{
  "id": 17706690,
  "title": "Reps propose N500m fine for illegal data transfers",
  "url": "https://urgent.news/2026/11/02/reps-propose-n500m-fine-for-illegal-data-transfers",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-11-02T00:08:51.000Z",
  "source": {
    "name": "Punch Nigeria",
    "slug": "punch-nigeria",
    "url": "https://punchng.com/reps-propose-n500m-fine-for-illegal-data-transfers/"
  },
  "original_language": "en",
  "account": "A bill currently being examined by Nigeria's House of Representatives has proposed a decade-long prison sentence and a minimum fine of N500 million for individuals who transfer strategic payment transaction data outside the country without proper authorization. The legislation, obtained exclusively by The PUNCH, also seeks to compel financial institutions, including banks, fintech companies, and payment service providers, to store their primary payment data within Nigeria. A fine of N1 billion and daily penalties for ongoing breaches are set for institutions that fail to comply with this requirement. The proposed legislation, sponsored by Surulere 11 Federal Constituency representative Lanre Okunlola, aims to establish the National Payment Data Protection and Sovereignty Commission as the lead authority responsible for safeguarding, regulating, and exercising sovereign control over payment transaction data within the country.",
  "summary": "A bill before the House of Representatives has proposed a 10-year prison term and a minimum fine of N500m for anyone who transfers strategic payment transaction data outside Nigeria without regulatory authorisation. The proposed legislation, exclusively obtained by The PUNCH, also seeks to compel banks, financial technology companies, payment service providers and other financial institutions to…",
  "key_points": [
    "Bill proposes decade jail term, N500m fine for unauthorized data transfers",
    "Compels financial institutions to store primary payment data within Nigeria",
    "National Payment Data Protection Commission to oversee data protection"
  ],
  "editors_take": "The proposed legislation shifts the burden of data sovereignty onto financial institutions by mandating local storage and imposing massive penalties to ensure Nigerian payment information remains under national control.",
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}