BREAKING: OPay asks DSS, Police to investigate shutdown rumour

Fintech company OPay has requested the Department of State Services (DSS) and the Nigeria Police investigate false information on social media claiming the company is shutting down. The rumour gained traction on social media on Sunday, urging customers to withdraw funds ahead of a supposed shutdown on September 1. OPay's Chief Legal Counsel, Akinfolabi Rokosu, stated at a press conference in Lagos that spreading the fake news could disrupt the Nigerian financial system and cause financial losses.

OPay remains actively in operation in Nigeria, according to Rokosu. Their Chief Operating Officer and Chief Technology Officer, Mr. Dotun Adekunle, also cautioned Nigerians not to make financial decisions based on unverified social media posts. The Central Bank of Nigeria (CBN) has also debunked the rumour, highlighting its seriousness.

OPay is preparing for a US IPO targeting a valuation of approximately $4 billion, with several major banks managing the offering. The company operates in four countries, with Nigeria being its largest market, accounting for 88.1% of its revenue in 2025.