Fear Grips Banks, Telcos, Others As Tinubu Signs New Data Protection Act
The National Commissioner/CEO of Nigeria Data Protection Commission (NDPC), Dr Vincent Olatunji, has revealed that telecommunications companies, banks, and other organisations may be fined up to two percent of their annual revenue if they go contrary to the new data protection law.
Dr Olatunji, who disclosed this on Monday in Abuja during a news conference on the implementation of the recently signed Nigeria Data Protection Act 2023, said depending on the impact on the victim and other factors, the sanctions could be more or less severe.
He stated that the goal of NDPC is not to witch-hunt or fine anybody but to inculcate in people, both by default and by design, the culture of data privacy compliance.
Dr Olatunji further stated that CEOs of public institutions will be held accountable for data breaches rather than the organisation.
He stated that the Act will ensure a sustainable digital economy and that the commission was putting plans in place to create 500 000 jobs in order to close the capacity gap in the subsector and help the President achieve his goal of creating one million jobs.
The NDPC boss further disclosed that the Commission targets to increase public awareness campaigns, develop a standardized framework for implementation to ensure consistency and clarity across all sectors, and improve capacity-building for Data Protection Officers (DPOs) within the next two quarters of the year.
“At the core of the NDPR is the essence of respect – respect for the personal data of our citizens, respect for privacy, and respect for digital rights. This respect is now solidly etched in the NDPA.
“The change in legislation is not merely an addendum to the nation’s law books but a transformative stride towards shaping a culture where the protection of personal data is a cherished principle and an inviolable obligation.
“The move to make data protection a statutory requirement means every organization, big or small, must cooperate with government and also ‘walk the talk’ in the interest of our dear nation.
“This development should not be seen as a burden; rather, let us view it as an exciting journey towards gaining trust, building robust data protection structures, and strengthening our standing in the global digital economy landscape,” he stated.
