The Central Bank of Nigeria (CBN) has warned bank customers against keeping money mistakenly transferred into their accounts. The bank says anyone who knowingly refuses to return such funds could face between five and 10 years in prison.
CBN Governor Olayemi Cardoso issued the warning through the bank’s spokesperson, Hakama Sidi Ali. She spoke during a stakeholders’ meeting of the CBN Listens Programme in Ibadan, Oyo State, on Thursday.
Cardoso said customers must not treat mistaken transfers as money they can freely spend. The warning highlights the importance of responsible banking and prompt action when unexpected funds enter an account.
For related financial news, readers can also see RMAFC’s push to attract Chinese investment.
CBN Warns Against Keeping Mistaken Transfers
According to Cardoso, customers who knowingly keep money wrongly deposited into their accounts risk imprisonment. The warning serves as a reminder that receiving funds does not automatically give the recipient the right to keep them.
Customers who discover an unexpected credit should contact their bank and seek guidance on returning the money through the proper process. They should also avoid spending the funds while the bank investigates the transaction.
The CBN’s warning comes amid wider concerns about financial safety and the need for customers to protect their accounts. Readers can also follow developments in the financial sector through the report on rising petrol prices after Dangote increased its gantry rate.
CBN Cautions Customers Against Sharing Banking Details
Cardoso also warned Nigerians against giving fraudsters access to their personal and banking information. Customers should protect sensitive details and remain cautious when responding to suspicious calls, messages or requests.
Bank users should never disclose their passwords, PINs or one-time passwords to strangers claiming to represent their financial institutions. Anyone who suspects unauthorised access should contact their bank immediately.
The warning reinforces the need for customers to remain alert when carrying out digital transactions. For another report involving financial services and technology, see NNPC’s launch of its first smart self-service filling station in Abuja.
CBN Explains Purpose of Its Stakeholders’ Programme
The CBN said its Listens Programme provides a platform for engaging stakeholders and receiving feedback about its policies. It also seeks to address misconceptions about the bank’s activities and improve the country’s financial system.
Through the programme, the apex bank can hear concerns from members of the public and other stakeholders. The engagement also provides an opportunity to explain policies and clarify issues affecting banking customers.
The programme reflects the bank’s efforts to strengthen communication with the public. Readers interested in government efforts to improve economic development can also read about Enugu State’s drive to sustain development gains.
Customers Can Escalate Unresolved Banking Complaints
Cardoso also reminded customers that they can report unresolved complaints to the CBN’s Consumer Protection and Financial Inclusion Department.
She said customers may approach the department if their banks fail to address complaints within the stipulated period. The reminder gives bank users another channel to seek redress when normal complaint procedures do not resolve their concerns.
Customers should first document their complaints and contact their banks through official channels. They should retain relevant transaction records and any communication with the bank to support their cases.
The CBN’s reminder highlights the importance of knowing the available complaint procedures. Related public-interest reports include the Federal Competition and Consumer Protection Commission commissioner’s comments on access to federal jobs.
CBN Urges Responsible Banking Practices
The CBN’s warning addresses two important responsibilities: returning mistaken transfers and protecting personal banking information. Both issues require customers to act carefully and use official banking channels.
Anyone who receives money unexpectedly should notify their bank rather than assume the funds belong to them. Customers should also remain vigilant against fraud and report unresolved banking complaints through the appropriate channels.
The bank says its engagement with stakeholders will continue to help address concerns and improve understanding of its policies. Other reports on public safety and accountability include the police rescue of 17 children in Oyo State and the NNPC’s response after an oil tanker was caught with cannabis.
