Data protection law will save Nigerians from loan sharks, attract FDIs – NDPC

The Nigeria Data Protection Commission (NDPC) has disclosed that the Nigeria Data Protection Bill, 2023 which President Bola Ahmed Tinubu recently signed into law will protect Nigerians from digital lending apps, popularly known as loan sharks.

The National Commissioner/ CEO of the commission, Dr Vincent Olatunji, who disclosed this on the sideline of a sensitisation workshop on data privacy/protection in Lagos, said NDPC was working with other government agencies to ensure that the data privacy of Nigerians is not breached by loan sharks.

“The act is already working in that area and the good thing is that there are a lot of regulators in that sector. We have the Federal Competition and Consumers Protection Commission (FCCPC), NITDA, NCC, CBN, ICPC, EFCC, and we are all working together to address it because the issue is about Nigerians,” he said.

While disclosing that one of the lending apps was recently fined N50m, he said it is now mandatory for all digital lending apps to get the certification of their privacy policy from NDPC as part of the criteria for their registration with FCCPC.

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Olatunji, who hinted that the commission was investigating some companies, including five banks, one digital lending company, a university, a consulting firm, an insurance company, and a lotto company, added that the law would attract foreign direct investments (FDIs) because it will boost the confidence of foreign investors to do business in Nigeria.

Former Minister of Communications and Digital Economy, Professor Isa Pantami, had predicted that the market value of Nigeria’s Data Protection Sector could triple from its present N5.5 billion when the data protection law comes into effect.

Olatunji added that at least 5,000 data controllers and processors were expected to register with the commission before December 31.

“Our target is for all to see compliance to the protection of personal data as a culture and not something we are being forced to do,” he said.

From Abiodun Alade & Akindolapo Akinwumi (Lagos)