The Economic and Financial Crimes Commission (EFCC) has uncovered a widespread fraud scheme involving over 12,000 Nigerian youths who are allegedly selling the personal data of unsuspecting citizens—including Bank Verification Numbers (BVNs), National Identification Numbers (NINs), and other sensitive details—to Fintech companies for as little as ₦5,000.
This revelation was contained in a statement released by the Commission on Friday, highlighting the scale and sophistication of the operation currently under investigation.
According to the EFCC, the scheme involves young individuals who pay between ₦1,500 and ₦2,000 to unsuspecting Nigerians in exchange for their personal identification documents. These details are then used to open accounts with Fintech institutions, which are subsequently exploited for various fraudulent activities, including investment scams and money laundering.
“These canvassers refer to themselves as ‘Account Suppliers’ or members of a ‘KYC Group,’” the statement noted. “They seek out victims willing to surrender NIN slips, BVNs, passport photographs, and other IDs, which are used to register multiple accounts across Fintech platforms.”
The Commission also raised the alarm about a related fraudulent scheme disguised as a promo by a prominent foreign airline, offering a 50% ticket discount. Victims were lured to pay a “charity” token of ₦500 and download an app, which served as a backdoor for malware to extract sensitive data. Stolen funds were then traced to accounts in unnamed microfinance banks, with proceeds often laundered through cryptocurrency transactions.
“Promos like ‘Investment Windows’ are commonly used to bait victims into surrendering their financial information, enabling fraudsters to access and drain their accounts,” the EFCC explained.
The agency confirmed that arrests have been made and efforts are ongoing to recover funds lost through both the “Promo” and “Account Supplier” fraud rings.
Nigerians are urged to exercise caution and never volunteer their personal details for any unauthorized purpose. The EFCC warned that such actions pose serious risks to both individuals and national financial security.
The Commission reiterated its commitment to protecting the integrity of the financial system and ensuring that fraudulent actors are brought to justice.