Mr Yinka Ogunnubi, President, Association of Corporate Treasurers of Nigeria (ACTN) and Group Treasury Manager at CFU Nigeria
Association of Corporate Treasurers of Nigeria (ACTN) has expressed concern over the reported breach of the Corporate Affairs Commission (CAC) database, warning of its implications for data security and investor confidence.
ACTN President, Mr Yinka Ogunnubi, said in an interview with the News Agency of Nigeria (NAN) on Thursday in Lagos that the incident underscored the need for stronger safeguards around sensitive corporate information.
The News Agency of Nigeria(NAN) recalls that the CAC on April 15, said a cybersecurity incident involving unauthorised access to its information systems and outlined measures to contain the breach.
Ogunnubi said institutions entrusted with critical data must uphold stringent cybersecurity standards in line with the Nigeria Data Protection Regulation (NDPR).
He emphasised that consistent application of data protection frameworks across all institutions remained essential to maintaining trust in the system.
According to him, the breach is particularly significant given the nature of data held by the CAC, including company ownership structures, shareholder information, and other confidential corporate records.
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He warned that exposure of such data could heighten risks of identity-related fraud, unauthorised corporate activities and broader financial vulnerabilities.
“There are potential economic implications. While the full impact may not be immediately clear, misuse of such information could have far-reaching consequences for businesses and the wider economy,” he said.
Ogunnubi called for a thorough investigation into the incident to identify lapses and strengthen existing security architecture.
He also urged the commission to enhance its cybersecurity infrastructure and adopt proactive measures to mitigate future risks.
According to him, transparent communication and timely updates from relevant authorities will be critical to restoring stakeholder confidence.
He added that sustained improvements in data protection practices would be vital to reinforcing trust in Nigeria’s corporate regulatory environment.
(NAN)
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