OPay, one of Nigeria’s leading fintech companies has been dragged into a high-stakes legal battle following a lawsuit filed by TeamApt Limited and Moniepoint Microfinance Bank Limited, accusing the firm of compromising confidential business information and engaging in unethical recruitment practices.
The case, filed as Suit No. FHC/L/332/2025 at the Federal High Court in Lagos, lists OPay and its affiliate, SOTI Investments Limited, as defendants.
According to the plaintiffs, OPay allegedly targeted and recruited key Business Relationship Managers with access to sensitive internal data, trade secrets, and strategic merchant information.
ALSO: FairMoney Expands Product Portfolio to Accelerate Nigeria’s Financial Inclusion Drive
TeamApt and Moniepoint argue that these hires were not standard recruitment but a deliberate attempt to gain access to confidential banking operations. They claim that following the transfer of these employees to OPay, usage of their POS terminals declined, which they attribute to the alleged transfer of internal knowledge and merchant data to OPay.
The plaintiffs also raised concerns about data security, noting that OPay’s foreign ownership and offshore data servers could pose significant risks if sensitive information was transferred without authorization, potentially breaching national data protection standards.
In the lawsuit, TeamApt and Moniepoint are seeking several court orders, including a declaration that OPay violated banking ethics and Central Bank of Nigeria regulations. They are also requesting a ban on OPay from recruiting their Business Relationship Managers or aggregators and an injunction preventing the activation of new POS terminals linked to former employees. Additionally, they are pursuing N100 million in damages for reputational harm, operational disruption, loss of competitive advantage, and legal costs.
The plaintiffs intend to present evidence such as internal correspondence, chat logs, and regulatory documents to support their claims during the hearing.
OPay and SOTI Investments have yet to issue a public response to the lawsuit. The case has attracted considerable attention in Nigeria’s fintech sector, raising questions about data privacy, recruitment ethics, and competitive practices within the industry.
Industry analysts suggest that the outcome of this case could set important precedents for fintech operations in Nigeria, particularly regarding staff recruitment, data handling, and adherence to regulatory standards.
Comments 2