OPay Sued for ₦100 Million by TeamApt & Moniepoint Over Alleged Breach of Banking Ethics and Confidential Data Misuse

By Editorial Desk

Lagos, Nigeria — Nigerian fintech leader OPay Digital Services Limited, along with its affiliate SOTI Investments Limited, has been dragged before the Federal High Court in Lagos in a high-stakes legal battle that could reshape competitive practices in the country’s digital finance sector. The lawsuit, filed as Suit No. FHC/L/332/2025, was brought jointly by two of the nation’s foremost financial technology entities: TeamApt Limited and Moniepoint Microfinance Bank Limited. (Kanyi Daily)

Core Allegations in the Suit

According to court documents and statements from the plaintiffs:

1. Unethical Recruitment & Staff Poaching

TeamApt and Moniepoint allege that OPay deliberately targeted and recruited a series of Business Relationship Managers (BRMs) and aggregators — key frontline staff members who possessed access to sensitive internal operating data, merchant relationships, and financial transaction insights.

The plaintiffs argue that this was not routine hiring, but a coordinated effort by OPay to access proprietary business and competitive intelligence by luring away insiders with privileged operational knowledge. (Daily Report)

2. Loss of Business & Confidential Data Concerns

TeamApt and Moniepoint claim that soon after the departure of these employees to OPay, their own use of Point of Sale (POS) terminals experienced a noticeable decline. They contend this pattern suggests unauthorised access, misuse, or transfer of confidential data that could have unfairly advantaged OPay in securing merchant engagements.

The suit highlights broader concerns about data security and sovereignty, noting that OPay’s structure involves offshore data storage and foreign ownership, which — in the plaintiffs’ view — increases the risk of sensitive information leaving regulated Nigerian systems.

3. Alleged Breach of Banking Ethics and Regulatory Rules

The plaintiffs contend that OPay’s actions violated accepted banking ethics and standards and may have contravened conditions established by the Central Bank of Nigeria (CBN) governing fair competition, data protection, and financial services operations. They reference internal CBN regulations that govern conduct among licensed fintech and banking operators.

What the Plaintiffs Are Asking the Court For

TeamApt and Moniepoint’s lawsuit seeks several major legal remedies:

• ₦100 million in damages — to compensate for reputational harm, operational disruption, loss of competitive advantage, and legal costs.
• A court declaration that OPay breached banking ethics and regulatory standards.
• Injunctions restraining OPay from:
  • Recruiting or contacting any of their current or former BRMs or aggregators;
  • Activating or using POS terminals associated with these former employees;
  • Accessing or utilising any confidential materials or data allegedly obtained through these departures.

The plaintiffs have indicated they are prepared to present internal communications, chat logs, regulatory filings, and other evidence during the hearing to substantiate their claims. (GrassrootReporters)

Industry and Regulatory Context

The lawsuit has generated significant attention within Nigeria’s fintech ecosystem, which has become one of the fastest-growing digital economies in Africa. Legal analysts suggest that the case could have far-reaching implications for:

• Staff mobility and recruitment ethics in the competitive fintech labour market.
• Data governance and how sensitive operational information is handled by digital financial platforms.
• The application and enforcement of CBN regulations on fair competition and customer data protection.

Observers note that Nigeria’s fintech sector — already under increasing regulatory scrutiny — is wrestling with multiple compliance pressures, including recent directives from the CBN on POS operations and data management. (savinewsafrica.ng)

OPay’s Response So Far

As of the latest available reports, OPay and SOTI Investments Limited have not issued a public comment in response to the lawsuit or the allegations contained within it.

What This Means for the Fintech Market

Industry watchers believe that the outcome of this litigation may help:

• Clarify ethical boundaries around recruitment practices in fintech.
• Reinforce data protection and insider information safeguards.
• Influence future regulatory frameworks by the CBN and other regulatory bodies governing competition in the financial technology landscape.