A total sum exceeding 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.

Olatunji 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.

Dr. Olatunji emphasized that ongoing investigations were being conducted regarding data breaches involving a private university and certain insurance companies.

He cautioned that all organizations acting as data Processors and Controllers must appoint Data Protection Officers (DPOs) within their respective establishments.

He warned that the heads of government Ministries, Departments, and Agencies (MDAs) would now be held accountable and subject to prosecution for data privacy breaches committed by their respective institutions, in accordance with the provisions of the new law. He further highlighted that compliance with the data privacy law by MDAs has shown improvement, rising from four percent to nine percent.

Dr. Vincent Olatunji elucidated that adherence to the primary legislation endorsed by President Tinubu, would not solely enhance the digital economy of the nation but also integrate the country into the global stage, elevating its recognition and fortifying its position in the global digital economy landscape.