The Nigeria Data Protection Commission (NDPC) says it is investigating 40 banks, insurance companies, stock brokers and other operators in the financial sector over customers' data breach.

NDPC's National Commissioner and CEO, Dr Vincent Olatunji who disclosed this at a breakfast meeting with Data Protection Compliance Organisations (DPCOs) in Lagos yesterday, said the commission would sanction the erring financial sector operators if found guilty.

Nigeria Data Protection Regulation (NDPR) mandates FG to collect 2% of annual turnover of any organisation guilty of data breach.

"We have beamed our search light on 40 players in the financial sector. We have written to them to explain why they have not been complying with data regulations and we may sanction them if they 're found guilty", Dr Olatunji said.

The NDPC boss said the erring companies had been given 21 days to answer why they should not be sanctioned.

He also disclosed that licences of some inactive DPCOs would be revoked by year end while some new ones would be licensed.

He disclosed that there are over 500,000 data processors organisations in Nigeria, adding that all of them would be monitored on how they handle data of Nigerians.

While warning companies and government agencies collecting data of Nigerians in their course of operations against mishandling those data, he also assured Nigerians of adequate data protection.

He said though the commission was not afraid of lawsuits, it would not in any way trample on the rights of any organisation.