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
Director General of Securities and Exchange, Mr. Lamido Yuguda, stated this during a
webinar on Nigerian Data Protection Regulation and how it affects the
Implications on the Nigerian Capital Market,’ Yuguda stated that the
Commission is very serious on the issue of data protection in the
Capital Market assuring that going forward, SEC would continue to
create necessary awareness.
His words: “You may all recall that in 2019, NITDA issued the 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 organisations
that collect, process, store, archive and destroy data of natural
persons in Nigeria or of Nigerian’s 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 organising 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
impact the operations of participants meaningfully and lead the
Capital Market to full compliance with NDPR.
In his presentation, Lead-NDPR Desk, NITDA, Mr. Olufemi Daniel,
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.