CBN Warns: Keeping Wrongly Credited Funds Can Attract Up to 10 Years in Prison

The Central Bank of Nigeria has warned customers to return money wrongly paid into their accounts, saying failure to do so can attract between five and 10 years’ imprisonment under financial-crime laws. The warning was delivered on behalf of CBN Governor Olayemi Cardoso at the bank’s stakeholder engagement programme in Ibadan. The bank also cautioned against obtaining another person’s account information through fraudulent means. The CBN urged bank customers to report unresolved complaints through the appropriate consumer-protection channels after first lodging them with their banks. It said the engagement programme allows the bank to explain policies, address misconceptions and receive feedback from the public.

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