Olayemi Cardoso cautions bank customers against financial fraud and unauthorised access to account information, reiterating the apex bank’s commitment to consumer protection and financial stability.

The Central Bank of Nigeria (CBN) has warned Nigerians against keeping money mistakenly transferred into their bank accounts, stating that offenders could face between five and 10 years in prison.

The apex bank also cautioned customers against disclosing their personal and banking information to fraudsters, stressing that obtaining another person’s account details through fraudulent means constitutes a serious financial offence.

CBN Governor, Olayemi Cardoso, issued the warning on Thursday during a stakeholders’ engagement organised under the CBN Listens Programme at the Jogor Event Centre in Ibadan, Oyo State.

Cardoso, who was represented at the event by Hakama Sidi Ali, said the bank remained committed to protecting customers’ rights, safeguarding the financial system and strengthening public confidence in Nigeria’s banking sector.

He warned that customers who fail to return money mistakenly paid into their accounts could face severe legal consequences.

“Obtaining information relating to another person’s account through fraudulent means attracts severe penalties. A customer who fails to refund wrongly deposited money to the rightful owner attracts five to 10 years’ imprisonment,” the governor said.

The warning comes amid growing concerns about financial fraud, unauthorised access to banking information and the risks customers face as digital transactions become increasingly common.

The CBN urged bank customers to exercise caution when handling their financial information and avoid sharing sensitive details with individuals who could exploit them for fraudulent purposes.

CBN seeks stronger, more inclusive financial system

Speaking on the importance of the engagement, Cardoso described the CBN Listens Programme as one of the bank’s key platforms for engaging directly with stakeholders across the country.

He said the initiative was designed to promote dialogue, gather feedback and improve the formulation and implementation of policies affecting Nigeria’s financial system.

According to him, effective monetary and financial policies require continuous engagement with the people, businesses and institutions they are intended to serve.

The meeting was held under the theme, “Towards a Robust, Resilient and Inclusive Financial System for Sustainable Economic Growth.”

Cardoso described the theme as particularly relevant as Nigeria navigates economic changes and an evolving financial landscape.

He reaffirmed the CBN’s commitment to maintaining monetary and financial system stability while promoting confidence in the economy and expanding access to financial services.

Apex bank highlights ongoing reforms

The CBN governor also highlighted reforms introduced in recent years to strengthen macroeconomic stability, improve financial market operations, promote transparency and deepen financial inclusion.

He said the measures were aimed at building a sounder and more resilient financial system capable of supporting sustainable economic growth.

Cardoso added that the bank had pursued significant reforms over the preceding 38 months to lay the groundwork for Nigeria’s next phase of economic development, with emphasis on inclusive growth, wealth creation and poverty reduction.

He maintained that innovation, stronger financial institutions and improved public engagement would remain important to achieving the CBN’s objectives.

The stakeholders’ meeting provided an opportunity for the apex bank to engage participants on the challenges facing the financial sector and the measures needed to improve the banking experience for Nigerians.

The CBN reiterated that protecting customers, maintaining confidence in financial institutions and preserving the integrity of the banking system remain central to its responsibilities.