“Hackers Hit My Account Through OPAY, Moneypoint” — Oshiomhole Urges Tighter Fintech Regulation

Adams Oshiomhole has urged the National Assembly to tighten control of fast-growing fintech companies, warning that gaps in oversight are enabling cybercriminals to exploit digital payment platforms. The Edo North senator made the call during Thursday’s plenary while contributing to debate on a bill seeking amendments to the Banks and Other Financial Institutions Act, aimed at designating and more closely supervising systemically important financial institutions.

He recounted a recent cyberattack on his personal account, saying the transactions linked to the breach were routed entirely through OPAY and Moneypoint rather than any traditional bank. According to him, this highlights how quickly non-bank financial services are becoming tools for illicit transfers and why lawmakers must close regulatory gaps. He noted that unlike conventional banks with visible leadership and clear operational footprints, many fintech companies operate without physical branches and minimal public accountability.

Oshiomhole argued that updating the law would ensure technology-driven financial institutions meet the same basic standards expected of established banks, stressing that government carries a responsibility to protect citizens from financial harm. He added that laws passed by parliament provide stronger safeguards than regulatory directives issued by the Central Bank of Nigeria.

The bill, sponsored by Lagos East senator Tokunbo Abiru, passed second reading after debate and will undergo further legislative scrutiny.