Monday, July 13 , 2020  03:17AM / by SEC Nigeria/ Header Image Credit: Microfocus

TheSecurities and Exchange Commission, SEC has restated its preparedness tocollaborate with the National Information Technology Development Agency, NITDAin a bid to foster safe conduct of transactions and usage of personal data inthe Nigerian capital market.

DirectorGeneral of the SEC, Mr. Lamido Yuguda stated this during a webinar on NigerianData Protection Regulation and how it affects the Capital Market.

The event had as its theme: Nigeria Data Protection Regulation (NDPR): Implications on the Nigerian CapitalMarket.

Mr. Yuguda stated that theCommission is very serious on the issue of data protection in the capitalmarket assuring that going forward, the SEC would continue to create necessaryawareness.

Accordingto him, "You may all recall that in 2019, the National Information TechnologyDevelopment Agency (NITDA) issued the Nigerian Data Protection Regulation(NDPR) with the objectives to safeguard the rights of natural persons to dataprivacy; foster safe conduct for transactions involving the exchange ofPersonal Data; prevent manipulation of Personal Data; and ensure that Nigerianbusinesses remain competitive internationally.

"Bythis regulation therefore, all private and public organizations that collect,process, store, archive and destroy data of natural persons in Nigeria or ofNigerians resident abroad are required to comply with the provisions of theRegulation.

"Sincethe Commission and indeed all Capital Market Operators perform these activitieson data as covered by the NITDA NDPR, we are also subject to the newregulation, in one way or the other. That explains the reason behind organizingtoday's webinar to enlighten the capital market community on the provisions ofthe NDPR". 

TheSEC Boss assured participants that the new management would make it a duty tointeract with the market from time to time in a bid to develop the capitalmarket and improve its contribution to the economy.

Heexpressed the hope that the lessons gained from the session would impact theoperations of participants meaningfully and lead the Capital Market to fullcompliance with NDPR.

Inhis presentation, Mr. Olufemi Daniel, Lead-NDPR Desk, NITDA, assured ofthe readiness of NIDTA to provide advisory support onNDPR implementation for the Capital Market addingthat the agency is willing to work in synergy with the SEC tostandardise compliance.

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