Digital Economy: Banks, Others Pay N200m Penalties to FG for Data Breaches

The National Commissioner for the Nigeria Data Protection Commission (NDPC), Dr Vincent Olatunji, says not less than seven banks and other institutions have paid over N200m into the coffers of the Federal Government for violations of data privacy of Nigerians.

He disclosed this on Monday while addressing newsmen at the headquarters of the Commission in Abuja, following the signing of the Commission’s Act into law by President Bola Tinubu. Olatunji said the penalties paid was within a year for infractions committed by the institutions after thorough investigations by the Commission.

The National Commissioner, who did not reveal the identity of the banks and other institutions, explained that over a 100 private sector institutions were investigated for varying degrees of personal data privacy breaches within the past one year. He cited instances where citizens’ personal data were wrongly captured by banks, and the concerned persons could not access funds in their bank accounts due to infractions, while some customers had money wiped off their bank accounts due to personal data breaches.

Olatunji, warned that with the new law, all data Processors and Controllers must have Data Protection Officers (DPOs) in their organisations henceforth. He explained that compliance with the principal legislation as assented to by President Tinubu, would not only boost the nation’s Digital Economy but mainstream the country into global recognition and strengthen its standing in the global digital economy landscape.