OPay Asks DSS, Police to Investigate Shutdown Rumour

Fintech company OPay says it has requested that the Department of State Services (DSS) and the Nigeria Police launch investigations into recent false information circulating on social media that the company is shutting down.

Fintech company OPay says it has requested that the Department of State Services (DSS) and the Nigeria Police launch investigations into recent false information circulating on social media that the company is shutting down.

OPay’s Chief Legal Counsel, Akinfolabi Rokosu disclosed this at a press conference in Lagos on Wednesday, noting that the company involved the security agencies because the rumour was capable of disrupting the Nigerian financial system and causing financial losses.

OPay’s call for investigations followed a viral message, which gained traction across multiple platforms on Sunday, urging customers to withdraw their funds ahead of an alleged operational shutdown scheduled to begin on September 1.

What they are saying

While insisting that the company is not shutting down and remains actively in operation in Nigeria, he said all those involved in spreading the fake news would be brought to book.

• “While the DSS and the Nigeria police, among the relevant law enforcement agencies, are currently and intensively investigating this matter, we are fully cooperating with the ongoing investigations being conducted and have provided the necessary evidence to identify those responsible for it.
• “Opay is taking action against those responsible for creating and circulating this harmful information. We will pursue them and will ensure that the law is fully enforced.
• “Anyone who deliberately engages in similar conduct should expect decisive legal action and the full consequences provided by the law. This is not about silencing anyone. OPay is not going to be silenced,” he said.

Also speaking at the conference, OPay’s Chief Operating Officer and Chief Technology Officer, Mr. Dotun Adekunle, cautioned Nigerians not to make any financial decisions based on messages posted on social media or messaging platforms without first verifying the source.

• “A message can look official and still be completely false. A logo can be copied. A document can be designed to look convincing.
• “Even though it is shared 200,000 times, it is still false information. The number of people declaring falsehood does not make falsehood become truth. It remains falsehood,” he said.

CBN’s intervention

While emphasizing that OPay has continued to operate normally without any disruption, Adekunle said the Central Bank of Nigeria (CBN), which is the apex financial industry regulator in the country, has also waded in to debunk the rumour.

According to him, this shows the seriousness the issue deserves and why Nigerians should ignore any other messages suggesting otherwise.

• “Therefore, any message suggesting that OPay is shutting down or going on an indefinite leave should be regarded as false information that should not be relied upon.
• “We remain fully committed to operating within Nigeria’s regulatory framework, and we will continue to engage openly with the CBN and other relevant authorities as required,” he said.

Get up to speed

The rumour about OPay’s exit came at a time the fintech company is planning a US IPO targeting a valuation of approximately $4 billion, with Citigroup, Deutsche Bank, and JPMorgan Chase appointed to manage the offering.

Nairametrics also exclusively reported that OPay is planning to list its shares on the Nigerian Exchange (NGX) in what could become one of the most significant technology listings in the history of Nigeria’s capital market.

However, details of the proposed Nigerian listing, including its timing, offer size, valuation and the percentage of shares that could be made available to investors, have not yet been disclosed.

What you should know

While OPay currently operates in four countries including Nigeria, Indonesia, Egypt and Pakistan, Nigeria remains its largest market.

According to its 2025 financials seen by Nairametrics, Nigeria accounted for 88.1% of OPay’s revenue in 2025, followed by Indonesia with 9.9%, Egypt with 1.6% and other markets with 0.4%.

Nairametrics earlier reported that OPay processed gross transaction value (GTV) of $358 billion in 2025, more than double the $166.2 billion recorded in 2024, highlighting the rapid expansion of the fintech’s payments business.