Former Edo State governor and current senator, Adams Oshiomhole, has shared a disturbing personal experience with cybercrime, revealing that hackers successfully breached his mobile money accounts. The incident has sparked renewed debate about the security of Nigeria's rapidly expanding fintech sector.
Senator's Personal Ordeal Highlights Fintech Vulnerabilities
Speaking during a Senate plenary session on Thursday, December 5, 2025, Senator Oshiomhole detailed how cybercriminals accessed his accounts with two prominent fintech firms, OPay and Moniepoint, and siphoned his money. The debate centered on proposed amendments to the Banks and Other Financial Institutions Act (BOFIA).
The Edo North lawmaker used his experience to argue for stronger legislative oversight of financial technology companies that operate outside the conventional banking framework. He urged his colleagues to not only support new regulations but to scrutinize them thoroughly to close loopholes exploited by criminals.
"When they hacked into my account, I found that all the institutions used were OPay and Moniepoint. None of the registered banks were used," Oshiomhole told the Senate. He pointed out that these digital platforms often lack physical branches, employ limited local staff, and have minimal involvement in corporate social responsibility.
Calls for Transparency and Stricter Regulation
Oshiomhole emphasized a critical transparency gap. He noted that while the leadership of major commercial banks like First Bank, Access Bank, and Zenith Bank is publicly known and traceable, the same cannot be said for some fintech operators.
"For example, I know all the directors of First Bank, Access Bank, Zenith Bank. I don't know the directors of OPay or Moniepoint," he stated. He warned that if a major fintech player were to collapse, the financial burden of compensating Nigerians would ultimately fall on the federal government.
The senator insisted that Acts of the National Assembly carry more enforceable weight than regulations from the Central Bank of Nigeria (CBN) alone. Following the debate, the bill sponsored by Senator Tokunbo Abiru successfully passed its second reading, as reported by TheCable.
OPay Responds to Viral Shutdown Rumours
In a related development, OPay issued an official statement to debunk viral rumours claiming the company had shut down operations or lost customer funds. The fintech firm described these reports as false, malicious, and entirely without evidence.
In a post on its verified X (formerly Twitter) account, OPay assured the public that its operations remain stable, systems are secure, and all customer funds are intact. The company urged users to disregard misleading content designed to create panic.
OPay acknowledged a brief service downtime experienced by some users earlier in the week but clarified that it was resolved within minutes and is a normal occurrence for digital platforms. The company stressed that such a temporary disruption does not indicate any form of collapse.
The fintech giant also highlighted its regulatory standing, reminding customers that it is fully licensed by the Central Bank of Nigeria (CBN) and that customer deposits are insured by the Nigeria Deposit Insurance Corporation (NDIC). This framework, OPay stated, provides an additional layer of security for users' money.
This incident occurs against the backdrop of the Nigerian government's enforcement of the N50 Electronic Money Transfer Levy (EMTL) on transactions of N10,000 and above conducted through fintech platforms like OPay, Moniepoint, Palmpay, and Kuda Bank.
