Senator Adams Oshiomhole has urged the national assembly to tighten oversight of non-traditional financial institutions, saying his personal experience with cyber fraud shows how such platforms are being used for illicit transactions. Contributing to debate on a bill amending the Banks and Other Financial Institutions Act, he said lawmakers must “ensure that all possible loopholes are blocked.” According to him, “When they hacked into my account, I found that all the institutions used were OPAY and Moneypoint; none of the registered banks were used.”
Oshiomhole argued that technology-driven financial operators must meet clear regulatory and operational standards, noting that their ownership and accountability structures remain opaque. “I don’t know the directors of OPAY. I don’t know the directors of Moneypoint,” he said, warning that government would bear the burden if such institutions collapse. He added that national assembly laws carry more force than CBN regulations. The bill, sponsored by Senator Tokunbo Abiru, passed second reading.