information through fraudulent means also attracts severe penalties. Customers were urged to protect personal information and stay vigilant against financial fraud.

How to escalate bank complaints

Cardoso outlined steps for customers when banks fail to acknowledge or resolve complaints within required timelines. If a bank fails to acknowledge a complaint within three days, the customer can escalate it to the Director of the CBN’s Consumer Protection and Financial Inclusion Department.

Customers can also use their complaint tracking numbers to escalate unresolved cases when banks fail to resolve them within timelines set by the Consumer Protection Regulation.

CBN lists financial system measures

The meeting was themed “Towards a Robust, Resilient and Inclusive Financial System for Sustainable Economic Growth.” It gave the CBN room to explain policies and receive feedback on issues affecting individuals and businesses.

Cardoso highlighted initiatives including the non-resident Bank Verification Number (BVN) for Nigerians living abroad and the Nigerian Payments System Vision 2028. He also cited the 75% cash reserve ratio on non-Treasury Single Account public sector deposits and the introduction of the Nigerian Overnight Financial Rate in collaboration with the Financial Markets Dealers Association.

He said the measures are designed to improve liquidity management, promote transparency and reduce risks in the financial system. The CBN, he added, would continue working with banks, fintech companies, mobile money operators, development partners and state governments to expand access to financial services, especially in underserved communities.

What it means for bank customers

The warning puts a direct responsibility on customers to report wrongly credited funds rather than treat them as free money. It also gives consumers a clear escalation path when banks delay complaints, which matters for individuals and small businesses that rely on daily transactions.

Separately, Sterling Bank said it will no longer charge personal account maintenance fees. The announcement was made on Wednesday, October 1, six months after the bank scrapped transfer fees on local online transactions for customers. The fee is a monthly charge on current accounts based on the level of customer-induced debit transactions during the month.