The Nigeria Data Protection Commission has said more than 1000 financial institutions, schools, insurance companies, and consultancy firms are currently undergoing investigations for various degrees of breaches of citizens’ data.
This was as the commission’s National Commissioner, Vincent Olatunji, revealed that four major banks and three other institutions faced sanctions and incurred fines totalling N400m for infractions relating to breaches of citizens’ data.
Olatunji revealed this on Tuesday during an interactive session with journalists to mark the first anniversary of the signing into law of the Nigeria Data Protection Commission Act by President Bola Tinubu in Abuja.
On June 12, 2023, Tinubu assented to the data protection bill to advance privacy rights and other fundamental freedoms both in cyberspace and in analogue transactions.
The legislation allows Nigerians to seek redress from any form of data breach stipulating that citizens’ data is “processed in a fair, lawful and accountable manner”.
Speaking further, Olatunji emphasised that the nation’s data ecosystem has surpassed a value of N10bn due to the multiplier effect of assenting to the bill.
He stressed the commission’s commitment to safeguarding citizens’ data by global best standards and practices, deeming it essential for ensuring its safety, security, and protection.
