The Chief Executive Officer of the Nigeria Data Protection Commission (NDPC), Vincent Olatunji, has projected that the global economic and social costs of cybercrime will surpass $20 trillion by 2026.
He disclosed this during his keynote address at the 2025 Smartcomply Compliance and Cybersecurity Breakfast Session held in Lagos.
Olatunji highlighted the critical role of the private sector in ensuring data protection and compliance with Nigeria’s data protection laws, including mandatory NDPC registration. He urged the industry to embrace compliance as a cultural norm, focusing on awareness campaigns, training, and stringent enforcement as key elements of Nigeria’s 2025 data protection strategy.
Progress in Tackling Cybercrime
CP Uche Ifeanyi Henry, Director of the Nigeria Police Force National Cybercrime Center (NPF-NCCC), provided updates on the nation’s efforts against cybercrime. He reported 751 arrests and significant asset recoveries in 2024 but emphasized the urgent need for advanced forensic tools and stronger collaboration with technology firms to combat increasingly sophisticated cyber threats.
“Cybercrime is a global issue, and local partnerships are just as critical as international collaboration,” CP Henry stated. He called on businesses to support law enforcement by sharing critical data and resources.
Navigating the Future of Compliance
The event featured a panel discussion themed “Navigating the Future of Compliance: Cybersecurity, Privacy & Regulatory Updates for 2025.” Mohammed Lawan Ahmed, Director of the Cybersecurity Department at NITDA, emphasized the integration of compliance into core operations and the importance of accountability through auditing practices. He recommended tools like Smartcomply for effective compliance management.
Ademola Adedoyin, Chief Information Security Officer (CISO) at the Central Bank of Nigeria, stressed the need for collaboration among CISOs, Data Protection Officers (DPOs), and cybersecurity professionals to ensure robust organizational security.
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Harrison Nnaji, CISO of First Bank of Nigeria, highlighted the necessity of enforcing strict third-party risk management to mitigate breaches. Musa Aliyu, Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), discussed the commission’s efforts to deploy advanced forensic technologies and called for local innovation to strengthen Nigeria’s cybersecurity capabilities.
Technological Innovation and Leadership
Speakers at the event underscored the importance of proactive leadership in addressing emerging threats. They identified AI, automation, and predictive analysis as essential tools for staying ahead of cybercriminals. Smartcomply’s technological innovations were praised as exemplary in bridging compliance and technology.
