In this interview with the National Commissioner and Chief Executive Officer of Nigeria Data Protection Commission (NDPC), Dr. Vincent Olatunji speaks to Matthew Denis on how the regulatory agency is gradually changing the narrative to ensure that all the data controllers and processors undergo proper registration to safeguard their clients privileged information again Fraudulent activities in the country.

Sir, can you give us an overview on your operations since inception?

The whole world is going digital in how we work and interact with people. Sports, Businesses and the medical world are all going digital. If you remove digital technology from people’s lives, a lot of them would not be able to work. This is because of the possibility, potential, breakthrough barriers by Artificial Intelligence (AI) getting things done faster, which is more cost effective and globally competitive. We’re treating this like a foundation of your identity. No matter what you want to do, digital technology is all about service delivery that will be impactful to achieve the aims and objectives of the commission. Also, to be mindful of cost effectiveness and the target which is definitely the people.

So that identity which we give out on regular basis to organisations for official engagement is like leaving our digital footprint behind. The whole world has stood up and said that this footprint, how can we guarantee its security and safety? People have access to your information, to collect and process your data information in terms of your name, telephone number, bio-data, email addresses, bank details, NIN and a lot of other things about you. How are we sure such information that you give out is protected in some many ways? That is why this is attracting global attention.

The whole operation considers how to ensure that the people whose information we collect, their integrity, education and lives are protected. THis is because there are consequences for non protection of personal lives. That’s why all over the world they are putting in place laws to guide the way personal data is being connected and processed. We are now looking at the people in the Ecosystem data controllers and processors who determine how these data are collected to know the purpose why your data is being collected and being used.

When those who collect data on behalf of data controllers and the data subjects (you and I, over 200 million people when you give out your information for telecom, banks, medical service, airport, etc) do their work, the regulator (NDPC) will enforce the law which is embedded in the amended 1999 constitution section 39 on the right to protect our privacy. So in view of what is happening globally, Nigeria put up the agency in 2019 to oversee how personal data is being processed and are protected within the law framework. And also to improve our global competitiveness and businesses, because a lot of multinational companies, countries and organisations will not be willing to do business with you if their personal data is not guaranteed. So looking at that the NDPC established a committee to implement the threshold within one year. Part of what we are to do is to implement government decisions and to develop a principle law for data processing in Nigeria, and now we have a principle law called  Nigeria Data Protection Act 2023 passed by the 9th National Assembly and signed by President Ahmed Tinubu government on June 12th, 2023.

This was among the first set of laws that the President signed when he came onboard because he understands the potentials, powers and possibilities of the Digital Economy, and most importantly, his 8-point agenda is driven by data technology. So what we are out to do at the Commission is to ensure that the rights, freedom and interests of all Nigerians are protected when they share their personal information. When you have your personal information with your bank, telecom, hospital, airport we ensure that these data controllers and processors put in place measures called technical and organisation measures within the provisions of the law.

Your Commission has given a timeframe for Data Controllers and Processors to register between January to ending June 2024. What is the level of compliance?

The ecosystem is just evolving and a lot of people don’t just understand what we’re talking about. Data process, data controller, data subjects are concepts unknown, that is why we have embarked on creating awareness. We are done with the first phase and very soon we will create awareness on the need for them to register, because it speaks on the reputation of their organisation, compliance, and credibility. One thing that this will create is trust and confidence in your data processing activities as an organisation. We have up to the end of June, 2024 for all of them to register and we are starting another level of massive campaign for them to register in the next two weeks. But in terms of compliance the situation is still low. When we started in 2022 we had about 1,777 data controllers and processors and last year it rose to over 2,000, but it’s very low when compared to the number of data controllers and processors we have identified in the country. We have identified about 500,000 and today we’re doing less than 3,000. That means we have not even started at all, which is why we are speaking to stakeholders and bringing everybody onboard. We have released the guidelines strategy telling you who qualifies as Data controllers and processors, and their categories with independent registration. In February 2024, we released a guide for those that qualify to register with us, so we expect in the next few months it will increase

We have discovered through findings that there are a lot of defaults by the financial sectors in terms of personal data protection of their clients. What roles will NDPC play to remedy these lapses?

What we are doing is to create awareness and build capacity. To be fair to them, a lot of the banks (financial sector) in terms of compliance are higher than other sectors of the economy. Because they understand that any bridge in the banking sector can cause them to lose millions of customers. However, we are looking more into the area of technical measures, the level of security that they are putting in place and organisation measures. I have been engaging them largely that is why we are coming out all loud to increase awareness.

Some of them will come to us and sit down with the information Security officer but the work of data information gathering is different from the work of a solicitor. Data Protection officers are the ones to see on the processing of data activities to ensure that whatsoever we are doing is within the confines of the law which the solicitor doesn’t know, and that is the checks and balancing in what they do.  Though the level of their compliance is still low, it is better than other sectors. We are still working and discussing with them to ensure that their level of compliance gets better. Funny enough the cases that we have handled are more from the financial sector because they deal with people everyday even the unbanked in one way or another. So it’s getting better but we can do more and definitely we are on it in the months ahead.

In terms of your operations, what are the challenges and what happens to the Data Centres built like the Galaxy Backbone in Abuja, Kano Centre and others? Based on the capacity, how many of them are efficient?

We have a very good capacity in terms of data centres in the country. For instance, you have just mentioned Galaxy Backbone. We have a Tier three data centre in Abuja and Tier four data centre in Kaduna as a backup, and it’s huge. By government directive, all Ministries Departments and Agencies (MDAs) are supposed to put their data with Galaxy Backbone, however, there are several challenges before in terms of service delivery, support and so on, but I think the narrative is changing now.

They have all the necessary things to place in terms of capacity, support and facilities, costs etc. In addition to that there are a lot of participants in the private sector regarding data delivery in Nigeria who are doing a lot in terms of infrastructures and standards. We can expect the best from them. Security, big time assets but the major problem is cost. Looking at power alone you have to run on diesel or petrol for almost 24 hours daily. Also infrastructures are major issues because we are seeing others that are offering service less than half of some are offering in Nigeria. So definitely, one will want to patronise those ones but all these challenges are being addressed now. However, a lack of proper coordination of data centres in Nigeria has been a major challenge. As part of the globalisation, we want to coordinate good information exchange with other countries but operate within the corridors of the existing laws of the land.

In this interview, the Chairman, Association of Securities Dealing Houses of Nigeria (ASHON) and a Fellow of Chartered Institute of Stockbrokers (CIS), Mr Sam Onukwue, spoke on a range of issues that need to be addressed to boost activities in the Nigerian capital market, including how the government can strengthen the value of the Naira.

Why do you think the issue of leveraging the capital market to fund infrastructure by the government has continued to be a focal point of discussion in the financial market ?

The capital market remains one of the best sources of medium and long term finance for the government to bridge infrastructure gap in Nigeria. We at ASHON have always canvased that government at all tiers should take advantage of the market to float fixed income securities to fund infrastructure projects. The continuous oversubscription of SUKUK Bonds signifies investors’ appetite for safety of their capital in a recessionary period.  The capital market has absorptive capacity to fund most of the infrastructure and this will reduce the government’s dependent on borrowing.

ASHON has just held its Annual General Meeting (AGM), can you provide an insight ?

It was a very successful Annual General Meeting. The Governing Council, through my Statement, informed our Members, the series of ASHON’s engagements with some critical stakeholders as part of our market development functions. The Council and Management, were commended on the prudent management of resources, especially, the downward trend in the budget for transportation, despite the hike in the pump price of petroleum  and allied products. We shall continue to collaborate with other stakeholders to build investor confidence in the market.

What is uppermost in your mind with the current state of economy in Nigeria?

The Federal Government should address the macroeconomic vagaries such as exchange rate volatility and rising inflation rate. These amongst others have   continued  to  affect business decisions. We have limited sources of foreign exchange. The Federal Government has announced its plan to boost the supply side. The implementation should be accorded utmost urgency. The concern is the source of the demand pressure  for forex. Is it from genuine business people and organisations or speculators? Speculators are hurting the economy by buying Dollar to keep as a store of value for speculative purposes. Government can reverse the ugly trend by addressing the supply side. If there is stability in the exchange rate, it will have multiplier effects on other economic activities  and boost the value of the Naira. ASHON has at several times urged the federal government to tap into an array of investment in the commodities space to generate employment opportunities, boost export trade and grow the Gross Domestic Products (GDP). Solid mineral is a cash cow. Government should direct its searchlight  to the sector to take control of the revenue and protect the revenue from going into private pockets.

What is the nexus between the Capital Market and the economy?

At the basic level, the capital market, especially the stock market, is the barometer that gauges the economy. Its array of statistics show the direction of an economy. This is why it is often said that there is a linear relationship between the development of a capital market and the economy. The capital market provides a platform for the government to mobilise long term funds to finance infrastructure. Companies utilise the market to raise funds for a series of projects while retail and institutional investors need the market for capital formation and other benefits. Studies have shown that there is correlation between the development of an economy and its capital market.

What should be the pre-occupation of ASHON in the rapidly changing dynamics in the market?

ASHON has always been at the forefront of ensuring that its members operate professionally while the Association collaborates with the capital market regulators, operators and other stakeholders in the ecosystem. Our members played pivotal roles during banks’ recapitalisation and demutualisation of The Exchange among others.

How would you respond to the new short term measures that the Committee on Tax Reform has announced to make Nigeria a tax-friendly environment ?

The Tax Reform Committee, chaired by Mr Taiwo Oyedele has come up with some laudable quick wins to address the nagging issues of taxation, militating against investments in Nigeria. The fact is that while official taxes in Nigeria are 60, people contend with over 200 different types of taxes. The Committee’s recommendations will go a long way in restoring some level of sanity into taxation in Nigeria and that will enhance the government’s revenue drive from the sector without inflicting pains on the majority of Nigerians. We are all awaiting  the implementation. ASHON had at different fora canvassed the need to take a second look at Capital gain Tax (CGT) to reduce transaction cost and attract all cadres of investors into the capital market. This is consistent with the need for the government to implement market-friendly policies to encourage more companies to seek quotation on the securities markets. A conducive tax environment will make our market more competitive .

Would you encourage investors to take a position in the market at the moment?

Regardless of the state of uncertainties in the global financial markets, investors that take sound investment advice have opportunities for superior return on investment on a consistent basis. Many investors often lose huge amounts of money by relying on their own intuition or consulting unqualified investment advisers. Investment in any asset class requires a lot of variables, including an investor’s investment objective, risk tolerance, sources of funds and time horizon, amongst  others. Investment is a trade-off of risk and return, whereby an investor aspires to post the highest return at the lowest risk. This is achievable if proper analysis is done by certified investment advisers. Our members shall continue to engage investors on the need to work closely with stockbrokers for timely investment advice.

What is your advice to investors on risk management?

There is no asset without a risk element. The government bond is classified as risk-free, yet, it cannot be insulated from inflation risk, exchange rate risk and a host of others. What we are saying is that risk can be mitigated to ensure superior returns. In every risky situation, there are opportunities. The same applies to investment. It is all about understanding and deploying appropriate investment strategies. It’s not a game of one-size-fits-all. Contacting a professional investment adviser is in itself a risk-aversion measure. Investment professionals profile their clients as a precondition for advice on the appropriate investment opportunities.

How would you describe the relationship between the government and the stockbrokers?

We are partners in progress but the government can do a lot more by taking inputs from Stockbrokers whenever policy issues on the financial market are initiated. We expect a more cordial relationship with the appointment of two of our members at the heart of the economy- The Minister of Finance and Co-ordinating Minister of the Economy and Mr Yemi Cardoso, the new Central Bank (CBN) Governor. Stockbrokers play major roles in the capital market and they are the most visible operators. Every stockbroker is certified by the Chartered Institute of Stockbrokers (CIS) while at the corporate level, we have ASHON of which I am the Chairman. ASHON is  a registered Trade Group by the Securities and Exchange Commission (SEC). Market development is at the core of ASHON’s  and CIS’ activities.

Each group provides blueprints to the government annually on how it can utilise the market to grow the economy. The challenge is the failure of the government to utilise our inputs. Worse still, the Federal Government does not take inputs from the market operators on any capital market policy whereas the operators are the bridge between the Government and investors. This is one area that we believe that the new administration would make a difference in order to rejuvenate the economy.

HANNAH OSAYANDE BERE is a United Nations SDG Advocate, mental health ambassador, sustainability executive, and advocate for gender inclusion. She was born with a passion for humanity and sustainable growth. In an interview with OMOLOLA DEDE ADEYANJU, she discussed how Nigeria can achieve sustainable economic growth, a balanced level of gender inclusion, and reach the UN’s 2030 agenda for member states.

How did you become a mental health ambassador?

I am a born survivor, I lost my mum and my immediate younger brother in a house fire and that was the biggest house fire ever seen in my community at the time. It happened when I was thirteen years old so I didn’t know how to process it. I was more of frustrated, deppressed, and being from an African home, my dad did what he could do but what I needed at that time was a therapist, a counsellor, I needed someone to talk to but instead it was a case of ‘she will be fine, she is bereaving’.

So growing up I knew I should also help other people battle depression, I started researching on how I can help, what I can do to help people most especially in Africa, in Nigeria. I also remember someone telling me ‘you can actually pass for a mental health ambassador because of the way you talk to people, your level of empathy and your passion’. I was nineteen as at the time, hence I began receiving trainings and certifications. Being a mental health ambassador although started as a passion of mine but overtime it became a career.

Just before I had my first child I got my certificate on mental health training then after the birth of my second child I became a certified ambassador due to the different achievements I got. At this point I delved into focusing on mothers, it was so incredible that the niche became women battling postpartum depression. I became an advocate, an ambassador helping them come out of that and thenceforward different organizations started reaching out to me for public speaking and consultancy.

Being a mental health ambassador has helped me in my career in terms of sustainability, as we know ESG, the S stands for Social. My approach, feedback is based on empathy, getting to hear people’s stories and seeing ways to help them out.

What are your achievements as a mental health ambassador so far?

As little as a smile on a child’s face is, it’s a great achievement for me. A smile that comes from something positive I have done, like giving food to them is an achievement for me no matter how little and that’s why this career is a very passionate path to me. The impact my job has is real time that changes lives and I do not take it for granted.

What are those sustainable policies you think our leaders should adopt to change this consequent stories of negative leadership in Nigeria?

Well, unfortunately that is a very exhausting question to answer but I will say that the Nigerian government is neglecting the S in ESG, the S is Social and Social is People. The Nigerian government is neglecting its people, I understand the current government said we are going to let the market handle prices, float prices and currencies and let the market decide.

There’s nothing in place, you can’t just make a decision without putting an option or buffers in place for your people to leverage on. The people are frustrated! Sustainability is not just about planet or profit but the people. The people have the same complain over and again, I think that’s where we have to revert to the United Nations SDG goals.

The goals were enacted so that the people could have a sense of prosperity, people, partnership, community, culture. There are 17goals stipulated and they are incredibly helpful and straight forward. The top eight of the goals are; zero poverty; zero hunger; good health and wellbeing; quality Education; gender inclusion; clean water; renewable energy; decent work and economic growth.

I don’t think it’s too much for a government to say, while we are making such a big change, let’s focus on a particular area. Food should be affordable, this is not negotiable, access to clean water, these basic things. People should have access to decent jobs, industrialization at the grass root levels.

The United Nations have given the blueprints of the top 8 SDG goals that if you focus on achieving them, by 2030, your country will thrive, if not totally but there will be an incline, a growth process for your state.

Even giving out palliatives of ten thousand naira doesn’t make sense knowing the kind of community you have created where everything is so pricey. Such approach is an intentional one to make the people remain in abject poverty. Who are the President’s advisers and what are they advising? Every home, every community should literally have food, you need to restructure and restrategize. I

Do you think overpopulation is a major problem to getting a sustainable economy for Nigeria?

I can never say our population is a barrier because there are other countries with vast population than ours and they are doing very well to a particular level in respect to sustainability. This is a case of not having the right awareness, not having the right strategy to reach every community to every end, it’s all about the right strategy.

Can you pinpoint a strategy for the government?

Definitely I will to the right ears because if I give a strategy now, the execution may be given to the wrong person to execute. However, the ideologist of an idea should be the one vested with the responsibility of execution. Only who profers the startegy can give the right implementation of it.

What is your core interest from the 17 sustainability goals?

The people and the planet nevertheless I will say the people first because the people is life. Like I said earlier, I am a mom, I make moves on a sustainable impact for my kids to say my mom has done all these so that we don’t need to go through all that in future. For planet, what are we doing to protect our community, our environment, country, people? are key questions for me.

Therefore, the United Nations sustainability role is no longer a job but a lifestyle to me.

Since you started Advocating for gender inclusion, what have you realized or accomplished so far locally, globally or within your own space?

I have been Advocating for gender inclusion even before I knew what the word meant. I remember a time I went to a village in Benin city with my mom when I was about eight years old and we were speaking to the elders and some children but I noticed that the girls were not communicating with me. I asked my mom why and was told they couldn’t understand English because the girls in that community were not allowed to go to school. I asked my mom how I can teach them English language and she retorted that I have to be a teacher first. So growing up when my dad asked me what I wanted to become I told him I would like to be a teacher. Being an African dad, he told me I was either going to be a lawyer, engineer, or a doctor, howbeit, I have an incredible dad, when I told him I actually want to return to that community to empower a lot of girls he gave me his support and indulged me. I studied English education in Benin city and I was able to fill that vacuum of my heart.

I wear the shoes, I am a woman and no gender can tell better what is faced by women than women. I have seen some places in Nigeria where a woman doesn’t attain a certain position, where the women get lesser pay than men, and so many even think that the role of a woman starts and ends in the bedroom and kitchen. That’s the kind of community Nigeria has built which is very unfortunate.

I remember when I was in the job hunting world, I told myself any organization I will be sending an application to, I will have to go through the list and profiles of the board of directors, if there are no women or no black women, or minority groups represented, such is not fit for my consideration. This is because if your managements are not diverse in the UK, a nation that is very diverse, then you are indirectly telling me there’s no way I can rise to that level no matter the impact.

Also, in Nigeria we have a long way to go, there should be a sustainable engagement of both genders in the system. The nation is changing notwistanding the change is not loud or major enough. Women can be tender and still be very productive. Nigeria will do better with women as leaders in higher authorities. Organizations that practice the EDI- Equality, Diversity and Inclusion do better than those who just stick to the norms. If the government can bring up a gender inclusion policy for organizations, there will surely be a change in that aspect. More people will speak up and see it as human right if there is more campaign and awareness around ESG and EDI.

As a renewable energy expert, let’s talk about barriers to a sustainable economic growth and draw our case study from energy and its impact on the manufacturing sector.

When people have not eaten, the last thing they will be thinking of is how to draw resources for power supply. How many people can afford solar systems even when we say it is affordable. What do we mean by affordability. Before we start looking at renewable energy, why don’t we ensure diesel, gas, eletricity is as affordable as a sachet of water? Before we get to investing in renewable energy we should have subsidized a whole lot on various items, then people would of necessity welcome the idea of renewable energy. It shouldn’t be our focus for now.

When I learnt that renewable energy is getting big in Nigeria I did a market survey and realized that only a minute number of our population can afford to have solar systems in their homes. That’s an avenue that is concentrated on profit alone, it is not an industry that cares about the average Nigerians but the rich alone. This is not and should not be our focus now. The focus should be zero poverty, jobs for people, quality education. There are other things that takes precedence over renewable energy.

But energy affects cost of production which directly also affects the cost of commodities coming to everyone at every level

The government should just ensure the diesel and other gasoline being used presently are affordable and this will positively also affect cost of production. The government needs to step up to make affordability their goal.

How far have we gone with the UN’s 2030 Agenda? and how has UN supported Nigeria in respect to its claims to support member states for the achievements of this agenda?

An average Nigerian is not even aware of UN and what they do because they haven’t even gotten awareness of policies and the agenda of the Nigerian government and I can tell you for sure that United Nations actually support member states and are also rendering supports to Nigeria however the question is, does the system ensure that every Nigerian benefits from it, even to the grassroot level?