Months later, Opay, Fidelity bank fail to recover stolen N200 million

Months after N200 million vanished from a Fidelity Bank account and was transferred to various Opay accounts, both banks have failed to trace the stolen funds, leaving customers anxious about their money’s safety.

Sources reveal that the N200 million disappeared in October 2023 from the account of a wealthy Nigerian businessman. Fidelity Bank has reportedly kept the incident quiet, causing concern among investors.

The situation has raised alarms especially as Afreximbank recently announced a $40 million disbursement to support Fidelity Bank’s acquisition and recapitalization of Union Bank UK.

“In October 2023, N200 million was stolen from a business mogul’s Fidelity Bank account and transferred to multiple Opay accounts,” a source within the bank disclosed. “Opay was notified, but the money remains untraceable. Investigations revealed that the information and addresses linked to the POS accounts were fake.”

Opay, meanwhile, has remained silent on the issue, attributing the oversight to Fidelity Bank. The fintech company has initiated an aggressive Know Your Customer (KYC) campaign to prevent future fraud. Opay has also required its merchants to take photos with POS owners as an additional security measure.

“The merchant who sold the POS machines was questioned but later cleared of any involvement,” the source added.

As Fidelity Bank aims to join the ranks of Nigeria’s Tier 1 lenders, this unresolved theft raises significant concerns about its security measures and overall customer trust.