SEC, NITDA collaborate on Data Protection

The Securities and Exchange Commission, SEC has restated its preparedness to collaborate with the National Information Technology Development Agency, NITDA in a bid to foster safe conduct of transactions and usage of personal data in the Nigerian capital market.

Director General of the SEC, Mr. Lamido Yuguda stated this during a webinar on Nigerian Data Protection Regulation and how it affects the Capital Market. The event had as its theme: Nigeria Data Protection Regulation (NDPR): Implications on the Nigerian Capital Market. Mr. Yuguda stated that the Commission is very serious on the issue of data protection in the capital market assuring that going forward, the SEC would continue to create necessary awareness.

According to him, “You may all recall that in 2019, the National Information Technology Development Agency (NITDA) issued the Nigerian Data Protection Regulation (NDPR) with the objectives to safeguard the rights of natural persons to data privacy; foster safe conduct for transactions involving the exchange of Personal Data; prevent manipulation of Personal Data; and ensure that Nigerian businesses remain competitive internationally.

“By this regulation therefore, all private and public organizations that collect, process, store, archive and destroy data of natural persons in Nigeria or of Nigerians resident abroad are required to comply with the provisions of the Regulation.

“Since the Commission and indeed all Capital Market Operators perform these activities on data as covered by the NITDA NDPR, we are also subject to the new regulation, in one way or the other. That explains the reason behind organizing today’s webinar to enlighten the capital market community on the provisions of the NDPR”.

The SEC Boss assured participants that the new management would make it a duty to interact with the market from time to time in a bid to develop the capital market and improve its contribution to the economy. He expressed the hope that the lessons gained from the session would impact the operations of participants meaningfully and lead the Capital Market to full compliance with NDPR.

In his presentation, Mr. Olufemi Daniel, Lead-NDPR Desk, NITDA, assured of the readiness of NIDTA to provide advisory support on NDPR implementation for the Capital Market adding that the agency is willing to work in synergy with the SEC to standardise compliance.