“Can I Spend N320,000 Mistakenly Sent to My Bank Account After Waiting for 7 Days? Expert Speaks
- A Nigerian student claimed to have received N320,000 from an unknown account, and it has been over a week since the money was deposited
- The lady, who spoke anonymously, revealed that her friends have been encouraging her to spend it, but she is concerned about the potential consequences
- Barrister Segun Anigioro in an interview with Legit.ng explains the legal position regarding spending funds mistakenly deposited into one's account
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Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
A Nigerian student, who wished to remain anonymous, said she received N320,000 from an unknown source and is worried about whether she can spend it.
Source: Getty Images
"It was a Friday, and I had just finished my lecture. Exhausted, I walked home with my friends when suddenly I received a credit alert of N320,000.
" I wasn't expecting such an amount from anyone, nor had I made any requests. I was surprised and happy. I called my parents and uncle, who usually send me money, and they confirmed they hadn't sent anything.
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I told my friends about it, and they advised me to wait. Now, it's almost been a week, and the money still hasn't been removed from my account. I'm scared to spend it. What should I do?"
Legal expert Anigioro explains
Barrister Segun Anigioro, a Lagos-based legal practitioner, corporate and property law expert and the principal partner of Segun Anigioro & Associates (D'ADVOCATE CHAMBERS), provides answers.
His words:
"The issue of erroneous transfer of fund as become a constant issue in our modern era of Internet banking and online banking.
"Erroneous transfer of fund is a situation whereby an individual mistakenly transfer money into a wrong account, this sometimes happen as a result of carelessness or failure to double check details before the final authorization of the transaction, sometimes it may even be a mistake on the path of the person sending his or her account.
"The receiver of an erroneous transfer on the other hand having knowledge of this is not expected to touch such fund as they are mistakenly paid into his or her account and does not belong to such an individual.
"The receiver is not expected to spend such money because definitely the sender of such money will lodge a complain in his or her bank and request for a reversal of the money by providing requisite documents.
"It is a presumption that every account owner knows the figure available in their account balance and whereby there is an unexpected credit transaction such amount does not belong to you and any act done to such money will amount to stealing (theft)
"Stealing is defined in sec 383 of the Criminal Code as any person who fraudulently converts to his own use or the use of any other person anything capable of being stolen is said to steal that thing. The Criminal Code went further in sec 383(4) state that " in the case of conversion it is immaterial whether the thing converted is taken for the purpose of conversion is in the possession of conversion is in the possession of the person who convert it"
"By this provision of law it is immaterial that the money at the time of conversion or spending it is in your bank account the fact that the money belongs to someone else, any act spending or withdrawal of that money is conversion.
"Conversion or stealing as the case may be is a criminal offense which is punishable under the law.
"Furthermore it is best advice to always report any questionable credit transaction into your account to the bank because you never can tell the source of such fund."
Wrong funds transfer
Earlier, Legit.ng reported that a Nigerian man mistakenly transferred N200,000 to the wrong bank account due to a typing error and wants his money back.
He said he found out after the intended recipient complained that he had not seen the transferred funds in his bank account.
Kalu Uche, an operational manager in one of Nigeria's commercial banks, explained to Legit.ng the process of retrieving wrongly sent funds.
Disclaimer: Advice given in this article is general in nature and is not intended to influence readers' decisions about solving problems. Readers should always seek their own professional advice that takes into account their own personal circumstances before making any decision.
Do you have a story to tell? Want an expert's advice? Please email us at ask.an.expert@corp.legit.ng with 'Ask an expert' in the subject line.
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Source: Legit.ng
