Senator Adams Oshiomhole, representing Edo North, has explained how hackers exploited vulnerabilities in financial technology platforms and microfinance banks to compromise his Opay and MonePoint accounts.
Speaking during Thursday’s plenary, Oshiomhole urged the National Assembly to strengthen oversight of financial institutions operating outside the traditional banking sector.
His remarks came during a debate on a bill sponsored by Tokunbo Abiru, senator representing Lagos East, seeking to amend the Banks and Other Financial Institutions Act to provide for the designation, registration, and enhanced supervision of systemically important institutions.
The former Edo governor stressed the need for lawmakers to thoroughly examine the proposed amendments to ensure all potential loopholes are addressed.
“When they hacked into my account, I found that all the institutions used were Opay and MonePoint; none of the registered banks were used,” he said.
He added that the absence of physical branches and limited visibility around the operators of some fintech companies raises concerns about accountability.
“For example, I know all the directors of First Bank, Access Bank, and Zenith Bank. I don’t know the directors of Opay or MonePoint,” he said. “These are major players in our economy, and if anything goes wrong, political authorities will be left to deal with the consequences for Nigerians who may be affected.”
Oshiomhole called for rigorous regulatory measures to ensure consumer protection and stability within the expanding fintech sector.