June 29, (THEWILL) – The Nigeria Data Protection Commission (NDPC) said it is investigating three banks, a university and others for alleged data breach.
National Commissioner of the Commission, Dr Vincent Olatunji, in a statement issued on Thursday, by the Head, Media at the Commission, Itunu Dosekun, listed Zenith, Fidelity, Guarantee Trust Banks, Babcock University and Leadway Insurance, among others in the alleged breach.
Olatunji said the investigation came following complaints from data subjects. He explained that, with the new Nigerian Data Protection Act (NDPA), the NDPC had been empowered with a legal framework to address issues of citizens’ data breach.
“In the last few weeks, the NDPC has received complaints bothering on unlawful data processing, unauthorised access to personal data and violation of data subjects’ rights.
“Under Part 10 of the newly signed NDPA 2023, a data controller with a turnover of N200 billion yearly may pay as high as N2 billion, which represents two per cent of the gross revenue.
“Not only that, offenders also risk up to one year jail term.
“We are currently investigating Guarantee Trust Bank, Fidelity, Unity, Zenith banks, Leadway Insurance and Babcock University, among others, for data breach,” Olatunji said, adding that many micro-finance banks are yet to align their operations with the requirements of data privacy and protection.
Olatunji also said loaning organisations would face the law with the new mandate of the Federal Competition and Consumer Protection Commission (FCCPC).
He said the mandate required loan organisations to seek compliance and clearance from NDPC before granting approval to online lenders.
“The Commission is investigating over 400 complaints in the online lending sector. Soko Loan is already working on a comeback to the digital lending market, but yet to be approved,” he said.
