Like a balloon, the twenty first century blossomed with the wave of internet and introduced a new brand to communication referred to as social media. Online social media sites include facebook, twitter, blogspot, whatsapp, myspace and a host of others. By the last decade, especially here in Nigeria, these social media platforms have become increasingly popular and have formed an integral part of everybody’s life especially amongst the young people. The problem identified by this paper is that approximately ninety five percent of Nigerian students across tertiary institutions belong to over three social media platforms and spends over four-six hours daily using these social media sites. The paper argues that the amount of time, energy and resources young students invest on the social media have huge effects on the formation of self identity. It maintained that the clash between the psychological development of young students and their addictions to social media is dangerous to their character and personality formation. The paper therefore recommends parental censorship, institutional monitoring and sensitization packages for young people. It concludes that the social media with all its promises and opportunities must be a tool for formation of strong characters and not a platform for splitting identity crisis in young students.