Central Bank of Nigeria warns of jail time for retaining mistaken deposits

The Central Bank of Nigeria (CBN) has warned that individuals who refuse to return money mistakenly transferred into their bank accounts could face between five and 10 years of imprisonment. CBN Governor Olayemi Cardoso issued the warning to deter the practice of retaining funds sent in error.

Bank customers in the Federal Capital Territory have expressed support for the measure. Some customers noted the frustration of being unable to recover funds when banks claim they cannot intervene if the sender is abroad.

While commending the initiative, some citizens have urged the CBN to expand its focus to include punishments for Point of Sale (PoS) operators involved in unauthorized transactions and to implement broader measures to combat cybercrime within the financial sector.