The National Commissioner/CEO of the Nigeria Data Protection Commission (NDPC), Dr Vincent Olatunji, was represented by the NDPC’s Head of Legal, Enforcement, and Regulation Department, Barrister Babatunde Bamgboye, at the AML/CFT/CPF Tabletop Session for Executive Management Staff of Providus Bank.
Delivering a presentation titled, “Embedding Data Protection into Business Culture: Beyond Compliance to Strategic Advantage,” Dr Olatunji highlighted the basics of data protection and privacy. He noted that there is an ongoing global concern regarding data security, as breaches can sometimes result in tremendous liabilities.
He gave an overview of the Nigeria Data Protection Act (NDP Act) and noted that banks are mandated by law to comply with its provisions, as they are data controllers and processors of major importance, and it is important to create measures that safeguard customers’ personal data. He stated that the Public-Private Partnership model adopted by the Commission has helped to drive awareness and, subsequently, compliance.
He added that data controllers and processors that proactively integrate data protection and privacy into their corporate culture are better positioned to enhance customer loyalty, strengthen risk management, and build resilient business models.
