By Blessing Emmanuel
The Nigeria Data Protection Commission (NDPC) and the National Insurance Commission (NAICOM) have formalized their collaboration to enhance data protection and privacy in Nigeria’s insurance sector through the signing of a Memorandum of Understanding (MoU).
The agreement, signed by Dr. Vincent Olatunji, National Commissioner of the NDPC, and Mr. Olusegun Omosehin, Commissioner for Insurance and CEO of NAICOM, underscores their commitment to promoting compliance with data privacy standards across the sector.
Dr. Olatunji highlighted the MoU as a critical milestone in NDPC’s efforts to integrate data protection across industries. “We have already made significant progress, including training NAICOM staff, and the signing today formalizes this ongoing partnership,” he noted. An Implementation Committee will be set up to oversee the execution of the agreement.
Mr. Omosehin described the MoU as the result of extensive engagements between both agencies, expressing confidence that it would embed data protection principles within NAICOM and the wider insurance sector.
The MoU outlines a framework for joint assessments and initiatives to ensure compliance with data protection regulations, fostering a secure environment for handling personal information.
This collaboration marks a pivotal step in safeguarding privacy and building trust in Nigeria’s insurance ecosystem.