…stakeholders insist that cybersecurity must be treated as a national priority.
NIGERIA- The iNews Times| Data protection is fast emerging as a critical economic and national security priority in Nigeria, as cybersecurity experts raise alarm over increasingly sophisticated attacks targeting key financial systems and public institutions.
A UK-based data protection expert, Temidayo Akindele, warned that Nigeria is witnessing a shift from opportunistic cybercrime to coordinated, intelligence-driven operations. Recent breaches involving institutions such as the Corporate Affairs Commission (CAC), Sterling Bank, and Remita have exposed critical vulnerabilities in the country’s digital infrastructure.
Experts say these attacks go beyond financial theft, involving the extraction of sensitive data such as company records, personal identification details, and even signatures, creating the risk of large-scale fraud and identity manipulation.
According to Akindele, Nigeria’s rapid digital transformation across banking, commerce, and daily life requires a fundamental shift toward stronger data governance and a culture of privacy.
“We are in a digital era… building a privacy culture is not just about avoiding risk; it is essential for participating safely in the global digital economy,” she said, stressing that trust is the backbone of online interactions.
Cybersecurity specialist Adewale Odunsi noted that attackers are now targeting critical infrastructure, including identity systems and financial networks, making detection more difficult.
“These are coordinated operations… once access is gained, entire fraud ecosystems can be built around stolen data,” he warned.
Analysts also highlighted the interconnected nature of Nigeria’s financial systems, where a breach in one platform can expose others. Experts recommend urgent measures such as end-to-end encryption, continuous vulnerability testing, and stronger API security frameworks.
The risks extend beyond immediate financial losses. Data protection specialist Chioma Emmanuels warned that stolen information could be weaponised over time, enabling fraudsters to impersonate businesses, bypass verification systems, and execute long-term financial crimes.
Cybersecurity expert Hanniel Jafaru added that compromised signatures and corporate filings could allow criminals to issue fraudulent financial instructions, potentially costing organisations billions.
The scale of the threat is already evident. The Economic and Financial Crimes Commission (EFCC) reportedly recovered over ₦20 billion from cybercriminals in 2025, with insider collaboration identified as a major factor in several bank-related breaches.
Regulatory gaps have also come under scrutiny. While the Nigeria Data Protection Commission has taken steps to enforce compliance with the Nigeria Data Protection Act, experts argue that enforcement remains weak and fragmented.
Calls are now growing for the establishment of a dedicated cybersecurity regulatory agency, alongside stricter penalties, improved threat intelligence systems, and increased investment in digital infrastructure.
Beyond policy, experts say Nigeria must address deeper cultural issues around data handling, including careless sharing of personal information and weak privacy practices among individuals and businesses.
With artificial intelligence adding new layers of risk, such as deepfakes, misinformation, and data misuse, analysts warn that failure to act decisively could erode public trust and undermine Nigeria’s digital economy.
As the country pushes for greater digital inclusion, stakeholders insist that cybersecurity must be treated as a national priority to safeguard economic growth and protect citizens in an increasingly connected world.
