The Nigeria Data Protection Commission (NDPC) announced that over 1,000 financial institutions, schools, insurance companies, and consultancy firms are under investigation for various degrees of data breaches. Vincent Olatunji, the National Commissioner, disclosed that four major banks and three other institutions have been fined a total of N400 million for violating data protection laws.
Olatunji made this revelation on Tuesday during a press briefing in Abuja, marking the first anniversary of President Bola Tinubu signing the Nigeria Data Protection Commission Act into law. The legislation, signed on June 12, 2023, aims to enhance privacy rights and fundamental freedoms in both digital and analog transactions, allowing citizens to seek redress for data breaches.
Reflecting on the act’s passage, Olatunji expressed relief and optimism about its impact.
He noted that the nation’s data ecosystem now exceeds N10 billion in value due to the act’s multiplier effects. Emphasizing the importance of adhering to global best practices, Olatunji stated that the NDPC is committed to protecting citizens’ data.
“Since we began, we have received over 1,000 reports of data breaches,” Olatunji said. “Among these, about 400 involve digital revenue companies known as loan sharks.
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We have completed investigations in several sectors, including education, finance, real estate, and insurance.
Four major cases have resulted in fines totaling N400 million.”
Olatunji highlighted the increased compliance with data protection laws, noting that private sector compliance has risen from 49% to over 55%, while public sector compliance has improved from 4% to 15%.
He also announced Nigeria’s leadership role in the Global Data Assembly, influencing the data ecosystem’s impact on the national economy and securing the hosting rights for the 2024 All African Data Protection Commission’s and Institutions event.
The NDPC plans to train 10,000 public servants and 1,000 data protection officers, including journalists, in responsible data management.
Olatunji mentioned ongoing collaborations with the Central Bank of Nigeria (CBN), the Independent Corrupt Practices Commission (ICPC), and the Economic and Financial Crimes Commission (EFCC) to regulate digital loan platforms, stressing the challenges posed by the nation’s vast landmass and the untraceable nature of many illegal operators.
“Our efforts will continue to raise awareness among Nigerians vulnerable to exploitation by loan sharks,” Olatunji affirmed.
