EFCC described the individuals as “Account Suppliers” or “KYC Groups” who lure unsuspecting Nigerians with ₦1,500–₦2,000 to surrender their information, which is then resold to fintech firms.
The Economic and Financial Crimes Commission (EFCC) has raised alarm over a massive fraud involving over 12,000 Nigerian youths allegedly selling sensitive personal data—including Bank Verification Numbers (BVN), National Identification Numbers (NIN), and passport photographs—to fintech firms for as little as ₦5,000.
In a statement on Friday, the EFCC described the individuals as “Account Suppliers” or “KYC Groups” who entice unsuspecting Nigerians with ₦1,500–₦2,000 to surrender their information, which is then resold to fintech platforms and used for fraudulent investment schemes.
“These details are used to open accounts with Fintech companies for investment scams and other illicit schemes,” the EFCC stated.
The commission also revealed a fake airline promo scam involving malware-infected apps that grant fraudsters access to victims’ bank accounts. Funds are then diverted to microfinance banks and laundered through cryptocurrency.
The EFCC confirmed arrests and ongoing recoveries, urging the public not to act as “Account Donors,” warning it constitutes a national security threat.
“It is important to disclose that this fraud scheme is largely driven by an army of young Nigerians… who sell the same information to some Fintech Institutions for about ₦5,000,” the EFCC said.