Opay, Fidelity Bank Fail To Track Missing N200 Million Businessman’s Money

Months after the sum of N200 million went missing from a Fidelity Bank account allegedly belonging to a wealthy businessman in Nigeria and was moved to various Opay accounts, both banks have failed to track the said funds, leaving customers worried about their money in both banks.

Investors have expressed reservations over how the money went missing as Afreximbank announced the disbursement of 40 million dollars to support Fidelity Bank’s acquisition and recapitalization of Union Bank UK.

BrandNewsDay reports that TopNewsNaija gathered from a top source within the bank that the N200 million went missing in October 2023 and that the bank has tried to keep the story in-house.

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“In October 2023, the sum of N200 million was stolen from a bank account of a wealthy business mogul in Nigeria and sent to various Opay accounts. The heist created panic within the industry and Opay was informed. However, until now, the money cannot be traced.

“When Opay was contacted and moves were made to track the owners of the POS accounts the money was moved into, it was discovered that the addresses and information provided were fake,” the source, who was not authorized to speak on the matter, said.

Opay Embarks On Aggresive KYC Drive

Speaking further, the source said Opay, on its part, has remained totally silent, blaming Fidelity Bank for the lapses while it has embarked on an aggressive KYC (Know Your Customer) drive to avoid future recurrence.

BrandNewsDay noted that Opay has mandated its merchants to ensure they take pictures with OPay POS owners as part of measures to minimise the risk of using Opay POS accounts to move funds.

“The merchant who sold the POS machines was also invited for questioning to ascertain if he was complicit in the fraud. However, he was exonerated,” the source added.

Meanwhile, Fidelity Bank is aspiring to join the league of Tier 1 lenders in Nigeria.