SEC, NITDA Collaborate on Data Protection in Capital Market

By Goddy Egene

The Securities and Exchange Commission (SEC) has restated its preparedness to collaborate with the National Information Technology Development Agency (NITDA) 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.

Yuguda stated that the commission is serious on the issue of data protection in the capital market saying that going forward, the commission would continue to create necessary awareness.

He said: “You may all recall that in 2019, 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 organisations 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 organising today’s webinar to enlighten the capital market community on the provisions of the NDPR.”

The SEC DG 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.

Yuguda 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.

The SEC boss last week assured investors that this market is for investor, stressing the commission was ready to do everything to ensure that they increase investor enlightenment through education, robust regulation and fair dealing.

“For those that want to defraud investors, there would be no respite because we are ready to fight market manipulation to the last, anyone that flouts our rules will be made to face the consequences of their actions,” he said.

In his presentation, Lead-NDPR Desk, NITDA, Mr. Olufemi Daniel, assured stakeholders of the readiness of NIDTA to provide advisory support on NDPR implementation for the capital market.