The Nigeria Data Protection Commission (NDPC) has begun a regulatory probe into alleged data breach claims involving key financial institutions.
In a statement issued on Monday, the Commission’s Head of Legal, Enforcement and Regulations, Babatunde Bamigboye, confirmed that a formal notice of investigation was served on April 1 in accordance with established procedures.
He said the investigation is already underway, with the affected organisations and relevant stakeholders cooperating by providing information to assist the process.
According to him, the Commission is examining the nature of the alleged breach, the categories of personal data involved, the extent of any exposure, and the potential risks to affected individuals.
He added that the probe will also assess the mitigation measures implemented by the institutions in response to the incident.
The NDPC said the investigation is aimed at ensuring compliance with data protection laws and strengthening safeguards for the protection of personal data.
National Commissioner of the NDPC, Vincent Olatunji, noted that organisations operating digital payment systems without adequate security controls will be subject to strict regulatory scrutiny.
He said this aligns with the Nigeria Data Protection Act 2023, which is designed to enhance accountability and protect the integrity of Nigeria’s digital and financial ecosystem.
