By Rukayat Moisemhe
The Nigeria Data Protection Commission (NDPC) and the Chartered Institute of Directors Nigeria (CIoD) have urged directors to prioritise data governance and digital trust as key drivers of competitiveness in a rapidly evolving technological landscape.
They gave the advice at the CIoD members evening with the theme: “Beyond Oversight: Directors as Stewards of Technology, Data, and Trust in the Imagination Era”, on Thursday in Lagos.
The Chief Executive Officer, NDPC, Dr Vincent Olatunji, described the current phase of global development as the “Imagination Era”.
This era, he noted, was characterised by explosive technological innovation where human creativity, amplified by digital tools, has become the primary driver of economic and social value.
According to Olatunji, the shift is being powered by converging factors such as innovation, data explosion, Artificial Intelligence (AI), automation, and changing consumer behaviour.
“While the Imagination Era fuels unprecedented creative growth, it also exposes critical vulnerabilities, particularly around data security and privacy,” he said.
Olatunji noted that digital trust had emerged as the new competitive currency, stressing that it was no longer an abstract concept but a measurable strategic asset capable of compounding business advantage.
He stated that with cyber breaches becoming more frequent and sophisticated, trust had become the ultimate differentiator.
He added that in an era of rising cyber threats, trust played a crucial role in protecting brand equity and sustaining investor confidence.
The NDPC boss emphasised that data protection was central to building trust, noting that it safeguarded personal data, enhanced return on investment, ensured compliance with global standards, and strengthened reputation and brand value.
Olatunji referenced the Nigeria Data Protection Act 2023, signed into law by President Bola Tinubu, noting that it provides a legal framework for regulating personal data processing and protecting privacy rights.
He highlighted Section 39 of the Act, which mandates data controllers and processors to implement appropriate technical and organisational measures to ensure the security, integrity and confidentiality of personal data.
The NDPC boss also called for a redefinition of the role of boards and directors, urging a shift from traditional oversight to active stewardship of technology, data and trust.
“Boards must move beyond merely approving budgets to owning digital outcomes and ensuring robust governance frameworks are in place,” he said.
He advised organisations to embed data privacy and protection into corporate governance by establishing dedicated committees or assigning clear oversight responsibilities for cybersecurity and data protection.
He added that companies should also mandate comprehensive data governance frameworks covering data collection, consent, storage and deletion.
The President, CIoD Nigeria, Mr Adetunji Oyebanji, urged company directors to take on more active roles in overseeing technology, data and risk as digital transformation accelerates across industries.
Oyebanji noted that rapid advances in artificial intelligence, data utilisation and cybersecurity had shifted from being optional considerations to central drivers of enterprise value and risk.
According to him, businesses and governance systems are undergoing a profound transformation, with digital innovation redefining how organisations operate and create value.
“A decade ago, digital transformation was largely aspirational, but today it is foundational. Artificial intelligence is no longer experimental, data is no longer passive, and cybersecurity is no longer optional,” he said.
He described the current period as the “Imagination Era,” marked by rapid technological advancement outpacing governance frameworks.
Oyebanji, however, noted a gap evident in data breaches, ethical concerns in algorithmic systems, increased regulatory scrutiny and declining public trust.
Oyebanji noted that the situation required urgent attention in Nigeria, where the digital economy is expanding rapidly, supported by a globally competitive fintech ecosystem and a young, tech-savvy population.
He, however, observed that governance structures were still evolving to keep pace with these changes, making conversations around digital governance both timely and necessary.
The CIoD president said the event’s theme underscored the need for directors to move from passive oversight to active stewardship.
“Directors must move from asking ‘Are we compliant?’ to ‘Are we responsible?’ and from merely reviewing reports to shaping outcomes,” he said.
Oyebanji added that CIoD Nigeria remained committed to promoting best corporate governance practices, strengthening director capacity and influencing public policy through advocacy.
He said the institute was increasing its focus on digital governance to equip directors with the knowledge required to effectively oversee technology, data and emerging risks.
“We are not seeking to make every director a technologist, but we are committed to ensuring that every director is sufficiently informed to ask the right questions, interrogate assumptions and guide strategic decisions,” he said.
The event also unveiled the 37th issue of the CIoD Directors’ Magazine. (NAN)(www.nannews.ng)
Edited by Chinyere Joel-Nwokeoma
