Fintech giant OPay has called in the Department of State Services (DSS) and the Nigeria Police Force to investigate viral social media reports claiming the company was shutting down its operations.
Speaking at a press conference in Lagos on Wednesday, OPay’s Chief Legal Counsel, Akinfolabi Rokosu, described the rumours as a coordinated attempt to destabilize Nigeria’s financial system and panic users into withdrawing their funds.
The clarification follows a viral message circulated over the weekend urging customers to withdraw their money before an alleged operational shutdown scheduled for 1 September.
Legal action against originators of ‘fake news’
Mr. Rokosu confirmed that law enforcement agencies were actively tracking the originators of the false claims and warned that the company would pursue prosecution.
“OPay is taking action against those responsible for creating and circulating this harmful information,” Mr. Rokosu said. “While the DSS and the Nigeria Police are intensively investigating this matter, we are fully cooperating and have provided the necessary evidence to identify those responsible.”
OPay’s Chief Operating Officer, Dotun Adekunle, reassured customers that the platform was operating normally, adding that the Central Bank of Nigeria (CBN) had also intervened to debunk the rumour.
He urged the public to verify financial notices through official channels, warning that cloned logos and fabricated press statements were increasingly being used to deceive users on social media.
Misinformation comes ahead of dual listing plans
The deliberate false alarm comes as the digital bank prepares for a high-profile initial public offering (IPO) in the United States targeting a valuation of approximately $4bn (£3.1bn), alongside a planned dual listing on the Nigerian Exchange (NGX).
Despite expanding into Egypt, Pakistan, and Indonesia, Nigeria remains OPay’s primary market, generating 88% of its overall revenue.
The company reported processing $358bn (£272bn) in gross transaction value in 2025, more than doubling its volume from the previous year.
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