Nigeria Data Protection Commission (NDPC) says four banks and three other companies have faced sanctions and incurred fines totaling N400 million for infractions related to breaches of citizens’ data.
Vincent Olatunji, national commissioner of the NDPC, made this known on Tuesday while reporting on the one-year implementation of the NDPC Act.
On June 14, 2023, President Bola Tinubu signed the Nigerian data protection bill into law.
In the legislation, the establishment of the NDPC to replace the NDPB was introduced.
The commission is expected to protect citizens’ private information and be independent.
According to Olatunji, over the past year, more than 1000 financial institutions, schools, insurance companies, and consulting firms have undergone investigations for breaches of citizens’ data.
He also said there are ongoing investigations concerning data infractions.
“When we started, the levels of compliance within the private sector were about 49 percent, while the public sector was 4 percent. But today, private sector compliance is above 55, while the public sector has reached 15 percent,” Olatunji said.
“The nation’s data ecosystem is now worth over N10 billion, and the commission considers it imperative to ensure that citizens’ data is safe, secure, and protected in line with global best standards and practices.”
He further said Nigeria is now at the forefront of the activities of the global data assembly due to the Data Protection Act 2023 and the impact of the data ecosystem on the national economy, as nations like Kenya, Ghana, China, Singapore, and Malaysia, among others, now share experiences with Nigeria.
“The Data Protection Act 2023 is a major milestone for Nigeria. Mr President laid our apprehension to rest when he signed the Act on June 12, 2023,” he said.
“It was a major turnaround for the industry. Now the data ecosystem is beyond everybody because it is a global phenomenon due to the impact of technology.
“In terms of jobs and wealth creation, promotion of tourism, perception and attraction of foreign direct investments into Nigeria, we have taken a leapfrog and even overtaken some countries.
“And that’s why Nigeria was given the hosting right for 2024 All African Data Protection Commission’s institutions. About 30 countries will be here next year for the event.”
NDPC TO COLLABORATE WITH REGULATORS TO ENSURE COMPLIANCE WITH ACT
Olatunji said the NDPC now collaborates with the Central Bank of Nigeria (CBN), the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), and other regulatory organisations to make sure stakeholders under their supervision abide by the Data Protection Act.
According to Olatunji, capacity building, awareness raising, and stakeholder engagement have raised the bar for compliance within the ecosystem.
He also said that to check the activities of digital loan platforms, the commission collaborated with CBN, the Independent Corrupt Practices and Other Related Offences Commission (ICPC), the Economic and Financial Crimes Commission (EFCC), and other regulatory authorities.
Olatunji also said the country’s population and landmass are a challenge to a total clampdown on the digital loan sharks, as most of them operate from isolated or remote areas without known addresses.
