The push to protect Nigerians’ personal information is gaining stronger ground as the National Data Protection Commission (NDPC) and the Securities and Exchange Commission (SEC) move to deepen collaboration on data protection and privacy in the country’s capital market.
National Commissioner and Chief Executive Officer of the NDPC, Dr Vincent Olatunji, led a delegation of the commission’s officials to the SEC Towers in Abuja, where he met with the Director-General of the SEC, Dr Emomotimi Agama.
The meeting focused largely on how both institutions can work together to ensure that personal data, particularly sensitive investor information, is properly protected in an increasingly digital financial environment.
Olatunji thanked Agama for the warm reception and commended the SEC leadership for taking data protection seriously and working towards compliance with the Nigeria Data Protection Act, 2023.
He stressed that data protection should not be seen simply as another regulatory requirement but as an important part of how government agencies and institutions build trust with the people they serve.
According to him, Ministries, Departments and Agencies must ensure that their operations comply with the provisions of the NDP Act while still delivering effectively on their mandates.
He also pointed to the consequences of ignoring the law, noting that organisations that collect and process people’s personal information have a responsibility to protect that information.
Olatunji further urged the SEC to take the message of data protection beyond its own operations by encouraging compliance across the capital market and educating its staff about privacy rights and responsible data handling.
Responding, Agama described data as critical to the work of the SEC, particularly because of the sensitive nature of information handled within the capital market.
He commended Olatunji for his leadership of the NDPC and assured him that the SEC was willing to work closely with the commission to strengthen its data protection practices.
Agama said the SEC was committed to complying with the NDP Act but acknowledged that there was always room to learn and improve, particularly when it comes to protecting the personal and financial information of investors.
He also invited Olatunji to address an upcoming SEC Compliance Summit, where data protection and privacy are expected to form part of the discussions.
Beyond the immediate issues of compliance, both institutions discussed other areas where they could work together.
The engagement is significant as more Nigerians interact with financial institutions and regulatory agencies through digital platforms. With increasing amounts of personal and financial information being collected electronically, stronger data protection is becoming an important part of protecting investors and maintaining public confidence in Nigeria’s financial system.
For ordinary Nigerians investing in the capital market, the conversation is ultimately about more than regulations. It is about knowing that the personal information they provide to financial institutions and regulators is treated with care, kept secure and used responsibly.
#ChampioningPrivacyRights #DataProtection #InvestorProtection
