The purpose of this paper is to investigate information privacy and security awareness among online social media (OSM) users in the Ibadan metropolis, Nigeria. Building upon the social exchange theory, some factors that could influence the disclosure of private information on social media were identified. Findings from the analysis of data of 255 respondents revealed that most were aware of information privacy and security measures available on OSM, and the risks associated with the disclosure of private information on OSM. Privacy and security awareness, the perception of benefits associated with the use of OSM, the perception of risks associated with the use of OSM, trust in the security of OSM, and the respondents’ privacy and security self-efficacy influenced the disclosure of private information, while gender did not. Social media providers should provide more enlightenment on privacy settings available on the platforms to create more security and privacy consciousness.