In a landmark move to safeguard citizens’ data, the Nigeria Data Protection Commission (NDPC) has imposed fines totaling N400 million on four major banks and three other institutions for data breach violations.
The announcement was made by the National Commissioner of the NDPC, Vincent Olatunji, during an interactive session with journalists to commemorate the first anniversary of the Nigeria Data Protection Commission Act’s signing by President Bola Tinubu in Abuja.
The Act, signed on June 12, 2023, was introduced to advance privacy rights and other fundamental freedoms in both cyberspace and analogue transactions.
It grants Nigerians the right to seek redress for any form of data breach, mandating that citizens’ data is processed in a fair, lawful, and accountable manner.
Reflecting on the Act’s passage, Olatunji recounted, “As of this time last year, we were unsure if the president would assent to the bill. Everyone was worried, but I kept faith, and on June 12th, the president signed it.”
Olatunji highlighted that the nation’s data ecosystem has now surpassed a value of N10 billion, attributing this growth to the multiplier effects of the legislation.
He underscored the NDPC’s commitment to maintaining global best practices in data protection, which is essential for ensuring the safety and security of citizens’ data.
The Commissioner revealed that over 1,000 reports of data breaches have been recorded since the commission’s inception. Of these, 400 involve digital revenue companies, commonly referred to as loan sharks.
The NDPC has conducted significant investigations in sectors such as education, finance, real estate, insurance, and consulting, resulting in fines amounting to N400 million for major breaches.
Olatunji noted an improvement in compliance rates with the Nigeria Data Protection Act.
The private sector’s compliance has risen from 49% to over 55%, while the public sector’s compliance has increased from 4% to 15%.
He attributed this progress to the commission’s rigorous enforcement and awareness campaigns.
Nigeria’s proactive stance in data protection has positioned it as a leader within the Global Data Assembly, influencing the data ecosystem on a national and international scale.
Olatunji announced that Nigeria would host the 2024 All African Data Protection Commission’s and Institutions event, with participation from about 30 countries.
The NDPC plans to train 10,000 public servants in responsible data management. Additionally, approximately 1,000 data protection officers, processors, and journalists will undergo specialized training by the NDPC.
To address the challenges posed by digital loan platforms, often operating without traceable addresses, the NDPC collaborates with the Central Bank of Nigeria (CBN), the Independent Corrupt Practices Commission (ICPC), the Economic and Financial Crimes Commission (EFCC), and other regulatory bodies.
Olatunji stressed the importance of raising awareness among vulnerable Nigerians to protect them from predatory loan sharks.
While the NDPC has made significant strides, Olatunji acknowledged the challenges posed by Nigeria’s large population and vast geographical landscape in fully clamping down on illegal digital loan operations.
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