The Nigeria Data Protection Act 2023 (NDPA) represents a significant turning point within the realm of Nigerian privacy jurisprudence, although its intersection with freedom of the press remains unsettled. This piece evaluates whether the NDPA achieves a fair equilibrium between the privacy guarantees found in Section 37 and the press freedom provisions under Section 39 of the 1999 Constitution, particularly within the framework of investigative reporting. Employing a blend of doctrinal analysis and comparative perspectives, it reviews Section 3(2)(d) of the NDPA, which attempts to carve out a press exemption while simultaneously upholding core requirements under Sections 24, 25, 32, and 40. The study indicates that this limited exemption falls short of international benchmarks established by Article 85 of the GDPR and Schedule 2, Part 5 of the UK Data Protection Act 2018, both of which offer extensive exemptions conditioned on a reasonable belief of serving the public good. Through the lens of the 2024 arrest and detention of Daniel Ojukwu associated with the Foundation for Investigative Journalism regarding his N147.1 million school construction expose, the paper illustrates how consent-oriented lawful criteria, broad data subject entitlements, and penal measures under Section 48 produce a chilling atmosphere detrimental to investigative reporting. It suggests a six-pronged proportionality evaluation derived from European Court of Human Rights jurisprudence in cases like Von Hannover v Germany and Axel Springer v Germany tailored for domestic courts, alongside endorsing an NDPC Journalism Code, legislative revisions, and anti-SLAPP protections.