Market loses N12 billion on weak investor appetite for bank stocks

By Aduragbemi Omiyale

Nigeria’s National Data Protection Bureau (NDPB) Commissioner, Mr. Vincent Olatunji, has commended the Securities and Exchange Commission (SEC) for its strong data policy, expressing his organization’s willingness to work with the securities market regulator. capital in Nigeria.

Mr. Olatunji gave the applause during a meeting with SEC Managing Director, Mr. Lamido Yuguda, in Abuja recently.

He said that due to the fact that the issue of data is global like almost everything online, there is a need to ensure the security of personal data.

“The whole world is a global village and we constantly interact on various issues. The sector had the highest contribution to our GDP last year and that says a lot. Over 104 million Nigerians connect to the internet daily and now we are planning to digitize everything.

“We are committed to ensuring the data protection of Nigerians and ensuring that we have globally competitive businesses as most countries will not want to do business with you if you do not have your data protection and a supervisory authority in place,” Mr Olatunji said.

In his remarks, Yuguda said the SEC will work with the agency to build confidence in the capital market.

“The office and the commission can work together to ensure that the institutions under my supervision comply with the NDPR (Nigeria Data Protection Regulation) because we have a lot of influence over the institutions that work in the capital market, so we can put more l focus on compliance. in our interaction.

“There is a huge gap and a lot of capacity for the agency and the agency will need more people and resources. The world is moving towards an online world, which means data is going to be given and stored somewhere. part and that it can be compromised. That is the main objective of your agency, to ensure that data is used correctly for the benefit of Nigeria and Nigerians, and I think that is an important task.

“When it comes to the capital market, people buy investments, withdraw money, receive dividends, etc.

“We will give you as much support as possible. We know that when you work well, our own industry also works better,” he said.

The SEC CEO took the opportunity to announce that in an effort to contain capital market fraud issues and reduce the quantum of unclaimed dividends to a bare minimum, capital market participants will be issued credentials unique.

He said that the identity management project already underway in the capital market aims to ensure that each participant in the capital market has a unique identifier assigned to him so that all transactions in the capital markets are secure and performed on a direct processing basis. , leaving very little human intervention in the processing of the data, noting that efforts are being made to harmonize the various databases of investors and facilitate the accuracy of data in the market.

“This is an institution that will be a strong partner to your office in carrying out your duties, to ensure data integrity and security and that all financial market agencies and operators comply with the NDPR and as far as the commission is concerned, at this time we have an IT transformation project underway which aims to strengthen our data protection within the commission, the capital market, as well as our wider environment computer so that it is up to date in terms of modernity, efficiency and protection of the database of the commission and the capital market”, declared Mr. Yuguda.