NDPC, NCX establish joint working group to boost investor confidence

The Nigeria Data Protection Commission (NDPC) and the Nigeria Commodity Exchange (NCX) have established a joint working group to strengthen data privacy compliance and enhance market trust within the nation’s commodity ecosystem. T

he collaboration followed a strategic courtesy visit by an NDPC delegation, led by its National Commissioner and CEO, Dr. Vincent Olatunji, to the Managing Director of the NCX, Mr. Anthony Atuche.

During the bilateral discussions, Dr. Olatunji emphasized that robust data protection frameworks have become indispensable for attracting global capital and shielding organizations from escalating cyber threats.

As modern commodity exchanges increasingly rely on personal data to facilitate high-volume transactions, safeguarding this information is critical to maintaining international market confidence.

The NDPC boss noted that global investors naturally gravitate toward jurisdictions with stringent data privacy laws.

He explained that strict adherence to the Nigeria Data Protection Act (NDPA) of 2023 is essential for the exchange’s long-term growth and reputational integrity.

To accelerate the exchange’s transition toward full regulatory alignment, the NDPC extended immediate technical support to the trade platform.

The commission offered free induction training alongside Virtual Privacy Academy (VPA) vouchers for NCX personnel, a move designed to embed data privacy best practices directly into the organization’s operational culture.

In response, the NCX Managing Director, Mr. Anthony Atuche, welcomed the regulatory guidance and affirmed his commitment to upgrading the exchange’s data governance architecture.

Acknowledging that the NCX is a highly data-driven institution, Mr. Atuche disclosed that the platform routinely processes highly sensitive identification metrics, including Bank Verification Numbers (BVN), National Identification Numbers (NIN), and Corporate Affairs Commission (CAC) data.

The newly formed joint working group will be tasked with designing and implementing actionable roadmaps to ensure the NCX effectively secures its data pipelines. By investing in staff capacity and integrating privacy protocols into its ongoing digital innovations, the NCX aims to set a benchmark for secure financial trading, ultimately reinforcing Nigeria’s position as a secure destination for agricultural and commodity investments.