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Medallion Seeks Enforcement of CBN Policy on Local Data Hosting

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Dr. Krish Ranganath

The seemingly lax enforcement procedure on breach of data hosting policy in the financial industry has been seen as a major impediment on the growth of Data Centers in the country.

Speaking at a Forum in Lagos, the Chief Technical Officer (CTO) of Medallion Communication, Dr. Krish Ranganath noted that whilst the Apex bank and regulator of the financial industry, the Central Bank of Nigeria (CBN) had set out a policy that mandates all financial data to be hosted within the country, about 80 percent of Nigerian data are still hosted outside the country, including 75 percent of financial data.

This trend, Ranganath believes, is detrimental to the security of data in the financial industry and should be curbed.

According to him, the CBN should look into this defiance and start the immediate implementation of the policy that will ensure the growth of the sector and add to the country’s GDP.

Also speaking at the Forum, and making a strong case for local hosting of data, Software Architect and ICT Trainer, Rock Adote canvassed for a general formulation of policies that will ensure that data emanating from the country are hosted within the country.

He further advocated for the training of Nigerians in sub-sectors within the ICT industry to be able to harness manpower and skills to effectively manage data infrastructure in the country.

According to Adote, with the country’s increasing teledensity and more subscription to IoT services and infrastructure, the security of data and processes should be a key concern of Nigerians.

Former Acting Director General of The National Information Technology Development Agency (NITDA), Dr. Vincent Olatunj, had, while speaking on the efforts the Agency is making to encourage local data hosting, said: “We will do everything within our powers to ensure that the Nigerian government policy on local hosting of government data in the country is fully implemented.”

Olatunji added that efforts need to be put in place, in conjunction with the Office for Nigeria Content in ICT, a special purpose vehicle for implementing the local content policy, to support viable data hosting companies.

The policy is premised on ensuring the security of government data and promoting the development of the information and communications technology (ICT) industry in the country. NITDA is the government agency in charge of regulating the ICT industry in Nigeria as well as promoting human capital and infrastructure development in the country.

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