Law enforcement agencies and courts are increasing scrutiny of Nigerians who spend money credited to their accounts by mistake.
The Economic and Financial Crimes Commission (EFCC) has prosecuted several cases involving erroneous transfers. In one high-profile case, Kingsley Ojo was convicted for spending over ₦1.3bn mistakenly credited to his account. The court ordered restitution and sentenced him to prison or a fine.
Other cases include business executives and security officers accused of withdrawing and diverting funds they knew were wrongly credited. Authorities say such actions amount to criminal conversion once the recipient fails to report the error.
Legal expert Emmanuel Omirin said banks are empowered to place restrictions on accounts once a mistaken transfer is reported.
He noted that refusal to return funds could attract charges under the Criminal Code or Penal Code, with penalties including imprisonment and restitution.
Despite these cases, some Nigerians have returned large sums without pressure. In December 2025, a trader in Niger State refunded ₦330m credited to her account, saying peace of mind mattered more than money.
Regulators stress that unexpected credits should be reported immediately, warning that “free money” can quickly become evidence in a criminal case.
