Steps to Recover Money Sent to Wrong Account in Nigeria

The article outlines steps to recover money mistakenly transferred to the wrong account in Nigeria. It emphasizes that due to the NIBSS Instant Payment (NIP) system, transactions are instant and irrevocable.

The first step is to contact your bank immediately, reporting the mistake and providing transaction details. The Central Bank of Nigeria's guidelines require the bank to notify the receiving bank, which can then freeze the recipient's account through a Post-No-Debit (PND) order.

However, the recipient must authorize the return of the funds. If the money was sent to a friend's old account, a polite request may expedite recovery.

The article warns against threatening the recipient, as keeping mistakenly sent money is a criminal offense in Nigeria, treated as theft or unjust enrichment.