Refusal to return money mistakenly transferred to your bank account attracts 5-10 years’ imprisonment - CBN

The Central Bank of Nigeria (CBN) has warned that failure to return money mistakenly transferred into a bank account to their rightful owners could attract between five and ten years’ imprisonment.

It also warned against fraudulently obtaining another person’s banking information and urged customers to protect their account details from fraudsters.

The apex bank gave the warning on Thursday at its stakeholders’meeting, tagged CBN Listens Programme, held at Jogor Event Centre, Ibadan, Oyo State, Nigeria, describing the act as a financial offence punishable under the law.

The CBN further reminded bank customers of their right to seek redress when financial institutions violate their rights or fail to resolve complaints within the stipulated timelines.

According to the bank, customers may escalate complaints to the Director of its Consumer Protection and Financial Inclusion Department (CPFID) if their banks fail to acknowledge complaints within three days, provide a tracking number, or resolve the issues within the timelines prescribed by the Consumer Protection Regulations.