CBN Warns of Prison Time for Keeping Mistaken Funds

The Central Bank of Nigeria (CBN) has issued a warning that individuals who retain money mistakenly credited to their bank accounts may face imprisonment for a duration of five to ten years. This announcement was made by CBN Governor Olayemi Cardoso during a stakeholders' meeting held on Thursday at the Jogor Event Centre in Ibadan, where he was represented by Hakama Sidi Ali.

Cardoso also highlighted that acquiring another person's funds through fraudulent means carries severe penalties. He urged customers to safeguard their personal information and remain vigilant against financial fraud.

Additionally, he outlined procedures for escalating complaints to the CBN’s Consumer Protection and Financial Inclusion Department if banks do not address issues within three days. The meeting, themed “Towards a Robust, Resilient and Inclusive Financial System for Sustainable Economic Growth,” aimed to engage with customers and stakeholders, explain policies, and gather feedback.

Cardoso discussed various initiatives to strengthen Nigeria's financial system, including improving liquidity management and promoting transparency.