12,000 Youths Accused in Fintech NIN Scam

The National Identity Management Commission (NIMC) has denied involvement in a growing fraud scheme involving over 12,000 Nigerian youths allegedly selling the National Identification Numbers (NINs) and Bank Verification Numbers (BVNs) of unsuspecting victims to fintech companies for about ₦5,000.

The Commission issued its statement after the Economic and Financial Crimes Commission (EFCC) disclosed on Friday that a ring of young Nigerians was engaging in data trafficking. According to the EFCC, these individuals—calling themselves “Account Suppliers” or “KYC Group”—have been buying people’s details for as little as ₦1,500 and reselling the data to digital lenders and fintech platforms.

“This fraud scheme is largely driven by an army of young Nigerians offering a paltry payment of between ₦1,500 and ₦2,000 to their victims to make them surrender a copy of their personal information,” the EFCC noted.

This personal data, including NIN slips, BVNs, passport photos and more, is then used to open fake fintech accounts. These accounts reportedly support investment scams and other illegal financial operations, according to EFCC reports.

NIMC Speaks Out: NIN Scam Not Our Fault

In a post shared on its official Facebook page, NIMC’s Head of Corporate Communications, Kayode Adegoke, described the situation as alarming. He, however, stressed that the Commission holds no liability for any data misuse resulting from users voluntarily sharing their information.

“The NIMC wishes to state clearly that it will not be held responsible for any personal information shared by an individual directly or by proxy for the purpose of financial gain or inducement,” Adegoke said.

He added that the Commission has consistently warned citizens not to disclose their NINs to third parties. Instead, NINs should be verified before being used to access services.

NIMC also encouraged the public to download the NINAuth App on Google Play or Apple’s App Store. The app offers Nigerians control over their identity, allowing them to track and manage how their NIN is used.