The Nigeria Data Protection national commissioner Vincent Olatunji disclosed that four major financial institutions and three other organizations were sanctioned and fined a total of N400 million for data breaches involving people, as reported by the Punch.
He disclosed this information to the media during a roundtable discussion to commemorate the first anniversary of President Bola Tinubu’s signing of the Nigeria Data Protection Commission Act into law in Abuja.
The president of Nigeria signed the data protection bill on June 12, 2023, to improve privacy rights and other basic freedoms in cyberspace and analog interactions.
“As of this time last year, we were so unsure if the president would assent to the bill, what if the president didn’t sign it, what would have happened?” the commissioner stated.
“The bill was passed by the ninth Assembly and usually, when a new government comes in, they want to jettison all that the former government did before it got there. More importantly, it was a new government. I was apprehensive, everyone was worried but I kept faith in God even though I was not sure too, and on the 12th of June last year, the president signed it” he added.
Speaking further at the event, the commissioner noted that Nigeria’s data ecosystem has surpassed a value of N10bn due to the multiplier effect of assenting to the bill.
He noted that the Nigeria Data Protection national commissioner continues to ensure the safeguarding of data by global best standards and practices.
“Cumulatively, we have had over 1,000 reports of data breaches between when we started and now. The figure is low because of the low level of awareness among Nigerians,” he said.
“Out of the 1,000 cases, about 400 of them are digital revenue companies that we call loan sharks but the main ones we have conducted investigations in the education sector, financial institutions, real estate, insurance, consulting, and schools, and as of today, we have finalized four major investigations and some have paid their remediation fees.
In the law, we can fine companies depending on the nature of the breach, impact on the subject and level of cooperation and we got N400m from remediation fees,” he added.
