The Central Bank of Nigeria (CBN) has issued a clear warning to bank customers nationwide. If money is mistakenly paid into your account and you refuse to return it, you could face five to 10 years in prison.
The Warning from CBN
The CBN delivered the message on Thursday, October 22, 2026, during the CBN Listens Programme at Jogor Event Centre in Ibadan, Oyo State. CBN Governor Olayemi Cardoso’s representative, Hakama Sidi Ali, delivered the message on his behalf. According to the apex bank, keeping money mistakenly paid into your account instead of returning it constitutes a financial crime.
At the same event, the CBN also warned customers against sharing personal or banking details with fraudsters. The bank noted that obtaining another person’s account information through fraudulent means carries severe penalties. 
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About the CBN Listens Programme
The CBN Listens Programme is one of the bank’s platforms for engaging directly with the public.
It allows the institution to explain its policies, clear up misconceptions, and gather feedback from customers and stakeholders. Hence, the CBN invites members of the public, including those who have experienced issues with electronic payments, failed transactions, bank charges, and ATM withdrawals, to participate in the programme.
The current CBN leadership has continued to run the programme and regularly uses it as a platform for public engagement.
During the session on Thursday, the bank also highlighted recent reforms aimed at strengthening the financial system. These include the non-resident BVN for Nigerians living abroad, foreign exchange trading reforms, the Nigerian Payments System Vision 2028, and the introduction of the Nigerian Overnight Financial Rate.
What To Do When Money Is Sent To You
If you receive money wrongly sent to you, report it to your local bank branch as soon as you can. If your bank fails to acknowledge a complaint within three days, you can escalate the matter to the Director of the Consumer Protection and Financial Inclusion Department.
You can also request a tracking number if the issue is not resolved within the timelines set by the Consumer Protection Regulation. The CBN warns that returning wrongly sent money is not only the right thing to do, but also a law.
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