The State Security Services (SSS) and the Nigeria Police Force are investigating the circulation of a false message claiming that OPay would shut down its operations in Nigeria, the company said on Wednesday.

The leading financial technology company disclosed this at a press conference and town hall meeting on Wednesday, in response to the viral message, which claimed that the company would cease operations in September.

Earlier, a viral post circulated on social media claiming that OPay would shut down its operations on 1 September and stop processing transactions until further notice.

The viral post also urged OPay customers to withdraw their funds from the fintech platform as soon as possible to avoid possible inconvenience.

OPay subsequently debunked the claim in an X post, on Sunday, describing it as false and reaffirming that its operations would continue.

On Monday, the company wrote to accounts involved in the circulation of the post, including Adamu B. Garba (@adamugarba) on X and Viralgrabtvng (@viralgrabtvng) on TikTok, demanding that they take down the publication, which it described as “false, malicious, libellous and defamatory.”

OPay is going nowhere

At the press conference, OPay’s Chief Operating Officer and Chief Technology Officer, Dotun Adekunle, said the company remained fully operational in Nigeria, describing the viral shutdown message as false.

He said the message had caused concern among customers, merchants and other stakeholders because OPay operates in the financial inclusion space, where many users are first-time users of digital financial services.

“OPay is going nowhere. The message that is circulating online is false. It did not come from OPay. There is no decision from OPay or by OPay to shut down its operations in Nigeria, and there is no indefinite leave.

“In fact, according to the false information itself, OPay was supposed to have shut down yesterday, 1 September. It is September two, and we are still here. Our services continue to operate normally,” Mr Adekunle said.

He also said the Central Bank of Nigeria (CBN) had identified the circulating message as fake news, which he urged Nigerians to treat with the seriousness that it deserves. He added that the CBN is a statutory regulator responsible for supervising Nigeria’s financial system.

Mr Adekunle urged customers not to make financial decisions based on unverified messages circulated on social media or messaging platforms, warning that a message could appear official without actually originating from the company.

The CTO further said false information concerning a financial institution could create fear, disrupt businesses and undermine confidence in the wider financial system, noting that OPay would work with the authorities to identify and prosecute those responsible.

“Therefore, we will do everything in our power to make sure that we bring those who are responsible for this to book. We will chase them to wherever we can chase them to.

“OPay will continue to work with appropriate authorities and pursue the necessary steps to address deliberate attempts to spread false information and cause public concern.”

Security agencies

OPay’s Chief Legal Counsel, Akinfolabi Moses, said OPay had formally engaged relevant regulatory, security and law enforcement authorities over the matter, adding that the company was cooperating with the ongoing investigations.

He said the DSS, police and other relevant authorities and agencies were investigating the source and circulation of the message for proper legal processes.

“OPay has therefore taken this matter beyond social media. We have formally engaged the relevant regulatory, security, and law enforcement authorities.

“The DSS and the Nigerian Police, among the relevant law enforcement agencies, are currently intensifying their investigation into 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 said.

Legal action

Also, the company said it had commenced legal action against those behind the false information, adding that it would pursue those responsible and ensure that due process of law was followed.

“Let me be clear. OPay is taking legal action against those responsible for deliberately creating and circulating this callous information. We will pursue them, and we will ensure that the law takes its full course. There will be no impunity,” the OPay Legal Counsel, Mr Moses said.

He disclosed that at least one case was already before the court, saying the company would provide further details as the matter progresses.

Mr Moses said the issue was not about preventing criticism of the company but ensuring accountability where false information is deliberately used to cause harm.

“This is not about silencing anymore. OPay is not going to be silent. It is about accountability, customer protection, and respect for the rule of law. We are ready, and we will ensure that the law takes its course,” he added.

ALMPO

Also speaking, the Financial Secretary of the Association of Licensed Mobile Payment Operators (ALMPO) said the incident went beyond OPay because false information about a major payment operator could undermine confidence in Nigeria’s wider digital payments ecosystem.

He said trust was fundamental to digital payments, as customers depended on financial institutions to safeguard their funds and process transactions reliably.

“This is why the recent false information circulated online about OPay goes beyond one company. False information about a leading licensed payment operator can create unnecessary fear among customers and merchants if left unchallenged.

“It can weaken confidence in the wider digital payment ecosystem when people question the stability of a major player in the industry,” the ALMPO Financial Secretary, Mr Disu, said.

According to him, such misinformation could discourage digital payment adoption and affect businesses that depend on electronic transactions.

In a similar vein, Mr Disu urged customers to rely on official communication channels and information from regulators before taking action involving their funds.

The association also urged the media to maintain high standards of verification when reporting issues capable of affecting confidence in financial institutions.

The ALMPO representative, however, said the industry’s position should not be interpreted as opposition to scrutiny or criticism of financial institutions.

READ ALSO: OPay debunks viral claim of September shutdown, urges customers to disregard post

“There’s room to criticise, right? To look into financial institutions as and when required. The industry does not seek to prevent journalists, customers, members of the public from asking difficult questions, but we must collectively guard against deliberate creation or an amplification of false information,” he said.

He said ALMPO would continue working with the CBN, other regulators, its members, the media and other stakeholders to strengthen confidence and resilience in Nigeria’s digital payments ecosystem.

The development highlights the growing challenges faced by corporate organisations on social media, where unauthorised individuals and entities impersonate brands to commit fraud and circulate misleading information.

In recent months, several companies have disowned social media posts published by unauthorised accounts impersonating their brands and issuing purported corporate communications.

Similarly, PREMIUM TIMES reported in July that customers of corporate organisations had fallen victim to fraudulent social media advertisements, some of which were AI-generated and designed to target and lure unsuspecting Nigerian users into scams, particularly on TikTok.

Established in 2018, OPay has grown into one of Nigeria’s leading digital financial platforms, offering payment, savings, credit and other financial services as a mobile money operator.

The company has also expanded its operations beyond Nigeria into emerging markets in Africa and Asia, including Indonesia, Pakistan and Egypt.