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The Nigeria Data Protection Commission (NDPC) has issued a warning to commercial banks, telecommunications companies, and other organisations that they will face sanctions for breaching data regulations in the country.
The National Commissioner/CEO, Dr Vincent Olatunji, stated that defaulters may lose up to two percent of their annual revenue for such breaches, depending on the impact on the victim and other factors.
The recently signed Nigeria Data Protection Act 2023 aims to ensure a sustainable digital economy, and the NDPC is putting plans in place to create 500,000 jobs to close the capacity gap in the subsector.
The Commission also plans to intensify campaigns, develop a standardized framework for implementation, and improve capacity-building for Data Protection Officers (DPOs) within the next two quarters of the year.
The NDPC will upscale the registration process for data controllers and data processors, introduce a definite calendar for filing annual Compliance Audit Returns, and strengthen its regulatory frameworks for DPCOs.
The Commission will also issue sector-specific guidelines, particularly for financial and telecom sectors.
The NDPC believes that the change in legislation is a transformative stride towards shaping a culture where the protection of personal data is a cherished principle and an inviolable obligation.
