JUST IN: EFCC has urged OPay to prioritize compliance with all regulations to ensure business integrity and prevent fr@udulent practices. The commission emphasized implementing strict Know Your Customer (KYC) procedures, preventing fr@ud, avoiding the use of the company for money laundering

Oshiomhole Says Hackers Hit His OPay, Moniepoint Accounts as Fintech Firm Denies Shutdown Rumours Senator Adams Oshiomhole has revealed how hackers breached his OPay and Moniepoint accounts, siphoning funds and exposing major gaps in Nigeria’s fintech security. Speaking during a Senate debate, he urged stronger regulations for digital financial platforms that operate outside traditional banking structures. Oshiomhole warned that many fintechs lack transparency and could expose Nigerians to financial risks. In response, OPay dismissed viral claims that it had shut down or lost users’ funds, insisting its systems remain secure and customer deposits protected. The company added that a brief downtime earlier in the week had been resolved and reassured users of its financial stability.

Yahoo Boys in trouble. The Central Bank of Nigeria (CBN) has issued a strong directive to Nigerian banks, OPay, Palmpay, others on refunding fraud victims. The new CBN guideline makes it mandatory for banks to speedily refund fraud victims within a specific timeline or risk huge fines.

PRESS RELEASE: OPay clinches SERAS 2025 social impact and human capacity development award OPay, Nigeria’s leading financial technology company, has been recognized for its outstanding contributions to corporate social responsibility, winning the SERAS 2025 Award for Social Impact & Human Capacity Development. POPay clinches SERAS 2025 social impact and human capacity development award ng organizations that make meaningful and measurable differences in their communities. The 19th edition, held on Saturday at the Oriental Hotel, Victoria Island, Lagos, convened trailblazing organizations and industry leaders committed to driving transformative social change across the continent.

Court orders takeover of EndSARS Activist, FK Abudu’s Family Firm over N532 million Debt. Justice Deinde Isaac Dipeolu of the Federal High Court in Lagos has granted an interim order empowering Lotus Bank Limited to take possession of all assets belonging to Unpacked Limited (in receivership), a company owned by Oluwafeyikemi Abudu and guaranteed by Oluwafemi Badewole, over an alleged debt of ₦532,691,920.86. The order followed an ex parte motion filed by the bank’s counsel, A. Adedoyin-Adetunji, seeking the court’s approval to recover the outstanding sum arising from an Ijara Muntaluya Bittamleek (lease-to-own) facility extended to the company. Court Grants Takeover of Assets and Accounts In the motion, marked FHC/L/CS/2097/2025, Lotus Bank prayed the court for leave to take over the company’s movable and immovable assets, as well as funds domiciled in several financial institutions across the country. The bank also sought an order restraining over 25 banks and financial institutions—including GTBank, Access Bank, First Bank, UBA, Zenith Bank, and Fidelity Bank—from releasing or tampering with any funds linked to the defendants’ accounts or Bank Verification Numbers (BVNs). The restraining order also extends to digital finance platforms such as Opay, Palmpay, Paystack, Piggyvest, and Momo Agent, pending the determination of the substantive suit. Receiver Empowered to Take Possession The court further authorised Patrick Mgbeoma, the receiver/manager appointed by Lotus Bank, to take possession of and realise all assets belonging to Unpacked Limited, including fixed and floating assets, equipment, and undertakings covered under the Deed of All Assets Debenture dated May 25, 2025, and the Deed of Appointment of Receiver dated October 6, 2025. Justice Dipeolu also granted the bank’s request for police assistance, directing the Inspector-General of Police, senior officers, and the Commissioner of Police, Lagos State, to provide security support to court bailiffs and the receiver during the takeover process. According to the motion, the affected company operates from VPD Academy Building 4, Thorburn Avenue, Yaba, Lagos, where the bank alleged some of the assets under the loan agreement were located. The court’s order enables bailiffs and enforcement officers to gain access to the premises and secure all relevant assets.

Lagos govt probes LASAA staff for allegedly diverting public funds. The Lagos State Government has commenced a formal investigation into allegations of financial misconduct involving a staff member of the Lagos State Signage and Advertisement Agency, LASAA, accused of diverting official payments into a personal bank account. The probe followed a public outcry on X, where a user alleged that payments meant for LASAA were being made into an individual’s Opay account. The whistleblower, identified as @Bhadmoz (TrueBlue), claimed that customers were being charged N45,000, but issued receipts reflecting only N7,100. The user tagged Governor Babajide Sanwo-Olu and the Commissioner for the Environment and Water Resources, Tokunbo Wahab, calling for immediate action. In a swift response, Commissioner Wahab confirmed that the individual linked to the allegations is an employee of LASAA. He directed that the staff member report to the agency’s headquarters for immediate disciplinary action. “My attention has been drawn to a post alleging improper transaction practices involving a staff member of an agency under our ministry. I have instructed that the officer appear at the agency’s head office tomorrow to face disciplinary proceedings,” Wahab said. The Commissioner reaffirmed the Lagos State Government’s commitment to accountability, integrity, and transparency in public service, warning that unethical behaviour would not be tolerated.

"CBN Doesn’t Even Know Where Many Fintech Banks Operate From" — Lawmaker, Hon Olufemi Bamisile Alleges. Chairman of the House of Representatives Ad-hoc Committee investigating the operations of fintech companies in Nigeria, Hon. Olufemi Bamisile, has raised serious concerns over the Central Bank of Nigeria’s (CBN) limited oversight and lack of vital information about major fintech operators in the country. Speaking during a live television interview, Bamisile said the committee’s ongoing probe revealed troubling regulatory lapses, suggesting that the apex bank may not have full knowledge of where or how some fintech firms operate. He noted that key players in the sector, including MoniePoint, OPay, and Kuda Bank, failed to honour invitations to appear before the National Assembly, with several official emails sent to them bouncing back. “It’s alarming that the CBN doesn’t even know where these operators are located,” Bamisile said. “We found out that OPay, for instance, is owned by someone in China. This raises serious national security and economic concerns.” The lawmaker also alleged possible collusion within the system, pointing out that many of these platforms appear to be run by local agents without transparent ownership structures. Bamisile reaffirmed that the House committee will conclude its investigation within the stipulated timeframe and recommend stronger regulations to ensure accountability and protect Nigeria’s financial ecosystem.

Nigeria’s 2 million banking agents must choose between Moniepoint, Opay, PalmPay by April 2026. If you are one of Nigeria’s two million banking agents holding on to a Moniepoint, OPay, or PalmPay POS terminals, it might be time to return at least two. From April 1, 2026, Point of Sale agents must be exclusive to one principal, i.e., banks, mobile money operators, microfinance banks, and payment service banks, as part of the Central Bank of Nigeria’s (CBN) new agent banking rules. The new guidelines, released on October 6, 2025, mark the most comprehensive regulatory overhaul since agent banking began in 2013. The rules were designed to “provide minimum standards for the regulation and operations of agent banking in Nigeria, enhance agent banking as a delivery channel for offering financial services to drive financial inclusion; and encourage responsible market conduct and improve service quality in the operations of Agent banking,” the CBN said in its circular. Banking agents, better known as Point-of-sale (PoS) operators, who have long operated across multiple platforms to serve customers of different banks, will now be allowed to work with only one principal (a bank, microfinance institution, payment service bank, or mobile money operator) or one licenced super agent. Banks, fintechs, and other principals must publish an updated list of their agents with location on their websites. The rules aim to enhance the enforcement of the new daily withdrawal limits of ₦1.2 million ($816.18) and location restrictions on banking agents, as the CBN intensifies its oversight of the country’s rapidly growing agent banking sector. Principals must now ensure that agent banking services are clearly demarcated from merchant activities and monitor agents’ BVN(s) to identify activities outside their designated account(s) and limits. Agents must now maintain records of all transactions and promptly report suspicious ones and incidents to their principals. The CBN can now, at any time, bypass principals and ask agents directly for their records. The industry has six months to comply, a move that could reshape Nigeria’s financial services distribution network and affect millions of daily cash transactions across urban and rural communities.

Dino Melaye Slams Tinubu’s Borrowing Strategy, Warns Government Could Turn to Local Fintechs Former Senator Dino Melaye has launched a sharp critique of President Bola Tinubu’s borrowing practices, warning that the administration’s financial recklessness could soon extend to Nigerian fintech companies like Opay and Moniepoint. Speaking on ARISE Television on Monday, September 8, 2025, Melaye questioned how a government that claims to be tackling wasteful spending continues to accumulate debt while making luxury purchases. He asked: “Why is the president borrowing $1.7 billion from the World Bank? Why has the Senate approved $21 billion so far, with many others pending?” Melaye also condemned recent extravagant expenditures by the administration, highlighting the acquisition of a yacht—which reportedly ferries between Monaco and Paris rather than operating in Nigerian waters—and the purchase of a presidential jet, criticizing such spending amid economic hardship and widespread hunger. Describing the administration as “one of the most reckless governments in the history of this country,” Melaye argued that excessive borrowing undermines its reformist message: “If you are making more money, then why are you borrowing? We will not be surprised if the president starts borrowing from Opay and Moniepoint very soon.” His comments reflect growing concern over Nigeria’s rising public debt and raise questions about the government’s borrowing priorities. The suggestion that local fintechs could become a source of government funding underscores broader worries about fiscal sustainability and economic governance in the country.

A court in Equatorial Guinea has sentenced Ruslan Obiang Nsue, son of President Teodoro Obiang Nguema Mbasogo, to six years in prison for illegally selling an aircraft belonging to the national airline. According to Supreme Court press director Hilario Mitogo, the ruling on Tuesday stated that Obiang Nsue could avoid jail if he reimburses Ceiba Intercontinental about $255,000 for the missing ATR 72-500 plane, in addition to damages and a state fine. The 50-year-old, a former director of Ceiba Intercontinental, was accused of selling the aircraft to a Spanish company and keeping the proceeds. He was first placed under house arrest in 2023 by his half-brother, Vice-President Teodoro Nguema Obiang Mangue. The court, however, acquitted him of separate charges of embezzlement and abuse of office. Obiang Nsue, who has also served as secretary of state for sports and youth, is one of several children of President Obiang, who has ruled the oil-rich Central African nation for 46 years. In a related case abroad, his half-brother, Vice-President Obiang Mangue, was handed a suspended prison sentence and fined $35 million by a French court in 2021 for embezzling public funds. Newly deployed PoS devices are now required to come with native geolocation features and dual-frequency GPS receivers for precise tracking. The bank further mandated that each PoS device must capture and transmit its location at the start of every transaction, with any activity conducted beyond a 10-meter radius of the registered merchant’s address automatically flagged. Licensed operators, including major banks and leading fintech firms such as Moniepoint, OPay, and PalmPay, must register each terminal with a payment aggregator and provide accurate merchant coordinates. CBN warned that all terminals failing to comply with the directive by the October 20, 2025 deadline will be disabled from operating.

Even Babangida, Abacha Never Tried This” – Akinnola Slams IGP Over SaharaReporters Account Freeze Journalist and lawyer Richard Akinnola has condemned IGP Kayode Egbetokun for securing a court order to probe and freeze the accounts of Omoyele Sowore & SaharaReporters over alleged terrorism financing and money laundering. He described the move as “unprecedented in democracy”, stressing that even under the military juntas of Babangida and Abacha, security agencies never attempted such against the media. Akinnola questioned why notorious terrorists like Bello Turji roam freely while the police target journalists, warning that the action casts the Tinubu govt in bad light and smacks of a personal vendetta. The Abuja Federal High Court has ordered six banks—including UBA, GTB, Zenith, Opay, Moniepoint, and Kuda—to release financial records of Sowore and SaharaReporters from Jan 2024 till date. #Nigeria #PressFreedom #IGPEgbetokun #Tinubu

Ondo Man Loses ₦81,000 to Facebook Vendor in Gas Cylinder Scam Whether Peter Ejiata Lucky is the same person as Taiwo Abdulazeez, whose Moniepoint account received ₦81,000 from Ondo-based Moses Babajide on August 12, remains unclear. What is certain, however, is that Babajide would never have interacted with them if Lucky had not advertised a gas cylinder on a Facebook group. Babajide’s father in Lagos needed a cylinder to start a small gas refilling business. When Babajide saw an advert in the Facebook group Ikorodu Fairly Used Items for Sale, he reached out. After chatting on Facebook and later on WhatsApp, Lucky shared two phone numbers—09013881406 and 07084720226—and agreed to sell the cylinder for ₦81,000. To ease delivery, Babajide booked a Bolt ride to pick up the cylinder from Magodo and drop it at his father’s residence in Ayobo. Lucky even sent a picture showing the cylinder inside the car’s boot. The vendor then shared a Moniepoint account number: 8191168506, under the name Taiwo Abdulazeez Ipadeola. Suspicious about the mismatch of names, Babajide questioned him. Lucky claimed it was his real name and that he used the Facebook account only for marketing. On call, he later said it was a “friend’s account.” Trusting him, Babajide made the transfer. But after payment, the supposed vendor stopped picking his calls. To complicate matters, he told the Bolt driver he had never shared a Moniepoint account, but rather an OPay account, an attempt to cause confusion. The driver, frustrated, left after Lucky removed the cylinder from the boot. He even accused Babajide of wasting his time, forcing Babajide to send him ₦2,000 in apology. When contacted by FIJ, the vendor admitted receiving the money and claimed a refund was possible since Moniepoint had placed a lien on the account. He promised to fund the account for reversal, but after repeated WhatsApp chats, he failed to do so. By Friday, his WhatsApp number was no longer registered on the platform. Meanwhile, two days after the incident, Babajide used an acquaintance’s Facebook account to test the waters. The same vendor responded, saying the cylinder was still available—this time claiming it was located at Ijegun, not Magodo. Babajide now believes that Lucky and Abdulazeez may be running an organised scam. He noted that the phone numbers given to him were linked to WhatsApp Business accounts such as RPM Garage LLC and Ejiata Enterprises Limited, which advertise electronics, property, and other services. For him, the elaborate setup was designed to make unsuspecting buyers believe they were dealing with legitimate businesses—until their money vanished. #OnlineScam #FacebookFraud

A Young Man Killed His Girlfriend Because Opay Loaned Her 500,000 for her POS business. He along with his friends killed the young lady simply known as Goodnews and threw her body in a swampy area of the same neignourhood. We don’t know his name yet other than he is an Akwaibom boy and a dry cleaner. This story is still developing and is said to have happened in Ogombo, Ajah area of Lagos State.

Employee K!lls Boss Over ₦300,000 Unpaid Salary in Delta State. A disturbing incident has occurred in Delta state which an employee allegedly clubbed his boss to death with a pestle due to a dispute over an unpaid salary of N300,000. 26-year-old suspect, Awaji Moses, from Benue State, while being paraded, confessed that he k!lled the victim, Victor Ochei, 38, on June 22 after being owed salary since last November. He said he had worked for his employer for 1 year plus and his salary stopped coming after a few months. He added that he was only given N500 daily to eat. He quit work when his salary was not forthcoming but said his boss pleaded with him to resume again. His salary was allegedly still withheld after he resumed work, so he k!lled his boss while they were on their way to buy palm fruits. He explained that he is usually the only one who goes to buy the palm fruit. However, on that fateful day, his boss chose to follow him since work was not going on that day at the oil mill. His boss rode his motorcycle while the suspects sat behind, directing him. When they got to the forest, he said he picked up a pestle used for pounding palm fruits and hit his boss twice on the neck, k!lling him. After k!lling the man, he absconded with his phone and when relatives who were trying to reach him called, he told them the boss has been kidnapped and a ransome of N10 million should be paid. The victim's sister sent N300,000 to the Opay account that was provided by the suspect.