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The Nigeria Data Protection Commission (NDPC) and the Securities and Exchange Commission (SEC) have agreed to deepen collaboration on data privacy compliance and the protection of investor information within Nigeria’s capital market.
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The partnership emerged during a meeting between the National Commissioner and Chief Executive Officer of the NDPC, Dr Vincent Olatunji, and the Director-General of the SEC, Dr Emomotimi Agama, at the SEC Towers in Abuja.
The engagement focused on strengthening safeguards around personal and financial data as increasing digitalisation continues to transform interactions between investors, financial institutions and regulatory agencies.
NDPC Pushes Stronger Data Protection Compliance
Olatunji, who led a delegation of NDPC officials to the SEC, commended the commission’s leadership for its commitment to data protection and efforts towards compliance with the Nigeria Data Protection Act (NDP Act) 2023.
He said data protection should not be treated merely as another regulatory obligation but as a critical component of building trust between institutions and the people they serve.
According to Olatunji, Ministries, Departments and Agencies (MDAs) must ensure that their operations comply with the provisions of the NDP Act while continuing to effectively fulfil their statutory responsibilities.
He also highlighted the potential consequences of failing to comply with data protection requirements, stressing that organisations that collect and process personal information have a responsibility to protect the data entrusted to them.
SEC Urged to Drive Privacy Compliance Across Capital Market
Olatunji called on the SEC to extend data protection awareness beyond its internal operations by encouraging compliance among capital market operators.
He also urged the commission to strengthen staff awareness of privacy rights and responsible data-handling practices.
The call is particularly relevant to the capital market, where regulators, financial institutions, brokers and other operators routinely process significant volumes of personal, financial and investment-related information.
Stronger privacy practices across the ecosystem, according to the NDPC, would help protect investors while reinforcing confidence in Nigeria’s increasingly digital financial system.
SEC Commits to Protecting Investor Data
Responding, SEC Director-General Emomotimi Agama described data as critical to the commission’s operations, particularly because of the sensitive nature of information handled within the capital market.
Agama commended Olatunji’s leadership of the NDPC and assured the commission that the SEC was prepared to work closely with it to strengthen its data protection practices.
He said the SEC remained committed to complying with the NDP Act but acknowledged that institutions must continuously learn and improve their approaches to protecting personal and financial information.
Investor Data Security Takes Centre Stage
As part of the collaboration, the SEC committed to enhancing measures for protecting sensitive financial and personal information belonging to investors.
The two institutions also discussed strengthening data privacy compliance across the capital market, with the NDPC urging the SEC to promote greater awareness and compliance among market operators.
The collaboration is expected to focus on ensuring that data protection becomes an integral part of the wider capital market regulatory framework rather than remaining limited to individual institutional compliance.
NDPC, SEC to Deepen Data Protection Capacity Building
Capacity development also emerged as a key area of cooperation.
The SEC agreed to participate in NDPC-led training initiatives aimed at improving knowledge and awareness of data protection requirements.
Agama also invited Olatunji to speak at an upcoming SEC Compliance Summit, where data protection and privacy issues are expected to feature among the areas of discussion.
The engagement is expected to provide an opportunity for SEC personnel and other stakeholders to deepen their understanding of privacy rights, responsible data processing and compliance with Nigeria’s data protection framework.
Digital Finance Raises Stakes for Data Privacy
The collaboration comes as more Nigerians interact with financial institutions and regulatory agencies through digital platforms.
The increasing use of electronic systems means that growing volumes of personal and financial information are collected, processed and stored digitally.
For the capital market, protecting such information is not only a compliance issue but also a critical element of investor confidence.
A data breach or misuse of personal information could undermine trust in digital financial services and the institutions responsible for regulating them.
Protecting Investor Data Is About Public Trust
For investors, the NDPC-SEC engagement ultimately extends beyond regulatory compliance.
It is about ensuring that the personal and financial information provided to financial institutions, market operators and regulators is handled responsibly, protected against unauthorised access and used for legitimate purposes.
By strengthening cooperation on data privacy, the NDPC and SEC are seeking to ensure that Nigeria’s capital market can continue its digital transformation while maintaining the confidence of investors whose information underpins the system.
