Photo: Maryland GovPics / Wikimedia Commons, CC BY 2.0
Nigeria’s planned data localisation and cybersecurity requirements could interrupt banking, payments and corporate operations unless regulators pair enforcement with practical implementation, business leaders have warned.
Concerns over readiness
The Association of Corporate Treasurers of Nigeria (ACTN) said companies need clarity on deadlines, compliance costs and the availability of secure local digital infrastructure before new obligations take effect.
DGBN has also reported on Africa urged to build homegrown AI as $103bn opportunity comes into view.
Adeyinka Ogunnubi, the association’s president and chairman of council, raised the concern in Lagos ahead of the 2026 Treasury360 Conference, Exhibition and Corporate Treasury Awards.
He said the requirements could carry major consequences for institutions whose payments platforms, banking systems and treasury functions depend on always-on digital networks. The concern is not an argument against stronger protection of Nigerian data, but a call for an orderly transition that does not stall commerce.
What is planned
According to ACTN, data localisation requirements introduced by the Central Bank of Nigeria and the National Information Technology Development Agency would require payment transaction data generated in Nigeria to be stored and managed in-country from January 2027.
Ogunnubi also pointed to NITDA’s National Sovereign Cloud Initiative and the Nigerian Communications Commission’s Cyber Resilience Framework for the communications sector, with obligations due to begin on 23 February 2027.
For more context, read DGBN’s coverage of Omantel Innovation Labs admits nine start-ups to eighth accelerator cohort.
The NCC lists the cyber-resilience framework among its cybersecurity resources, while Nigeria’s wider regulatory architecture also includes the Nigeria Data Protection Act and the amended Cybercrimes Act.
Security need is real
Nigeria faces a serious and growing cyber-risk environment. The Nigeria Computer Emergency Response Team has warned that phishing, ransomware, business email compromise and data breaches are affecting organisations across sectors, including finance, telecommunications and government.
That makes improved resilience vital. However, ACTN argued that businesses cannot meet demanding standards safely if domestic cloud capacity, connectivity, specialist skills and regulatory coordination do not keep pace.
Ogunnubi called for predictable policy, early communication and meaningful engagement with affected sectors. He said companies need enough time to adapt systems, manage expenditure and protect continuity for customers.
Why it matters
For Nigerians, the debate reaches beyond corporate compliance. Disruption to the digital systems used by banks, fintechs and payment providers can affect salaries, remittances, small-business trade and access to everyday financial services.
A credible transition could strengthen national control over sensitive data and reduce exposure to cyberattacks. A rushed one, industry leaders warn, risks placing fresh pressure on businesses already navigating infrastructure constraints and high operating costs.
Related DGBN reporting includes Tencent puts data security at centre of enterprise AI push.
ACTN’s position is that cybersecurity policy should build stronger domestic capability rather than create avoidable interruptions to the financial system. The association also urged greater investment in risk-management tools and deeper financial markets, alongside responsible use of artificial intelligence and automation in treasury management.