Cybercrime costs to hit $20trn by 2026 – Vincent Olatunji

Vincent Olatunji, CEO of the Nigeria Data Protection Commission (NDPC) has said the economic and social costs of cybercrime are projected to exceed $20 trillion globally by 2026.

This was made known during his keynote address at the Smartcomply Compliance and Cybersecurity Breakfast Session 2025 in Lagos. He emphasised the importance of the private sector’s critical role in data protection. Stressing the need for compliance with Nigeria’s data protection laws, including mandatory NDPC registration,

Olatunji called for an industry-wide embrace of compliance as a cultural norm, emphasising awareness campaigns, training, and strict enforcement as pillars of Nigeria’s 2025 data protection strategy.

CP Uche Ifeanyi Henry, Director of the Nigeria Police Force National Cybercrime Center (NPF-NCCC), presented the nation’s progress in tackling cybercrime, citing 751 arrests and significant asset recoveries in 2024. However, he stressed the need for advanced forensic tools and stronger collaboration with technology firms to address increasingly sophisticated cyber threats.

Read also: Police cracks down on cybercrime syndicates, arrests key suspects

“Cybercrime is a global issue, and local partnerships are just as critical as international collaboration,” CP Henry stated, urging businesses to assist law enforcement by sharing critical data and resources.

During the panel themed: Navigating the future of compliance; Cybersecurity, privacy & Regulatory Updates for 2025, Mohammed Lawan Ahmed, director, cybersecurity department, NITDA emphasised integrating compliance with core operations, auditing practices, and the need for accountability, suggesting tools like Smartcomply for effective compliance management.

One of the panelists, Ademola Adedoyin, chief information security officer, Central Bank of Nigeria, also highlighted the collaboration required between CISOs, DPOs, and cybersecurity officers to ensure organisational security.

Harrison Nnaji, chief information security officer at First Bank of Nigeria, emphasised that enforcing strict third-party risk management is crucial for reducing cybercrime breaches.

While Musa Aliyu, chairman of the Independent Corrupt Practices & Other Related Offences Commission (ICPC) revealed the organisation efforts to deploy advanced technologies for forensic investigations, underscoring the need for local innovation to bolster Nigeria’s cybersecurity capabilities.

Also, speakers reiterated the importance of proactive leadership in addressing emerging threats. AI, automation, and predictive analysis were recognized as essential tools to outpace cybercriminals, with Smartcomply’s innovations cited as exemplary in bridging compliance and technology.

The event ended with an award ceremony led by Valerie Azubuike, COO of Smartcomply, and David Adeleke, CEO of Zeeh Africa, celebrating outstanding contributions to cybersecurity and compliance.