OPay: Legal Action Against False Nigeria Shutdown Rumors

• OPay held a town hall in Lagos to deny false social media rumors claiming the company would cease operations in Nigeria on September 1st.
• OPay's COO confirmed the company is fully operational, with the Central Bank of Nigeria also labeling the shutdown claims as fake news.
• OPay's Chief Legal Counsel, Akinfolabi Rokosu, announced the company is taking legal action against those responsible for spreading the misinformation.
• The Department of State Services and Nigeria Police Force are investigating the matter, with OPay providing evidence to assist.
• Industry stakeholders expressed concern that such rumors erode trust in the digital payments ecosystem, highlighting the importance of accountability and accurate information.

OPay is taking decisive legal action against those responsible for deliberately fabricating and disseminating this false information, signaling a firm stance against impunity.

OPay, a prominent financial technology company operating in Nigeria, recently convened a live town hall meeting in Lagos to directly counter widespread misinformation regarding its operational status. The event brought together key stakeholders, including OPay's senior leadership, industry representatives, media, and partners, to provide clarity on rumors suggesting the company intended to cease operations in the country.

Dotun Adekunle, OPay's Chief Operating Officer and Chief Technology Officer, unequivocally stated that the company remains fully operational and has no plans to discontinue its services in Nigeria. He directly refuted claims circulating online that OPay would shut down on September 1st, confirming that all services were functioning normally on September 2nd. Adekunle also advised the public to rely on official OPay communication channels for accurate information before making financial decisions based on unverified online messages. The Central Bank of Nigeria (CBN) has also corroborated OPay's position, categorizing the circulating claims as fake news.

In response to the malicious rumors, OPay has announced its intention to pursue legal action against individuals identified as being responsible for creating and disseminating the false information. Akinfolabi Rokosu, OPay's Chief Legal Counsel, confirmed this development, stating that the company is committed to ensuring that the law takes its full course against those involved, asserting that there will be no impunity for such actions.

Rokosu further disclosed that both the Department of State Services (DSS) and the Nigeria Police Force are actively investigating the matter to identify the culprits. OPay has provided relevant evidence to assist these law enforcement agencies in their inquiries. The legal counsel underscored that OPay's decision to pursue legal recourse is not an attempt to suppress legitimate criticism but is rather aimed at upholding accountability, protecting its customers, and respecting the rule of law.

This decisive step highlights the increasing legal risk for individuals spreading misinformation about regulated entities in Nigeria. OPay reiterated its commitment to initiating and seeing through legal proceedings against those linked to the propagation of these false claims, signaling a firm stance against digital defamation and its potential impact on financial stability.

The proliferation of false information concerning a licensed financial service provider like OPay has raised significant concerns among broader industry stakeholders, who recognize the potential risks such rumors pose to the entire financial ecosystem. Olalekan Disu, Financial Secretary of the Association of Licensed Mobile Payment Operators (ALMPO) and an executive at eTranzact PLC, articulated that trust forms the bedrock of digital payments. He warned that false information about a major player could undermine confidence across the wider industry, potentially discouraging both individuals and businesses from utilizing digital payment solutions.

Disu also drew a crucial distinction between constructive scrutiny and malicious rumors, emphasizing that while there is ample room for criticism and challenging questions, the industry must collectively guard against the creation and amplification of false information. Stanley Jacobs, President of FintechNGR and Group Chief Innovation & Technology Officer (GCITO) at Meristem, echoed these sentiments, stressing that trust is absolutely crucial for the sustained growth and development of the fintech sector. This incident underscores the importance for lawyers to advise clients on potential defamation liabilities and the necessity of robust corporate communication strategies to effectively counter false claims.

This case highlights the increasing legal risk for individuals spreading misinformation about regulated entities in Nigeria, prompting lawyers to advise clients on potential defamation liabilities and the importance of robust corporate communication strategies to counter false claims.

Source: Reporting based on original industry coverage.