The Nigeria Data Protection Commission (NDPC) has announced that any breach of their customers’ data by commercial banks, telecommunications companies, and other organisations will result in a two percent loss of their annual revenue to the federal government.
The severity of the sanctions will depend on the impact on the victim and other factors.
The NDPC aims to create 500,000 jobs to close the capacity gap in the subsector and help President Bola Ahmed Tinubu achieve his goal of creating one million jobs.
The commission plans to increase public awareness campaigns, develop a standardized framework for implementation across all sectors, improve capacity-building for Data Protection Officers (DPOs), and upscale the registration process for data controllers and processors.
In addition, the NDPC will introduce a definite calendar for filing annual Compliance Audit Returns, strengthen its regulatory frameworks for DPCOs, and issue sector-specific guidelines for the financial and telecom industries.
He said, “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.”