Nigerians have been urged to exercise caution when handling unexpected bank deposits and to protect their personal and financial information from fraudsters, as the Central Bank of Nigeria (CBN) warned that refusing to return money mistakenly paid into an account could attract between five and 10 years’ imprisonment.
The warning was issued on Thursday by the CBN Governor, Olayemi Cardoso, during a stakeholders’ engagement under the CBN Listens Programme at the Jogor Event Centre in Ibadan, Oyo State. Cardoso, who spoke through Hakama Sidi Ali, said the apex bank remained committed to maintaining financial stability and safeguarding customers’ rights.
He stressed that obtaining another person’s banking information through fraudulent means was a serious offence that could attract severe penalties.
“Obtaining information relating to another person(s) account through fraudulent means attracts severe penalties. A customer who fails to refund wrongly deposited money to the rightful owner attracts 5-10 years’ imprisonment,” he said.
The governor described the CBN Listens Programme as an important platform for direct engagement with stakeholders, noting that regular communication and constructive feedback were essential to developing and implementing effective financial policies.
“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 and mutual understanding, and constructive feedback from the people and institutions we serve,” Cardoso said.
Speaking on the theme of the meeting, “Towards a Robust, Resilient and Inclusive Financial System for Sustainable Economic Growth,” he said the engagement was particularly relevant as Nigeria continued to navigate changing economic conditions and developments in the financial sector.
“The CBN remains steadfast in its mandate of ensuring monetary and financial system stability while promoting confidence in the economy,” he said.
Cardoso noted that the bank had introduced several reforms in recent years to restore macroeconomic stability, strengthen financial markets, improve transparency and expand access to financial services. According to him, the measures were designed to build a sound and inclusive financial system capable of supporting long-term economic growth.
He said the reforms were also intended to encourage investment, promote wealth creation and reduce poverty by creating an enabling environment for businesses and individuals.
Among the initiatives highlighted was the introduction of the non-resident Bank Verification Number (BVN), which enables Nigerians living abroad to access domestic banking services. He also cited foreign exchange market reforms, the Nigerian Payments System Vision 2028 and changes to cash reserve requirements on certain public-sector deposits.
The governor said the measures were aimed at improving liquidity management, reducing financial risks and strengthening the resilience of the Nigerian financial system.
He further pointed to the introduction of the Nigerian Overnight Financial Rate in collaboration with the Financial Markets Dealers Association, describing it as an important development in aligning Nigeria’s financial market infrastructure with international practices.
The benchmark provides a transparent, market-based reference rate for short-term lending transactions, supporting the development of the country’s financial markets.
On financial inclusion, Cardoso maintained that economic growth would have limited impact if significant sections of the population remained excluded from formal financial services.
“The CBN firmly believes that economic growth cannot be sustainable unless it is inclusive. Therefore, financial inclusion remains a critical pillar of national development. It expands economic opportunities, reduces poverty, supports entrepreneurship and promotes shared prosperity,” he said.
He added that the apex bank was working with financial institutions, fintech companies, mobile money operators, development partners and state governments to extend financial services to underserved populations across the country.
CBN explains how customers can escalate complaints
Beyond financial crime prevention, the governor used the engagement to remind bank customers of their rights and the procedures available for resolving disputes with financial institutions.
He said the CBN Listens Programme provided an opportunity for the bank to explain its policies, address misconceptions and receive feedback on issues affecting individuals, businesses and communities.
“The programme, therefore, provides opportunities for us to further explain policies, clarify misconceptions where they exist, receive feedback and identify issues affecting individuals, businesses and communities,” he said.
Cardoso urged customers whose complaints were not being handled promptly by their banks to seek redress through the CBN’s Consumer Protection and Financial Inclusion Department.
“As depositors, you have the right to escalate your complaint to the Director, Consumer Protection and Financial Inclusion Department, after lodging your complaint, if your bank fails to acknowledge it within three days,” he said.
He also advised customers to retain their complaint tracking numbers and use them to follow up on unresolved cases where banks failed to address complaints within the timelines stipulated by the Consumer Protection Regulation.
The CBN’s engagement with stakeholders forms part of its broader efforts to strengthen consumer protection, improve accountability in the banking sector and promote public confidence in the financial system.
Established under the Central Bank Act of 1958, the CBN officially commenced operations on July 1, 1959, in Lagos, taking over the functions previously performed by the British colonial West African Currency Board.