Wrongful retention of erroneous bank transfers attracts 5-10 years’ imprisonment — CBN
Central Bank of Nigeria (CBN) has warned that failure to return funds mistakenly deposited into a bank account to The post Wrongful retention of erroneous bank transfers attracts 5-10 years’ imprisonment — CBN appeared…
The Central Bank of Nigeria's warning touches on a growing concern in Nigeria's increasingly cashless economy, where glitches in interbank transfer systems, USSD platforms and mobile banking apps occasionally result in funds being sent to the wrong accounts. As digital transactions have surged in recent years, so have reports of such erroneous credits, with many recipients unaware that spending or withholding such funds could expose them to criminal liability rather than just a civil demand for a refund.
The CBN's position aligns with provisions in Nigerian law, including the Cybercrimes Act, which criminalises the fraudulent retention of funds received in error. Both Tribune and Punch report the apex bank's warning in similar terms, framing it as a deterrent message to bank customers. Neither report details specific cases, enforcement actions, or the volume of erroneous transfer complaints the CBN or deposit money banks have recorded, leaving open questions about how actively this provision has been or will be enforced.