News
NDPB Investigates GT Bank, Zenith Bank Over Data Breach Complaints
The Nigeria Data Protection Bureau has opened an investigation into allegations of data breach by two Nigeria Banks, namely GT Bank and Zenith Bank. This investigations were triggered by allegations of unlawful disclosure of banking records to a third party and unlawful access and processing of personal data.
According to the directive of Dr. Vincent Olatunji, the National Commissioner and CEO, NDPB, the investigation covers the data governance practice of the banks in all their branches in Nigeria and extends to all third parties carrying out data processing activities.
The Bureau notes with concern that many data privacy and protection regulations and best practices are hardly implemented down the organizational strata of major data controllers in Nigeria.
Similarly, the Bureau enjoins organizations to heed the Federal Government circulars and general compliance notice directing them to send the names of their Data Protection Officers/Contacts to the Bureau.
There are reports by Nigeria Inter Bank Settlement System (NIBSS) which indicated that within 9 months of 2020, fraudsters attempted 46,126 attacks and they were successful in 41,979 occasion representing 91% of the time!
This level of vulnerability to data breach is unacceptable and it can only be addressed through foolproof data security and data privacy measures by data controllers/data processors in the industry.
The National Commissioner enjoins all financial institution to emulate the example of the Central Bank of Nigeria in compliance with the Nigeria Data Protection Regulation (NDPR) 2019 and in creating a robust data governance system.
The National Privacy Week is an opportunity for all organizations to set their records straight on how they handle the data of citizens. Enforcement measures will be taken against wilful violators of privacy rights forthwith.
EFCC
The African Development Bank Group last week approved an investment of €6.5 million in the Saviu II fund in order to support technology start-ups through their seed phase and first institutional fundraising, mainly in French-speaking Central and West Africa.
The Bank will invest €4.5 million as equity and €2 million as a first-loss hedging tranche on behalf of the European Commission, under the Boost Africa Programme.
This participation of the Bank Group will enable the Saviu II fund to give priority to companies with a strong technological or digital component.
Saviu II, the second investment vehicle of Saviu Partners, plans to invest between €500,000 and €3 million in about 20 technology or technology-oriented business-to-business start-ups in the seed phase or carrying out first institutional fundraising.
The Saviu II venture capital fund aims to make at least 60% of its commitments in the French-speaking countries of West and Central Africa: Côte d ‘Ivoire, Cameroon, Benin, Senegal, Togo, Burkina Faso and Mali.
The fund can also co-invest in promising technology companies in East Africa that have a strong team and business model, and whose strategy includes entering the market in French-speaking West African countries and establishing a strong presence there.
In addition, the fund will devote a dedicated envelope to pre-seed investments, focusing on minority equity investments, usually in co-investment with studios, incubators or other ecosystem partners.
Nigerian Government has signed a $1.3 billion Memorandum of Understanding (MoU) with Africa Finance Corporation (AFC) via the Solid Minerals Development Fund (SMDF) to fund an alumina refinery, national geoscience mapping, and a strategic investment vehicle for mining growth.
Special Assistant to the Minister of Solid Minerals Development, Segun Tomori, said the refinery will process one million tonnes of bauxite yearly using a modern Bayer process, powered by an on-site gas-fired cogeneration plant.
Minister Dele Alake called it a transformative milestone boosting GDP, aligning with reforms that improve investment climate, regulations, and licensing to attract private capital. He directed agencies to fast-track permits.
The 20-year project at 95% utilization eyes 19 million tonnes total output, $1.2 billion annual GDP addition, $25 billion economic impact, and $8 billion forex earnings, per feasibility studies.
SMDF Executive Secretary Fatima Shinkafi termed it the agency’s biggest funding deal, supporting value-addition policy.
The partnership extends to geoscience mapping for mineral data, de-risking exploration, and a joint vehicle for mining assets.
Permanent Secretary Engr. Farouk Yabo praised the reforms. Shinkafi signed for government; AFC’s Franklin Edochie for the corporation, witnessed by AFC CEO Samaila Zubairu.
Tomori positioned it as Nigeria’s largest private mining investment and FDI magnet.
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