EFCC Uncovers 12,000 Youths ‘Selling’ BVNs, NINs to Fintechs for N5,000

The EFCC has uncovered a fraud scheme involving 12,000 youths across Nigeria, accused of buying and selling Nigerians’ personal data to fintech firms for scams.

The Economic and Financial Crimes Commission (EFCC) has raised alarm over a growing fraud network involving “an army of young Nigerians” who are reportedly buying and selling sensitive personal information for illicit use.

In a statement released on Friday, the Commission revealed that over “12,000” youths across the country are paying unsuspecting victims as little as “₦1,500 to ₦2,000” to obtain copies of their personal identification details, including BVN, NIN slips, passport photographs, and more.

According to the EFCC, these individuals—who call themselves “Account Suppliers” or “KYC Group”—then sell the data to fintech companies for up to “₦5,000”. The acquired information is used to open accounts for “investment scam and sundry fraudulent schemes.”

The Commission has launched investigations and warned the public to avoid becoming “account donors”, stressing that such actions pose a serious threat to national security.

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The statement partly reads,

“It is important to disclose that this fraud scheme is largely driven by an army of young Nigerians offering a paltry payment of between N1500 and N2000 to their victims to make them surrender a copy of their personal information details to them and sell the same information to some Fintech Institutions for about N5000.

“These canvassers called themselves “Account Suppliers” or “KYC Group”.

”Information available to the Commission revealed that the actors are up to 12000 all over the country seeking account donors that will surrender their NIN registration slip, BVN, passport photograph and other means of identification for a little fee.

“This information are then used to open accounts with Fintech companies for investment scam and sundry fraudulent schemes.”