FG Imposes N400 Million Fine on Four Banks and Three Firms for Data Violations

FG Imposes N400 Million Fine on Four Banks and Three Firms for Data Violations

The Federal Government of Nigeria (FG), through the Nigeria Data Protection Commission (NDPC), has imposed fines totaling N400 million on four banks and three other companies for violations related to breaches of citizens’ data. This was announced by the National Commissioner of NDPC, Vincent Olatunji, during a presentation of the one-year implementation scorecard of the NDPC Act.

Read Also: NDPC Commissioner Highlights Importance of Data Protection at Ogun State Workshop

The NDPC Act, designed to protect the private information of citizens, was signed into law by President Bola Tinubu on June 14, 2023. Olatunji revealed that over the past year, more than 1,000 financial institutions, schools, insurance companies, and consultancy firms have been investigated for data breaches.

He also noted that several ongoing investigations are addressing data infractions.

“When we started, compliance levels within the private sector were about 49 percent, while the public sector was at 4 percent. But today, private sector compliance is above 55 percent, and the public sector has reached 15 percent,” Olatunji stated.

Read Also: FG Introduces Mandatory E-tags for Federal Airport Access

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