Refusing To Refund Wrongly Deposited Money Back To Owner Can Attract Jail Term – CBN Warns
The Central Bank of Nigeria, on Thursday, warned Nigerians that failing to refund wrongly deposited money to the rightful owner attracts 5-10 years’ imprisonment, and cautioned bank customers against sharing their personal details with fraudsters.
The CBN Governor, Olayemi Cardoso, who explained that the act falls under financial crimes that attract severe punishment, gave the warning during the stakeholders’ meeting themed, “Central Bank of Nigeria Listens Programme,” held at Jogor Event Centre, Ibadan, Oyo State.
Cardoso, who spoke through Hakama Sidi Ali, said the CBN was committed to financial stability and the protection of customers’ rights.
He said, “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.
“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.
“To achieve these objectives, the bank has undertaken far-reaching reforms designed to strengthen the resilience and integrity of the Nigerian financial system. Over the past 38 months, the governor has pursued bold and pragmatic reforms to lay the foundation for Nigeria’s next economic phase, promoting inclusive growth and wealth creation to alleviate poverty.”
He added, “The launch of the non-resident BVN to connect Nigerians in the diaspora with local banking services, the system of forex trading, the unveiling of the Nigerian Payments System Vision 2028, and the implementation of the 75 per cent cash reserve ratio on non-treasury single account public sector deposits are intended to improve liquidity management and mitigate risk.
