Former Governor’s Funds Stolen! Oshiomhole Reveals High-Tech Account Breach Through OPAY, Moniepoint

Senator Adams Oshiomhole, representing Edo North, has urged the National Assembly to enforce tighter regulation and monitoring of financial institutions operating outside traditional banking frameworks. He warned that gaps in oversight are increasingly being exploited by cybercriminals.....KINDLY READ THE FULL STORY HERE▶

Speaking during Thursday’s plenary session on the proposed amendment of the Banks and Other Financial Institutions Act (BOFIA), Oshiomhole emphasized the need for stronger supervision, registration, and categorization of non-bank fintech operators considered crucial to the financial system.

Drawing from a recent personal experience, the former Edo State governor disclosed that his bank account was hacked, with the fraudulent transfers carried out solely through digital financial platforms.

“When they breached my account, every single transaction was executed via OPAY and Moniepoint — none through the conventional banks,” he revealed.

Oshiomhole expressed concern that several fintech companies lack physical structures or identifiable leadership, stating, “They have no branches in Abuja, employ very few people, and contribute minimally to social responsibility.”

While acknowledging the importance of the amendment bill, he insisted that lawmakers must critically review it to ensure every loophole is sealed.

“These institutions are now major players in our economy. If they collapse, government will bear the responsibility for citizens who lose their money,” he said. “I know the directors of First Bank, Access Bank, and Zenith Bank — but not those behind OPAY or Moniepoint.”

He further argued that although the Central Bank of Nigeria issues guidelines, only legislation enacted by the National Assembly can provide enforceable legal backing.

“We should all support this bill, but undertake a thorough, line-by-line review to cover issues such as ownership and compliance responsibilities,” Oshiomhole added.

The bill, sponsored by Senator Tokunbo Abiru (APC, Lagos East), successfully passed second reading after deliberations.