Keeping money mistakenly sent to your account will land you in prison for up to 10 years, CBN announces

• The CBN has warned that people who fail to return money mistakenly paid into their bank accounts risk between five and 10 years in prison.

• Governor Olayemi Cardoso, represented by CBN spokesperson Hakama Sidi Ali, gave the warning at a stakeholders' meeting in Ibadan.

• The bank also reminded customers that they can escalate unresolved complaints to its Consumer Protection and Financial Inclusion Department.

The Central Bank of Nigeria (CBN) has warned that Nigerians who refuse to return money mistakenly paid into their bank accounts risk five to 10 years in prison.

The warning was issued on Thursday, October 22, 2026, at a stakeholders' meeting of the bank's "CBN Listens Programme" at the Jogor Event Centre in Ibadan, Oyo State. CBN Governor Olayemi Cardoso, who was represented by the bank's spokesperson, Hakama Sidi Ali, described it as a financial offence punishable under the law.

Cardoso said that failing to refund wrongly deposited money to the rightful owner "attracts 5-10 years' imprisonment."

He also cautioned bank customers against sharing personal and banking information with fraudsters, saying that obtaining another person's account information through fraudulent means attracts severe penalties. The statement did not say which law provides for the penalty.

Cardoso also reminded depositors of their right to escalate unresolved complaints. Customers can contact the Director of the CBN's Consumer Protection and Financial Inclusion Department if their bank fails to acknowledge a complaint within three days, he said. 

They can also obtain a tracking number if a complaint is not resolved within the timelines set by the Consumer Protection Regulation.

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He said the CBN Listens Programme lets the bank engage stakeholders, explain its policies, address misconceptions and receive feedback.

Cardoso highlighted recent initiatives, including the non-resident Bank Verification Number (BVN) for Nigerians abroad, foreign exchange reforms and the Nigerian Payments System Vision 2028. He also cited the Nigerian Overnight Financial Rate, introduced with the Financial Markets Dealers Association.

He said the CBN was working with financial institutions, fintech companies, mobile money operators, development partners and state governments to extend financial services to underserved communities.