SEC Must Strengthen Protection of Investors’ Data – Agama

The Director-General of the Securities and Exchange Commission, Dr Emomotimi Agama, has stressed the need for stronger data protection and privacy measures within Nigeria’s capital market, describing data as critical to the operations of the commission.

Agama made the remarks when the National Commissioner and Chief Executive Officer of the Nigeria Data Protection Commission, Dr Vincent Olatunji, led a delegation of the NDPC on a courtesy visit to the SEC Towers in Abuja.

The SEC boss said the commission was open to working with the NDPC to strengthen the protection and security of investors’ data, particularly given the sensitive nature of the financial sector.

“Data is critical and the SEC is open to working with the NDPC.”

Agama said the SEC remained committed to complying with the Nigeria Data Protection Act, 2023, but was also willing to learn from the NDPC to further improve its data protection practices.

He commended Olatunji for his leadership of the NDPC and emphasised the importance of protecting personal information handled by institutions operating within the capital market.

“The SEC is committed to complying with the provisions of the NDP Act, but remains open to learning from the Commission to further strengthen the protection and security of investors’ data.”

Earlier, Olatunji urged the SEC to promote data protection compliance across its sector and sensitise its staff on privacy obligations.

He also highlighted the need for Ministries, Departments and Agencies to align their operations with the Nigeria Data Protection Act while maintaining their respective mandates.

The NDPC chief referenced a recent circular issued by the Office of the Secretary to the Government of the Federation and called for greater compliance with data protection requirements.