The Central Bank of Nigeria (CBN) has officially warned bank customers that refusing to return money mistakenly transferred into their accounts is a financial crime punishable by 5 to 10 years in prison. [1, 2]
The warning was delivered by CBN Governor Olayemi Cardoso’s spokesperson, Hakama Sidi Ali, noting that retaining such funds constitutes stealing and criminal conversion. [1, 2, 3]
Key Details and Legal Context
- Penalties & Liability: Willfully failing to refund erroneous credits after notification carries up to a decade in prison.
- Security & Recourse: Customers must protect their BVN details and can escalate unresolved bank transfer errors to the CBN if banks fail to respond within three days.
- Enforcement: The stance is backed by legal precedents involving convictions and asset forfeitures by anti-graft agencies like the EFCC for keeping misdirected funds. Recipients are legally required to report unexpected funds immediately for a reversal.