Moniepoint says court case focuses on coordinated digital harm, not criticism

Nigerian fintech company Moniepoint MFB said on Wednesday that a court case involving the firm is not about public criticism, but about a coordinated campaign of digital harm currently under police investigation.

Recall in early 2026, Moniepoint Microfinance Bank became the target of a coordinated online campaign involving fake scandal allegations and influencer impersonation. The Nigerian Inspector General of Police (IGP) initiated a criminal case against two individuals, Adebayo Aliu and Fatuntele Lukmon Tunde, for their roles in this scheme.

Defendants allegedly created a digital platform that offered N500,000 to individuals who posted comments containing the phrase ‘Moniepoint Scandal’ along with fabricated, negative experiences about the bank.

The scheme involved impersonating popular social media influencer Brain Jotter to add legitimacy to the scam and cause maximum reputational damage.

The campaign was designed to create artificial, ‘tumultuous’ online uproar and cause reputational harm to Moniepoint.

The suspects are charged under Nigeria’s Cybercrime (Prohibition, Prevention, etc.) Act 2015 (as amended in 2024), specifically for conspiracy, aiding and abetting, and impersonation to pervert the course of justice.

Read also: Chinese mass democratised AI agent sparks Global tech debate

Moniepoint, at a media briefing, clarified that it has not arrested, detained, or requested the arrest of anyone for commenting on its services. Instead, the company said patterns on social media suggested coordinated actions capable of creating public panic and undermining confidence in the financial system.

According to Moniepoint, patterns on social media engagement that border on creating reputation distrust and signs of coordination capable of triggering public panic and undermining confidence in the financial system began to emerge.

Moniepoint emphasised that it respects Nigerians’ right to express opinions, ask questions, and hold institutions accountable, noting that customer feedback remains central to its product and service improvements.

The company, however, explained that recent developments revealed patterns of activity that extended beyond routine criticism. With a platform that supports millions of individuals and businesses while employing thousands across every Local Government Area in Nigeria, Moniepoint stated that it operates at a scale where protecting public trust is critical not only to its business, but to the stability of the broader financial ecosystem.

In response to these concerns, the company confirmed that it formally reported the matter to law enforcement authorities, in line with its responsibility as a regulated financial institution. It noted that the case is now being handled independently by the appropriate agencies, with prosecution led by the relevant Nigerian Police office.

Moniepoint further clarified that the issues before the court are framed around allegations including coordinated inducement, fabricated narratives, impersonation, and reputational harm. The company stressed that these are allegations that will be examined and determined through the due judicial process.

The company added that the case has taken on broader significance, highlighting emerging risks within the digital ecosystem and the need for clear boundaries between legitimate expression and organised digital conduct that may be harmful.

While reaffirming its respect for the judicial process and its decision not to litigate the matter in the media, Moniepoint acknowledged that recent public conversations, including those surrounding charges and policies, have raised concerns. It assured stakeholders that such feedback is being taken seriously and is informing ongoing efforts to improve communication, service delivery, and customer experience.

Read also: Moniepoint’s £1.2m UK setup to boosts financial access for Nigerians abroad

Moniepoint also emphasised that while criticism is an essential part of a healthy ecosystem, it must not be distorted through falsehoods, inducement, or coordinated digital actions that erode public confidence.

Reassuring Nigerians, the company stated that its focus remains firmly on the millions of individuals and businesses who rely on its platform every day. It reaffirmed its commitment to operating with integrity, transparency, and accountability, noting that trust remains the foundation of its relationship with customers.