SEC, NITDA join forces to protect capital market data

As data breach becomes a major concern, the Security and Exchange Commission (SEC) and the Nigerian Technology Development Agency (NITDA) have decided to collaborate in securing data in the Nigeria capital market.

The commission expressed optimism that the collaboration would help to foster safe conduct of transactions and usage of personal data in the market.

Mr. Lamido Yuguda, Director General of SEC, stated this during a webinar on Nigerian Data Protection Regulation and how it affects the capital market themed ‘Nigeria Data Protection Regulation: Implications on the Nigerian Capital Market.’

Yuguda expressed the commission’s seriousness on the issue of data protection in the capital market, assuring that, going forward, SEC would continue to create necessary awareness.

He added, “You may all recall that in 2019, the National Information Technology Development Agency issued the Nigerian Data Protection Regulation 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.”

According to him, since SEC and all capital market operators perform these activities on data as covered by the NITDA Nigeria Data Protection Regulation (NDPR), they are also subject to the new regulation. “That explains the reason behind organising today’s webinar to enlighten the capital market community on the provisions of the NDPR.”

Yugida further assured participants that the new management would make it a duty to interact with the market from time to time to develop the capital market and improve its contribution to the economy.

He expressed 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, Olufemi Daniel, Lead, NDPR Desk, NITDA, assured of agency’s readiness to provide advisory support on NDPR implementation for the capital market, adding that the agency was willing to work with the SEC to standardise compliance.