The Economic and Financial Crimes Commission (EFCC) has uncovered a massive fraud scheme involving approximately 12,000 Nigerian youths who are allegedly selling personal identity details—including Bank Verification Numbers (BVNs) and National Identification Numbers (NINs)—to fintech companies for as little as ₦5,000.
This disclosure was made in a statement issued by the Commission on Friday, warning of a growing syndicate of young Nigerians exploiting citizens’ personal data to perpetuate online fraud.
According to the EFCC, the perpetrators offer unsuspecting individuals as little as ₦1,500 to ₦2,000 in exchange for sensitive identity documents, including NIN registration slips, BVNs, passport photographs, and other forms of identification. The data is then sold to fintech platforms for around ₦5,000 and used to open accounts that facilitate investment scams and other fraudulent financial activities.
“These canvassers call themselves ‘Account Suppliers’ or ‘KYC Group’,” the Commission stated. “They operate nationwide, targeting people willing to part with their information for a small fee.”
The EFCC said the fraudulent accounts created using these credentials are used to bypass Know-Your-Customer (KYC) protocols on fintech platforms, effectively turning them into tools for laundering proceeds from internet fraud and other cybercrimes.
The Commission noted that investigations are ongoing to identify the full scale of the operation and bring the perpetrators and their collaborators to justice.
This development raises fresh concerns over data privacy, digital onboarding processes, and regulatory oversight in Nigeria’s booming fintech sector.
