FG to Sanction More Tech Firms, Banks on Data Privacy Compliance

The Federal Government has warned banks, local and international fintech companies against illegal disclosure and commercialisation of citizens’ data.

This is as it vowed to sanction more firms caught exposing its customers’ data with the introduction of data protection law.

Investors King recalls that last week, the Federal Executive Council signed the National Data Protection Bill to be sent to the National Assembly as an Executive bill through the office of the Attorney General of the Federation.

Speaking during a press conference to kick off National Privacy Week 2023 on Saturday in Abuja, Minister of Communications and Digital Economy, Dr Isa Pantami called on the Nigerian Data Protection Bureau (NDPB) to probe banks and data-processing firms on data privacy compliance.

He urged Nigerians to report the breach of data of any organisation to the NDPB for investigation and sanction, pointing them to the portal of the Bureau for reporting such cases.

Pantami said, “With our situation today, local and international companies are illegally and secretly commercialising citizens’ data without their knowledge.

“So, it is because of this, without doubt, that we must ensure that we work together to ensure that whatever they collect about us, they have no power to either commercialise or submit to any place illegally, because if not, definitely our security, our privacy, and everything about us will be open.”

The minister, who hinted that the value of data in Nigeria is about N5.5 billion, said the data protection law is essential in the country.

According to him, the law will further enhance the trust of foreign investors in the nation’s economy and attract more business organisations.

“The law about data protection is not in any way to punish our citizens, but rather to create awareness so that we will all be data compliant. We are urged to comply, and today because of awareness creation, reaching out to other institutions, sanctions and interrogating others, you will discover that the compliance rate is going higher,” Pantami said.

The National Commissioner of NDPB, Dr Vincent Olatunji, noted that the national privacy week was organised to sensitise the citizens on data privacy principles and practices.

Olatunji harped on the need for all citizens to take responsibility for their data and imbibe a culture of privacy for security reasons.