SEC, NITDA Collaborate on Data Protection

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

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.

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