The Economic and Financial Crimes Commission (EFCC) has revealed that around 12,000 young Nigerians are selling private information like Bank Verification Numbers (BVN) and National Identification Numbers (NIN) to fintech companies for as little as ₦5,000.
According to a statement released by the EFCC on Friday, these youths, known as “Account Suppliers” or “KYC Group”, are paying victims between ₦1,500 and ₦2,000 to hand over their personal identification details. They then sell this data to some fintech organisations, which use it to open accounts for scams and other fraudulent activities.
The Commission described this as a growing fraud trend, especially worrying because many of the youths are targeting unsuspecting Nigerians nationwide. The information they collect is used to set up accounts with fintech firms, which in turn become tools for investment scams and laundering money, often by moving it into cryptocurrency.
The EFCC also stated a recent case where scammers ran a fake promo, promising a 50% discount on a popular airline’s tickets. Victims were told to pay ₦500 for charity and install an airline app. This gave fraudsters access to their bank details, allowing them to move victims’ money to accounts in a microfinance bank.
Some arrests have been made, and the Commission is working to recover stolen money. The EFCC warned the public to avoid becoming “Account Donors”, stressing that selling such details is dangerous, illegal, and poses a threat to national security.
“We are committed to protecting Nigeria’s financial system in the interest of every citizen,” the EFCC stated, urging everyone to stay alert and not fall for suspicious offers or promos.
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