OPay Under Fire: Fintech Giant Accused Of Data Theft And Predatory Recruitment in Major Lawsuit
OPay, one of Nigerias largest fintech companies, is now at the center of a significant legal dispute after TeamApt Limited and Moniepoint Microfinance Bank Limited filed a lawsuit accusing the company of compromising confidential business information and engaging in unethical recruitment tactics.
The case, filed as Suit No. FHC/L/332/2025 at the Federal High Court in Lagos, lists OPay and its affiliate, SOTI Investments Limited, as defendants. According to the plaintiffs, OPay allegedly targeted and recruited key Business Relationship Managers who had access to sensitive internal data, trade secrets, and strategic merchant information.
TeamApt and Moniepoint claim that the recruitment of these staff members was not ordinary hiring but a calculated attempt to gain access to confidential banking data and operational knowledge. They argue that after these employees moved to OPay, they noticed a drop in the usage of their POS terminals, which they believe was caused by the transfer of internal knowledge and merchant data to OPay.
The plaintiffs also raise concerns about data security, noting that because OPay has foreign ownership and offshore data servers, any unauthorized transfer of sensitive information could pose serious risks to national data protection standards.
TeamApt and Moniepoint are asking the court for several orders, including a declaration that OPay violated banking ethics and Central Bank of Nigeria regulations. They are requesting a ban on OPay from contacting or recruiting any of their Business Relationship Managers or aggregators and an order preventing the activation of new POS terminals associated with former employees. They are also seeking 100 million naira in damages for reputational harm, operational disruption, loss of competitive advantage, and legal costs.
The plaintiffs say they intend to present evidence such as internal correspondence, chat logs, and regulatory documents to support their claims when the case goes to hearing.
As of now, OPay and SOTI Investments have not issued any public response to the lawsuit. The case has drawn significant attention in the fintech industry, especially as concerns grow about data privacy, fair competition, and recruitment ethics within the sector.
The outcome of this case may influence future standards and regulations for fintech operations in Nigeria, particularly in areas involving staff recruitment, data handling, and competitive business practices.
