Customers hail CBN’s penalty for retaining mistaken transfers

Some bank customers in the Federal Capital Territory (FCT) have commended the Central Bank of Nigeria (CBN) for warning that individuals who refuse to return money mistakenly transferred into their accounts could face jail terms.

The customers made the commendation in interviews in Abuja on Monday, urging the apex bank to extend similar measures to Point of Sale (PoS) operators whose accounts are allegedly used for unauthorised withdrawals and transactions.

The CBN Governor, Mr Olayemi Cardoso, had warned that refusing to return money mistakenly paid into a bank account could attract between five and 10 years’ imprisonment.

Mrs Evelyn Ikechukwu described the refusal to return money transferred to a wrong account as frustrating and inhuman.

She said the practice was unacceptable and contrary to religious principles.

“Somebody wanted to send me N200,000 in my Sterling Bank account and mistakenly sent the money to Stanbic IBTC to somebody with the same account number as me.

“When I went to the bank, I was told that I am not the sender, so I could not do anything because the sender is abroad.

“This happened repeatedly for three times, and the man did not even raise alarm about it. This is stealing,” she said.

Another customer, Mrs Funmilola Oladipo, also welcomed the initiative but urged the CBN to address the broader challenges of cybercrime in the financial sector.

She advised customers who received unexpected deposits to notify their banks promptly to enable proper verification.

“Miracles happen where someone will just receive money, but you have to notify the bank first to clear the situation.

“The customers should do everything to prove beyond doubt that they don’t have the intention of spending the money. Don’t spend the money as soon as it comes.

“However, CBN should also look beyond jailing people and let the punishment cut across cybercriminals and PoS operators,” she said.

Mr Fidelis Akpa also commended the proposed punishment, lamenting that some people were eager to benefit from money they had not worked for.

He alleged that the practice was becoming increasingly common among young people.

“You cannot use some other person’s sweat to thrive. That is one thing in life.

“Karma has a way of catching up with the person. People should work for their money, and even if God wants to bless you, He will do so using someone,” he said.

Some customers who reacted online also welcomed the proposed penalty.

A customer identified as ekenechukwu.ani1804 described it as a long-awaited measure, while another, rnb_exclusive_bridals, urged people to exercise caution when conducting financial transactions.

However, some online respondents dismissed the proposed jail term, arguing that it was not among the CBN’s most pressing priorities.