The Central Bank of Nigeria (CBN) has warned that individuals who knowingly retain funds mistakenly transferred into their bank accounts could face between five and 10 years in prison.
The apex bank issued the warning last Thursday at its stakeholders’ meeting under the CBN Listens Programme, held at Jogor Event Centre, Ibadan, Oyo State, describing the retention of funds belonging to another person as a financial offence punishable under the law.
The CBN also cautioned bank customers against fraudulently obtaining or disclosing another person’s banking information, urging them to protect their account details from fraudsters. 
The apex bank further reminded customers of their right to seek redress when banks violate their rights or fail to resolve complaints within the stipulated timelines.
It said customers could escalate unresolved complaints to the Director of the Consumer Protection and Financial Inclusion Department (CPFID) where their banks failed to acknowledge complaints within three days, provide a tracking number or resolve the matter within the timelines prescribed by the Consumer Protection Regulations.
Speaking at the event, CBN Governor Olayemi Cardoso, represented by the Acting Director, Corporate Communications, Hakama Sidi Ali, reaffirmed the bank’s commitment to financial stability and the protection of customers’ rights.
Cardoso said the economic reforms of the Federal Government under President Bola Tinubu were aimed at strengthening Nigeria’s financial system, expanding access to financial services and protecting depositors’ interests.
He described the CBN Listens Programme as a platform for direct engagement with stakeholders, stressing that feedback from individuals, businesses and institutions was critical to effective policy formulation and implementation.
“The CBN Listens Programme is one of our flagship platforms for direct interaction with stakeholders across the country.
“It reflects our conviction that effective policy formulation and implementation must be supported by continuous dialogue, mutual understanding and constructive feedback from the people and institutions we serve,” he said.
The governor said the theme of the meeting, “Towards a Robust, Resilient and Inclusive Financial System for Sustainable Economic Growth,” was particularly relevant as Nigeria continued to navigate changes in its economic and financial landscape.
He reiterated that the CBN remained committed to its mandate of maintaining monetary and financial system stability, restoring confidence in the economy and supporting sustainable economic growth.
According to him, recent reforms have focused on strengthening financial markets, improving transparency, deepening financial inclusion and positioning the country for long-term economic development.
Cardoso said the measures were designed to improve the resilience and integrity of the financial system while promoting inclusive growth and wealth creation.
Among the initiatives highlighted were the introduction of the non-resident Bank Verification Number (BVN), which enables Nigerians living abroad to access local banking services, reforms to the foreign exchange market and the Nigerian Payments System Vision 2028.
He also cited the implementation of a 75 per cent cash reserve ratio on public-sector deposits held outside Treasury Single Accounts as part of measures to improve liquidity management and mitigate financial risks.
The CBN governor further disclosed that the apex bank had introduced the Nigerian Overnight Financial Rate in collaboration with the Financial Markets Dealers Association.
He said the reforms were part of broader efforts to strengthen Nigeria’s financial architecture, improve confidence in the banking system and create a more resilient and inclusive financial sector.
