Our Reporter
As cybercriminals ramp up operations across Nigeria’s digital space, the National Identity Management Commission (NIMC) has issued a stern warning to Nigerians over the growing trend of illegally trading their National Identification Number (NIN) for small cash rewards.
In a strongly worded statement released in Abuja on Sunday, the Commission raised the alarm following recent revelations by the Economic and Financial Crimes Commission (EFCC), which reported that more than 2,000 Nigerians have fallen victim to a data-selling scheme. Fraudsters, many of them young, reportedly offer unsuspecting citizens between ₦1,500 and ₦2,000 in exchange for their biometric and personal data, only to resell the same information to FinTech companies for as much as ₦5,000.
A Digital Identity Crisis in the Making
NIMC’s Head of Corporate Communications, Dr Kayode Adegoke, described the trend as a “serious security concern” and cautioned that the consequences for data owners could be severe.
“The NIMC wishes to state clearly that it will not be held responsible for any personal information shared by an individual directly or by proxy for the purpose of financial gain or inducement,” Adegoke said.
The Commission underscored the dangers of reckless data sharing, warning that such behaviour could expose individuals to identity theft, financial fraud, and unauthorised access to critical services.
Young Nigerians Trading Security for Small Cash
What is most alarming to authorities is how easily some citizens, especially vulnerable youths, are compromising their digital identity. EFCC data reveals a well-organised scheme in which these fraudsters solicit NINs by offering nominal cash sums — often in economically strained communities — before flipping the data to third parties for a profit.
“This fraud scheme is largely driven by an army of young Nigerians offering a paltry payment… to make [people] surrender a copy of their personal information… and sell [it] to some Fintech Institutions,” the EFCC disclosed.
NIN Now as Sensitive as Your ATM PIN
NIMC reiterated that personal data, especially NIN, should be treated with the same level of confidentiality as ATM PINs and online banking passwords.
“Sharing your NIN carelessly is akin to handing over your bank account and PIN to a stranger. The implications are wide-ranging — from SIM swap fraud to unauthorised bank withdrawals and criminal impersonation,” Adegoke said.
In its bid to enhance digital identity protection, the NIMC urged service providers to rigorously verify all NINs submitted before granting access to services. It also recommended that citizens download the official NINAuth App from the Apple App Store or Google Play Store to enjoy secure digital identity services and monitor NIN-linked activities.
Regulatory Pressure on FinTech?
Though the Commission did not name specific FinTech companies allegedly buying this illegally obtained data, industry watchers believe this could trigger a regulatory clampdown on digital lenders and payment platforms found culpable. Questions have also been raised about data privacy compliance and the due diligence protocols being used by some financial service providers.
“This is no longer just a question of ignorance — it’s becoming a national security issue. If FinTechs are knowingly or unknowingly purchasing illegally acquired identities, there will be consequences,” a cybersecurity analyst told this newspaper.
Digital Identity in a Vulnerable Economy
Nigeria’s digital identity system, built on the promise of inclusion, efficiency and modern service delivery, now risks being undermined by fraud and poor data governance. While millions have registered for the NIN under government mandates, including SIM registration and banking compliance, weak enforcement and low public awareness continue to expose citizens to exploitation.
NIMC concluded its warning with a call for collective responsibility.
“Digital identity security is a shared responsibility. Nigerians must take full ownership of their data and treat it with the seriousness it deserves,” Adegoke said.
As the nation pushes forward with digital transformation, the need for stronger digital literacy, regulatory oversight, and public awareness has never been more urgent.