Scammers Hijack Car Dealer’s Identity, Forge CAC Certificate Photo, and Open Fraudulent Moniepoint Account, Exposing Deep Flaws in Fintech KYC

Onoja Baba

In a case of dubious identity theft that has left a Nigerian car dealer fuming and demanding immediate action, Chidi Mike Anyanwu, proprietor of Chidi Mike Cars (also operating as Chidi Mike Autos), has publicly cried out that fraudsters opened a Moniepoint Microfinance Bank (MFB) account in his name, complete with a digitally generated or manipulated photograph of him holding a Corporate Affairs Commission (CAC) certificate.

The account, Chidi Mike Autos Enterprise, number 6015684124 under Moniepoint MFB, was allegedly created without his knowledge or consent. Anyanwu, who sells vehicles and has a presence promoting affordable cars (including listings for models such as Honda Civic and Toyota Venza), shared screenshots and video evidence of the fraudulent profile circulating online.

In his emotional appeal, he tagged Moniepoint (@moniepointng) and pleaded, “Close this account 6015684124… This is scammers using my face to be doing this nonsense… Bank, they open accounts up and down without verification. This is absolutely rubbish.”

He stressed the danger: anyone seeing the doctored image of him holding a CAC certificate would assume legitimacy, potentially falling victim to scams conducted under his stolen identity. “Who sees this thing now will say to me, this is AI… This is my image,” he lamented, calling the situation “nonsense” that undermines national trust in financial systems.

This incident is not isolated. Investigations reveal a growing wave of similar frauds targeting Moniepoint and other Nigerian fintechs, where scammers exploit weak onboarding processes, stolen BVNs/NINs, and forged CAC certificates.

In one documented Osun State case, a businesswoman discovered a Moniepoint account opened with her full name, BVN, NIN, and photograph, data she never provided. Police later recovered evidence of over 150 compromised identities, SIM cards, and devices linked to a syndicate opening Moniepoint accounts for international fraud rings. The suspect was arrested after attempting to bribe the victim with ₦10 million to “sell” her BVN.

In February 2026, an Ibadan woman, Abiodun Olokunjuwon, sued Moniepoint for ₦50 million, alleging the fintech opened and operated two accounts using her NIN and BVN without consent, breaching privacy rights under the Nigeria Data Protection Act and the Constitution. She demanded permanent closure and data deletion.

Police in early 2025 arrested suspects Saidu Adam Usman and Yusuf Umar for facilitating over ₦400 million in fraudulent transactions by creating Moniepoint accounts with pre-registered SIMs, emails, and fraudulently obtained BVNs/KYC details, then handing the accounts to foreign contractors.

Forged CAC certificates are a key tool. Scammers clone genuine certificates, alter names, or generate fake ones (sometimes using AI-generated images of victims holding them) to meet business-account KYC requirements. CAC itself has reported hundreds of fake company registrations inserted into its system, 248 in one batch alone, and has accused some banks of allowing inactive or non-compliant entities to open accounts and transact freely. Experts note that fraudsters either steal legitimate certificates or use sophisticated digital tools to produce convincing fakes that pass superficial checks.

Moniepoint, a major player processing hundreds of billions in transactions annually and serving millions of merchants (including a reported ₦412 trillion in volume across billions of transactions in recent data), requires escalating KYC for business accounts, BVN/NIN and face verification at lower levels, up to full CAC documents (certificate, status reports, etc.) at higher tiers.

Yet multiple cases show these safeguards are being bypassed through identity theft or compromised agents.

Fintechs like Moniepoint have revolutionized payments for SMEs and individuals, but the speed of digital onboarding has created vulnerabilities.

Complaints range from unauthorized accounts and delayed fund recoveries to accounts being used as collection points for Ponzi schemes (e.g., the EMAAR real-estate fraud that allegedly funneled money through a Moniepoint merchant account before collapsing, leaving thousands of victims).

Victims often struggle with prolonged restrictions (Post No Debit/PND) or slow responses even after court orders.

Anyanwu’s case highlights the reputational and financial peril for legitimate business owners. A car dealer’s name and face tied to a scam account can destroy customer trust, invite harassment, or even lead to wrongful investigations.

Broader data shows Nigerians continue to lose hundreds of millions to identity-linked frauds facilitated through fintech rails.

Anyanwu has demanded Moniepoint immediately freeze and close account 6015684124. He and other victims urge stronger verification, including real-time CAC database cross-checks, multi-factor biometric confirmation beyond basic face scans, stricter agent oversight, and faster victim remediation.