The end of the road may be near for online loan companies as several Federal Government agencies team up to probe its activities in the country.
Reports available to NigeriaCrime.com showed that the National Data Protection Bureau (NDPB) is working with the Central Bank of Nigeria (CBN), the Independent Corrupt Practices and Other Related Offences Commission (ICPC), the Economic and Financial Crimes Commission (EFCC,) the Nigerian Communications Commission (NCC) and other agencies of
government to investigate their activities.
According to NDPB, the loan sharks, who operate online, are currently defrauding vulnerable Nigerians using certain applications.
Disclosing this, the National Commissioner and the Chief Executive Officer of the NDPB, Mr. Vincent Olatunji at a recent interview said the scrutiny will look into their modus operandi and the technology used.
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Speaking on the setbacks the agencies are facing as regards shutting down the loan apps, Olatunji said most of the companies operate online only without physical offices.
The National Commissioner noted that the issue of national security has gone beyond physical security, saying that is why malware is a cyber war all over the world.
He stated that the NDPB would soon meet with the National Security Adviser (NSA) to see how they can work together to use the issue of privacy and protection to address the issue of cyber security.
“For every crime committed online, there is somebody behind it and that fellow has a digital identity. We now have a robust digital database under NIMC,” he said.
Olatunji stated that the NDPB has engaged over 50 public and private institutions on the need to ensure privacy and safety of data of Nigerians, adding that agency was hoping to create over 500,000 jobs in the data protection ecosystem, which would go a long way in reducing the high rate of unemployment in the country.
The CEO observed that the bureau wants to ensure that the laws are in tune with the global trend, stressing that the Data Protection Bill has been sent to the Federal Executive Council (FEC) for deliberation, stating that it would be sent to the National Assembly as an Executive Bill if approved by the FEC.
He said, “We want to ensure that the Bill is signed into law before the end of the present administration. Data protection and safety has to do with the reputation of the country. We cannot over emphasise the importance of compliance due to the vulnerabilities in the digital space. We are currently carrying out full-scale investigations of alleged violations in the telecom, banking and gaming sectors and we can report that appropriate remedial actions have been initiated.
“We are currently working with the Police Investigation Unit at the Bureau to ensure prompt action in some cases involving shadowy data controllers. As much as we rely on non-criminal processes in redressing breaches of data privacy and protection, it will be sorely wrong for any data controller or data processor to test the resolve of government in bringing willful violators to justice.”