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FG not Data Protection Bureau has fined Soko loans N50m for data breach. 2: they found some banks in breach of data dem don pay the penalties imposed quietly. 3: they are investigating MoMo, flutterwave & others. 4: Nigeria has the capacity to monitor Meta & Goggle activities in Nigeria. 5: Nigeria must train 490,000 people to be data processors. We have only 10,000 in the country. FG will license data Protection Compliance Organization under PPP to train data processors. More jobs in IT sector.
The National Commissioner for the Nigeria Data Protection Bureau, Dr Vincent Olatunji, speaks about the new Nigeria Data Protection Act 2023, protecting the data rights of Nigerians, regulating AI
In the banking sector, we have fined about three banks, and Soko Loans in the digital lending sector. We fined Soko Loans N50m, and they are still sorting out how to pay through compliance. There are other banks that we have fined, but the approach we have been using is for them to pay remediation. If we go all the way, that is the full weight of the law, the fines would be a lot.
What we do now is to make them pay a remediation fee and take them through regulation and compliance. We are trying to improve compliance culture. To encourage companies to make it part of their practices, to make it part of their culture, we take them through compliance. Regarding some of the investigations, they are ongoing, and it takes time.
