For exposing privacy rights of Nigerians, banks, others pay over N200m fines

Over N200 million has been collected by the Federal Government from at least seven banks and various other institutions.

The Federal Government collected these payments from these financial institutions as a consequence of their infringement upon the data privacy rights of Nigerian citizens.

This was made known by Dr. Vincent Olatunji, the National Commissioner of the Nigeria Data Protection Commission (NDPC) while speaking with journalists at the Commission’s headquarters in Abuja, subsequent to President Bola Tinubu’s signing of the Commission’s Act.

According to The Nation, Olatunji highlighted that the penalties imposed on the institutions were the outcome of extensive investigations conducted by the Commission within a year of the committed infractions.

Without disclosing the specific names of the banks and other institutions involved, Olatunji clarified that more than 100 private sector entities underwent investigations for diverse levels of personal data privacy breaches and infringements on personal data privacy.

He cited several cases wherein individuals’ personal data was erroneously captured by banks, resulting in difficulties for affected individuals to access funds from their bank accounts.

Furthermore, he highlighted instances where customers experienced the unfortunate consequence of having money removed from their bank accounts due to breaches in personal data security.