Vincent Olatunji, the National Commissioner for the Nigeria Data Protection Commission (NDPC) revealed on Tuesday, June 11, that four major banks and three other institutions have faced sanctions and incurred fines totalling 400 million naira for infractions related to breaches of citizens’ data.
Olatunji disclosed that over the past year, more than 1000 financial institutions, schools, insurance companies, and consultancy firms have undergone investigations for breaches of citizens’ data.
He added that ongoing investigations are being conducted concerning data infractions.
Olatunji also highlighted that the activities of the NDPC have led to increased levels of compliance with the Nigeria Data Protection Act in both the private and public sectors.
“When we started, the levels of compliance within the private sector was 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.
He said as the nation’s data ecosystem is now worth over 10 billion naira, the Commission considered it imperative to ensure that citizens’ data are safe, secure and protected in line with global best standards and practices.
Olatunji spoke during an interactive session with newsmen at the Abuja Continental Hotel to mark the first anniversary of the signing into law of the Nigeria Data Protection Commission Act by President Bola Tinubu.
He announced that 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. 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 and Institutions. About 30 countries would be here next year for the event,” Olatunji said.
He said the Commission has concluded arrangements to train 10,000 public servants in responsible data management, while about 1,000 data protection officers and processors including journalists would undergo training by the NDPC.
Olatunji said capacity building, awareness creation, and stakeholder engagement have raised the bar for compliance within the ecosystem, stressing that NDPC now partners with the CBN, NCC, SMEDAN, and other regulatory institutions to ensure that stakeholders under their supervision comply with the Data Protection Act.
To check the activities of digital loan platforms, Olatunji said the NDPC collaborated with CBN, ICPC, EFCC, and other regulatory authorities, lamenting that most of the illegal digital loan platforms had no known or traceable addresses.
He however said awareness would continue to be created for vulnerable Nigerians who become victims of the loan sharks due to ignorance.
He added that the nation’s population and landmass constitute a challenge to a total clampdown on the digital loan sharks as most of them operate from isolated or remote areas without known addresses.
END.