Fakoyejo OlalekanThe National Commissioner, Nigeria Data Protection Commission (NDPC), Vincent Olatunji, has disclosed that Guaranty Trust Bank (GTBank), Leadway Insurance and some companies are under investigation for data breaches.
According to Olatunji on Thursday, Unity Bank, Fidelity Bank, Zenith Bank and Babcock University are also being probed by the commission for the same reason.
He said the companies could lose one per cent of their revenue if found guilty of data abuse and persons involved could also serve jail term.
Olatunji stated that the data protection bureau has been receiving unlawful data processing complaints and unauthorised access to personal data, as well as violation of data subjects’ rights.
“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,” he said.
The national commissioner further stated that: “Under part 10 of the newly-signed NDPA Act 2023, a data controller with a turnover of N200 billion yearly may pay as high as N2 billion, which represents two percent of the gross revenue.
“Not only that, but offenders also risk up to a one-year jail term,” adding that, “We are currently investigating Guarantee Trust Bank, Fidelity, Unity, Zenith banks, Leadway Insurance and Babcock University, among others, for data breach.”
He disclosed that many microfinance banks have not integrated data privacy and protection requirements, while over 400 complaints against the online lending sector have been received.
“The commission is investigating over 400 complaints in the online lending sector,” the NDPC head stated, while revealing that, “Soko Loan is already working on a comeback to the digital lending market, but yet to be approved.”
Also, Olatunji said loan companies are now mandated by the Federal Competition and Consumer Protection Commission (FCCPC) to seek compliance and clearance from NDPC before approving online lenders.
Follow Us