We have all felt that cold shiver in our spine after clicking “Confirm” on a bank transfer, only to realize the name on the screen wasn’t the person we intended to pay. With the speed of instant transfers in Nigeria, mistakes happen in a heartbeat. Knowing the process for recovering money sent to wrong account Nigeria can help you act fast and increase your chances of getting your money back.
The Step-by-Step Recovery Process
The moment you realize the mistake, do not wait. Time is your biggest enemy. First, take a screenshot of the transaction receipt. Immediately call your bank’s customer service or go to the nearest branch. Your bank will then contact the “recipient’s bank” (the bank that received the money). According to Central Bank of Nigeria (CBN) rules, the receiving bank is supposed to “freeze” that amount in the person’s account so they cannot spend it while the mistake is being investigated.
However, the bank cannot just take the money back without the other person’s permission. If the person who received the money is honest and agrees that it was a mistake, they can sign a form allowing the bank to reverse it. If they refuse to return it, the situation becomes a legal matter. You may need to go to a Magistrate Court to get a “Court Order” that forces the bank to reverse the funds. Under Nigerian law, keeping money that was sent to you by mistake is considered a crime (fraud), and the person can be prosecuted if they spend it.
While the law protects you, the process of recovering money sent to wrong account Nigeria can be stressful and take weeks. The best solution is prevention: always double-check the account name that pops up before you type your PIN. If you do make a mistake, act within minutes, not hours. The faster the bank “freezes” the funds, the better your chances of a full recovery.
