A federal high court in Abuja has ruled that the Nigeria Inter-Bank Settlement System (NIBSS) has the legal right to manage the country’s bank verification number (BVN) database.

Justice James Omotosho delivered the judgment on Friday, declaring that NIBSS operations comply with the Central Bank of Nigeria (CBN) Act and other relevant financial laws.

BusinessDay reported that the case arose after NIBSS, represented by senior advocate Wolemi Esan, took legal action to confirm its authority over the BVN system.

The company sued the Incorporated Trustees of Digital Rights Lawyers Initiative, the CBN, and the Attorney General of the Federation.

NIBSS wanted the court to declare that its management of BVN data does not violate Nigerians’ constitutional right to privacy or break any existing laws.

The company also sought a permanent court order preventing anyone, including the Digital Rights Lawyers Initiative, from challenging its role.

The bank settlement system argued that it has the power to develop and regulate nationwide infrastructure for electronic payments and fund transfers, which includes the BVN system.

he Nigeria Data Protection Commission (NDPC) has imposed a fine of N766,242,500 on MultiChoice Nigeria, citing violations of the Nigeria Data Protection Act (NDP Act), including alleged breaches of subscriber privacy and illegal cross-border transfer of personal data.

This was disclosed in a statement issued on Sunday by Babatunde Bamigboye, Head of Legal, Enforcement and Regulations at the Commission.

The fine followed an investigation that began in the second quarter of 2024 after concerns were raised about the company’s handling of customer information.

According to the Commission, the probe revealed that MultiChoice processed personal data of not only its subscribers but also their associates without due consent or lawful justification.

The Commission also found that MultiChoice carries out illegal cross-border transfer of personal data relating to data subjects in Nigeria,” the statement read.

“The depth of data processing by MultiChoice is patently intrusive, unfair, unnecessary, and disproportionate.”

The NDPC described the data practices as a violation of Section 37 of the 1999 Constitution, which guarantees the right to privacy, as well as a contravention of data sovereignty obligations under national and international law.

The Commission noted that it had previously issued standard remediation directives to the company, but found MultiChoice’s response inadequate.

“For want of cooperation, the Commission has directed MultiChoice to pay N766,242,500 for violating the Nigeria Data Protection Act,” the statement added.

The OPSN and its stakeholders have been in active dialogue with the Federal Ministry of Industry, Trade and Investment, and other critical agencies, advocating for business-friendly policies that foster enterprise growth, protect jobs, and enhance national productivity.

The Organised Private Sector Nigeria (OPSN) comprising NACCIMA, MAN, NECA, NASSI and NASME commends President Bola Ahmed Tinubu for having suspended the implementation of certain provisions of the Financial Reporting Council (FRC) Act 2023, which imposed financial caps and additional compliance dues on private companies.

Engr Jani Ibrahim, the National President of NACCIMA/Chairman OPSN, expressed gratitude on behalf of the private sector business, in a statement on Thursday.

The statement reads:” This action comes as a timely relief to the organised private sector members, including the Micro, Small and Medium Enterprises (MSMEs), many of whom had expressed deep concerns about the financial and administrative burden posed by the mandatory levies and reporting obligations under the current FRC framework.

The OPSN and its stakeholders have been in active dialogue with the Federal Ministry of Industry, Trade and Investment, and other critical agencies, advocating for business-friendly policies that foster enterprise growth, protect jobs, and enhance national productivity.

We therefore commend the efforts of the Government for this timely decision, which is a proactive and responsive measure that supports the Federal Government’s commitment to improving the ease of doing business and sustaining investor confidence.

The suspension provides a critical window for stakeholders to revisit the framework and ensure that future implementations of financial reporting obligations are transparent, equitable, and sensitive to the realities and legitimate concerns of Nigerian businesses.

The OPSN urges continued engagement between regulatory institutions and the private sector to co-create regulatory policies that drive economic growth without stifling entrepreneurship.

We remain committed to constructive dialogue and collaboration that will advance Nigeria’s economic transformation agenda.”