Imagine waking up to a bank alert: ₦500,000 has just been credited to your account. At first glance, it might feel like a lucky day. But before you start spending, stop and think, what does the law actually say about such situations? In Nigeria, mistakenly receiving money that doesn’t belong to you is not just morally wrong to spend, it is also a criminal offence under the law.
What the Law Says
1. The Criminal Code
Under Section 383 of the Criminal Code, fraudulent conversion of money that doesn’t belong to you constitutes stealing. If you know the funds are not yours and you spend them, you could be charged with theft.
The law views it as the dishonest appropriation of property belonging to another with the intent to permanently deprive the owner of it.
2. Cybercrimes (Prohibition, Prevention, Etc.) Act, 2015
The Cybercrimes Act goes further in protecting electronic funds. Section 14 criminalizes unlawful possession or retention of electronic funds. Using mistakenly transferred money can be interpreted as fraudulent intent, punishable with fines and imprisonment.
The Nigerian courts have upheld in several cases that “mistaken transfer is not a gift from God”.
What You Should Do
If money you didn’t expect lands in your account:
- Do not spend it.
- Contact your bank immediately.
- Report the transfer and request that it be reversed to avoid liability.
Failing to act may not only result in being forced to repay the sum but also expose you to criminal prosecution.
The Risk of Spending Mistaken Transfers
Spending mistakenly credited funds can lead to:
- Arrest and prosecution for fraud, stealing, or misappropriation.
- Damaged reputation and permanent records.
- Court-ordered repayment of the exact sum with possible penalties.
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Conclusions
Receiving ₦500,000 (or any sum) by mistake is not your lucky day. Nigerian law is clear: if it’s not yours, you cannot keep it. Instead of facing jail time or heavy fines, the safest path is to immediately notify your bank and return the funds.
