The Economic and Financial Crimes Commission (EFCC) has uncovered a widespread fraud scheme involving the illegal sale of Nigerians’ personal identity details, including National Identification Numbers (NIN) and Bank Verification Numbers (BVN), by thousands of young people across the country.
According to the EFCC, at least 12,000 Nigerian youths are implicated in the illicit trade, operating under self-styled groups such as “Account Suppliers” and the “KYC Group.” These individuals allegedly obtain NIN and BVN data from unsuspecting citizens for between ₦1,500 and ₦2,000, reselling them to certain fintech platforms for around ₦5,000.
Security Concerns Over Data Misuse
The development has raised security concerns with the National Identity Management Commission (NIMC) warning Nigerians against sharing personal data with unauthorized individuals or platforms.
Kayode Adegoke, Head of Corporate Communications at NIMC, said the commission disowns the actions of the implicated groups, stressing that the consequences of voluntarily sharing such sensitive information could be severe.
“The NIMC wishes to state clearly that it will not be held responsible for any personal information shared by an individual directly or by proxy for the purpose of financial gain or inducement. This development is not only of serious security concern but of grave consequences for the NIN holders,” Adegoke said.
Fintech Platforms Under Scrutiny
While the EFCC has not publicly named the fintech platforms involved, sources suggest that several service providers are now under investigation for failing to ensure proper Know Your Customer (KYC) verification protocols.
NIMC has urged all service providers to strictly verify every NIN before granting access to services, warning that lapses in due diligence could enable fraudulent activities and undermine trust in Nigeria’s digital financial ecosystem.
Implications for the Public
The commission further advised Nigerians to reject offers to act as account donors, warning that participation — even unknowingly — could expose individuals to criminal liability and identity theft risks.
The EFCC has confirmed that investigations are ongoing and pledged to prosecute individuals and entities found complicit in the fraudulent scheme.
Broader Context
The case highlights Nigeria’s growing struggles with identity-related fraud amid rising adoption of digital financial services.
Analysts warn that without tighter security protocols and public awareness campaigns, the misuse of personal data could erode trust in the fintech sector and undermine the gains of the country’s digital transformation agenda.
