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They argue that true sovereignty must encompass local control, technical capability, data security, privacy, and the freedom to select global technology partners.
The experts made these remarks during the opening panel session titled “Data Localisation, Security & Future of Payments in Nigeria” at the inaugural GrowthX by Techeconomy conference in Lagos.
The session focused on strategies for localizing critical data without compromising the security, resilience, and performance of digital services.
Dr. Krishnan Ranganath, Chief Executive Officer of UniCloud Africa, noted that digital sovereignty should not be reduced merely to the physical positioning of servers. Instead, he emphasized three foundational pillars: control, capability, and choice.
Nigerian institutions, he said, must retain the authority to dictate how their domestic infrastructure is managed. Stressing that having infrastructure locally is insufficient without the requisite local skills to operate and maintain it.
Ranganath warned that lacking technical expertise amounts to having "sovereignty on paper" while pointing out that operating within a global internet space means Nigeria must maintain the freedom to choose which international technology partners to collaborate with, rather than having options forced upon them.
While acknowledging progress through the expansion of local data centres, Internet Exchange Points (IXPs), and supportive government frameworks, Ranganath stressed the urgency of deepening local technical capacity to eliminate reliance on foreign entities.
Addressing the security implications of data migration, Roseline Ilori, Founder and CEO of Bridge57 Solutions, warned that localizing data does not automatically neutralize cybersecurity threats.
"Localisation of our data is very important, but the fact that we are localising data does not mean we are also localising cyber security. If we localise vulnerability, the fact that it is now local does not mean it is no longer there," Ilori stated.
She urged organizations to maintain robust security controls—such as multi-factor authentication and strict access management—alongside globally recognized standards. Furthermore, Ilori cautioned against compromising citizen privacy, emphasizing that keeping data local should not grant government or external actors unrestricted access without safeguards.
On building trust within the evolving ecosystem, Ranganath added that certifications only set baseline requirements, whereas true trust must be earned through consistent performance, high uptime, and operational reliability before businesses transition critical workloads locally.
Speaking from the banking industry's viewpoint, Blessing Ehize, Chief Technology Officer at First City Monument Bank (FCMB), welcomed data localization as a positive step but pointed out implementation challenges regarding timelines and technological architecture.
Because many financial institutions heavily rely on cloud systems to meet scalability and consumer performance demands, Ehize noted that banks must carefully re-architect their systems to match high consumer expectations without experiencing disruptions.
The discussion underscored the pressing need for adequate computing capacity, resilient infrastructure, and sustained collaboration between regulators and industry players as the January 1, 2027 Central Bank of Nigeria (CBN) deadline approaches.
The CBN directive mandates that banks, fintechs, mobile money operators, and other licensed payment providers must fully domicile payment transaction data locally by that date.
Dr. Krishnan Ranganath, Chief Executive Officer of UniCloud Africa, noted that digital sovereignty should not be reduced merely to the physical positioning of servers. Instead, he emphasized three foundational pillars: control, capability, and choice.
Nigerian institutions, he said, must retain the authority to dictate how their domestic infrastructure is managed. Stressing that having infrastructure locally is insufficient without the requisite local skills to operate and maintain it.
Ranganath warned that lacking technical expertise amounts to having "sovereignty on paper" while pointing out that operating within a global internet space means Nigeria must maintain the freedom to choose which international technology partners to collaborate with, rather than having options forced upon them.
While acknowledging progress through the expansion of local data centres, Internet Exchange Points (IXPs), and supportive government frameworks, Ranganath stressed the urgency of deepening local technical capacity to eliminate reliance on foreign entities.
Addressing the security implications of data migration, Roseline Ilori, Founder and CEO of Bridge57 Solutions, warned that localizing data does not automatically neutralize cybersecurity threats.
"Localisation of our data is very important, but the fact that we are localising data does not mean we are also localising cyber security. If we localise vulnerability, the fact that it is now local does not mean it is no longer there," Ilori stated.
She urged organizations to maintain robust security controls—such as multi-factor authentication and strict access management—alongside globally recognized standards. Furthermore, Ilori cautioned against compromising citizen privacy, emphasizing that keeping data local should not grant government or external actors unrestricted access without safeguards.
On building trust within the evolving ecosystem, Ranganath added that certifications only set baseline requirements, whereas true trust must be earned through consistent performance, high uptime, and operational reliability before businesses transition critical workloads locally.
Speaking from the banking industry's viewpoint, Blessing Ehize, Chief Technology Officer at First City Monument Bank (FCMB), welcomed data localization as a positive step but pointed out implementation challenges regarding timelines and technological architecture.
Because many financial institutions heavily rely on cloud systems to meet scalability and consumer performance demands, Ehize noted that banks must carefully re-architect their systems to match high consumer expectations without experiencing disruptions.
The discussion underscored the pressing need for adequate computing capacity, resilient infrastructure, and sustained collaboration between regulators and industry players as the January 1, 2027 Central Bank of Nigeria (CBN) deadline approaches.
The CBN directive mandates that banks, fintechs, mobile money operators, and other licensed payment providers must fully domicile payment transaction data locally by that date.
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