Security Exchange Commission, NITDA partner on data protection
The Securities and Exchange Commission (SEC), has restated its
commitment to collaborate with the National Information Technology
Development Agency (NITDA), to ensure safe conduct of transactions and
usage of personal data in the Nigerian capital market.
The Director-General, SEC, Lamido Yuguda, stated this during a
webinar on Nigerian Data Protection Regulation and how it affects the
The event was themed: Nigeria Data Protection Regulation (NDPR): Implications on the Nigerian Capital Market.
Yuguda said the Commission is very serious on the issue of data
protection in the market, assuring that going forward, the SEC would
continue to create the necessary awareness.
He said: “You may all recall that in 2019, the National Information
Technology Development Agency (NITDA), which issued the Nigerian Data
Protection Regulation (NDPR). The objectives are 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.”
Yuguda assured participants that the new management would make it a
duty to interact with the market from time to time to develop and
improve its contribution to the economy.
He expressed optimism that the lessons gained from the session would
impact the operations of participants meaningfully, and lead the local
bourse to full compliance with NDPR.
In his presentation, Lead-NDPR Desk, NITDA, Olufemi Daniel, assured
of NIDTA’s readiness 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.
Meanwhile, the Nigerian Stock Exchange (NSE), has announced the upgrade of its Issuers’ Portal (X-Issuer).
The X-Issuer, which was first launched in 2013, is a secure web-based
portal designed to enable Issuers conveniently file information in an
electronic format to the exchange. It is a key regulatory initiative of
the NSE, developed to ensure electronic delivery of Issuers’ mandatory
filings and other information in a structured and continuous manner to
capital market stakeholders.
The enhanced X-Issuer comes with modern layout, improved
functionalities, and new user-friendly features to further enhance the
compliance and regulation experience of Issuers. Some of the new
features include the release calendar module to allow issuers
proactively file corporate actions and upcoming meetings; and an
information channel for fund managers to share information about their
Speaking on the development, the Chief Executive Officer, NSE, Oscar
Onyema, said: “This upgrade affirms our commitment to eliminating
information asymmetry in our market and protecting investors. The
X-Issuer has, therefore, been enhanced to ensure that investors,
analysts and other stakeholders are better able to evaluate data in an
accurate, timely and more efficient manner.
“We are positive that the improvements we have incorporated will
achieve greater transparency, integrity and accountability in our
capital market; facilitate informed investment decision-making while
providing an enhanced experience for issuers.”
The Executive Director, Regulation Division, NSE, Ms. Tinuade Awe,
said: “At the NSE, we understand the importance of information in
driving a vibrant capital market. As such, we are pleased to introduce
the revamped X-Issuer to the market with its new features that will
enable easy, convenient and more reliable submission and dissemination
of company information, corporate actions, directors’ and insiders’
share dealing information, financial statements, earnings forecasts,
meeting notices, and much more.
“We believe that the upgraded X-Issuer will further enhance the
experience of issuers and expedite the discharge of post-listings
obligations in a cost-effective and efficient manner.
“The Exchange remains committed to investing in business innovation
and technological enhancements that will enable it to meet the needs of
its stakeholders especially as we transition to a world of reduced
Source: TheGuardian, July 13, 2020