Senator Adams Oshiomhole has warned that hackers are increasingly exploiting non-traditional financial platforms such as Opay and Moniepoint to defraud Nigerians, urging the National Assembly to close regulatory gaps that leave millions vulnerable.
Speaking during plenary on Thursday, the senator representing Edo North backed a bill seeking to amend the Banks and Other Financial Institutions Act to strengthen oversight of systemically important financial institutions. He argued that the rise of technology-driven operators outside the traditional banking framework demands urgent legislative scrutiny.
Oshiomhole revealed that his own account was recently compromised — and the illicit transactions were routed through the fast-growing payment platforms, not conventional banks.
“When they hacked into my account, I found that all the institutions used were Opay and Moniepoint; none of the registered banks were used,” he said. “And when I asked, I’m told that’s it. They don’t have a branch in Abuja. They don’t employ labour. They bear no social responsibility.”
The former Edo governor said his experience exemplifies how hackers now favour unconventional financial institutions to mask fraudulent activity, stressing that the lack of physical presence, unclear ownership structures and minimal accountability make these operators attractive tools for cybercriminals.
“For example, I know all the directors of First Bank, of Access Bank, of Zenith Bank. I don’t know the directors of Opay. I don’t know the directors of Moniepoint,” he said, calling for transparency and firm regulation.
Oshiomhole warned that without stronger oversight, millions of Nigerians could be exposed to greater financial risk, with government eventually bearing the burden if such institutions collapse or fail to protect users.
“These are visible players in our economy, playing such an important role. And the day they go under, the political authority will be left with the burden of providing for Nigerians who have been duped,” he said.
He emphasised that legislation enacted by the National Assembly carries enforceable weight and must be used to ensure fintech companies meet clear operational and regulatory standards, unlike the softer guidance issued by the Central Bank of Nigeria.
According to him, protecting citizens in a rapidly evolving digital economy is now a national imperative — one that lawmakers can no longer afford to overlook.
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