OPay Engages Regulators, Security Agencies Over Fake Shutdown Message

By Adedapo Adesanya

Nigerian payment fintech, OPay, has engaged regulators, security and law enforcement agencies to ensure that those behind the circulation of the false information about its shutdown are brought to book.

Recently, a viral message on X (formerly Twitter) had alleged that the bank was planning to shut down, leading it to put out a disclosure that the information was false.

Speaking on Wednesday, in Lagos, OPay’s chief operating officer and chief technology officer, Mr Dotun Adekunle, alongside the company’s chief legal counsel, Mr Akinfolabi Rokosu, said the company has vowed to trace the source of the fake news and ensure those responsible face the full weight of the law.

Mr Adekunle said the fake report had caused concern among customers and could undermine trust in the digital financial services ecosystem, particularly among first-time users of digital financial services.

According to him, the false report had generated concerns even among industry players, adding that the impact of such information could be significant because of the level of trust customers place in digital financial platforms.

He said, “So today, we want to make the facts very clear. OPay is here. OPay is operating, and OPay is going nowhere. The message that is circulating online is false. It did not come from OPay. There is no decision from OPay or by OPay to shut down its operations in Nigeria, and there is no indefinite leave.”

Mr Adekunle urged Nigerians not to make financial decisions based on unverified messages circulated through social media and other messaging platforms.

On the company’s next line of action, Mr Adekunle said OPay would pursue those responsible for the false information, warning that misleading reports about a financial institution could create unnecessary fear and undermine confidence in the wider financial ecosystem.

“We will do everything in our power to make sure that we bring those who are responsible for this to book. We will chase them to whatever extent we can,” he said.

Also speaking, Mr Rokosu said OPay had taken the matter beyond social media and was formally engaging relevant regulatory, security and law enforcement authorities.

Mr Rokosu said the false information was particularly serious because it was presented as an official OPay communication and was capable of creating fear, causing financial losses and undermining confidence in a regulated financial institution.

He disclosed that while the Central Bank of Nigeria (CBN) and other relevant regulatory authorities had acknowledged the information as false, the Department of State Services (DSS) and the Nigerian Police, among other law enforcement agencies, were investigating the matter.

“The DSS and the Nigeria Police [Force], among other relevant law enforcement agencies, are currently investigating this matter. We have fully cooperated with the ongoing investigations and have provided the necessary evidence to identify those responsible for it,” he said.

Mr Rokosu further disclosed that the company had already commenced legal action against some of those allegedly responsible.

“OPay is taking legal action against those responsible for deliberately creating and circulating this false information. We will pursue them and ensure that the law takes its full course. There will be no impunity. We have one already in court right now,” he stated.

He stressed that the action was not aimed at silencing critics or preventing members of the public and the media from asking questions, but was necessary to ensure accountability, customer protection and adherence to the rule of law.