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.

A thoroughbred multi-dimensional professional with over three-decade experience in the Nigerian Financial Market and President and Chairman of Council , Chartered Institute of Stockbrokers (CIS), Mr Oluwole Adeosun, FCS, in this interview, X-rays the state of the Nigerian Capital Market and offers suggestions on how the Federal Government can make the market competitive through constructive engagement with the regulators and operators.

Can you comment on the historic rally on NGX after the swearing -in of President Bola Tinubu ?

The Stock Market has been a barometer to measure developments in any economy, and the conclusion of the electoral process in Nigeria encapsulated in the inauguration of a new government is a major milestone that will excite any securities market. It is therefore not unusual for our market to spontaneously react to the positive development by way of the spike in the prices of the securities. The policy pronouncements, on the day of the inauguration, were also seen as a silver bullet that raised the consciousness of the stakeholders to the opportunities in the securities market.

In his inaugural Speech, President Bola Tinubu said there would be unified exchange rate. How will this impact the activities in the capital market?

That is one of the urgent policy corrections that the Nigerian Capital Market has been canvassing for in recent years. The wide gap between the official and parallel market rates is an anomaly which creates room for so many market malpractices. By creating a more efficient and transparent foreign exchange management system, the unified rate policy will make the market more competitive, make the currencies more easilyaccessible to manufacturers and other end users, and improve the bottom line for our quoted companies.

The transparency that will evolve from determining the rate will boost the integrity of the exercise which is expected to excite foreign investors to make a return to our securities market. There cannot be a perfect unified rate. But if the margin between the official rate and other windows is within 3 per cent range, it is normal. But the supply side of the forex has to be addressed as a basis to ensure that forex scarcity will not hamper the success of exchange rate unification in the medium and long run.

How can the Federal Government deploy the market to achieve the 6 % projected growth of the Nigerian Gross Domestic Product (GDP)?

That question will be thoroughly discussed and answered at the forthcoming CIS National Workshop coming up in Abuja on July 27, 2023. Suffice to state, for now, that the capital market is a very effective tool for actualizing a broad based Public Private Partnership strategy which we recommend for President Bola Tinubu and the various State Governors.

As at May 29, 2023 the Market Capitalization in the Nigerian stock market was just a little fraction of the country’s GDP, but that is a paradox, because the market has actually shown over time, that with adequate institutional support, it can significantly contribute to the economic transformation of the country. The capital market was used to transform the Nigerian banking system into the multi trillion industry that it is today, and to provide critical liquidity for governments in the country. The market is effective at pooling long term capital in the economy. Listing on the stock exchanges also enable large multinationals and MSMEs alike to raise massive capital with long term payback and very low cost. The commodity ecosystem is another revenue centre that the Federal Government can exploit. This is why the government should engage the operators in the ecosystem to know that is required for them to operate optimally.

Are there policy measures that the government should put in place to encourage both foreign and domestic investors to participate more in the capital markets ?

The role of government in businesses worldwide is to provide an enabling environment that will allow productive enterprises to flourish. By enabling environment, we mean rule of law, provision of adequate infrastructure etc. The government must create a savings friendly economic environment, and then, continuously work towards improving the Ease of Doing Business ranking of the country, to make it a competitive investment destination.

Tax policies should be reviewed, to encourageinvestments and not the other way round. For example, the recently introduced Capital Gains Tax will discourage high volume investments, and should be removed for now, particularly in view of the fragile nature of our economy and capital market. We need to encourage more investments.

The government should listen to us more; have more consultations with the Capital market in policy formulation. Steps should be taken to extend trading liquidity to the stock market, as is done in the advanced countries. Our pension funds should, as a matter of national interest, invest a higher proportion of their funds in the equity market to provide a stable foundation that motivates other high net worths to invest over the long term; and the Central Bank of Nigeria should pay more attention to the stock market, allow bank stocks to be included in margin lending portfolios being the most active and liquid stocks and encourage banks to partner more with Stockbroking firms. We cannot still be living in the past and be looking forward to a better future.

Is there a deliberate plan by the Institute to attract youths into the financial market ?

The youths represent our topmost priority area. Tertiary institutions and schools generally represent the first point of our annual capital market literacy drive. We also have the Inter-School Capital Market Quiz competition and recently, Essay Competition. We undertake Career Talk programs in so many institutions every year. As a matter of fact, we have gone to the extent of awarding the CIS Diploma scholarship to quite a number of young, indigent Nigerian citizens and many of them have responded positively.

When will the e-library of the Institute become operational ?

Very soon. We are currently putting the finishing touches to the library room, having procured the necessary tools for its operation. The unveiling will be announced before the early in the third quarter.

How would you advise investors under the current business environment ?

This is an excellent time to invest, with the guarantee of democracy in the country. The market will grow as the policies of the new government take shape. Having said that, please ensure that you always consult a qualified and licensed Stockbroker to guide your investment decisions. You may visit the CIS or SEC websites for the lists of qualified operators, or the websites of the various securities trading platforms. Investors should contact their stockbrokers for effective investment advice. Investment is a trade off of risk and return. An investor can make money in all seasons with appropriate investment advice.

There is still a knowledge gap in understanding the benefits of investment through the capital market. What are plans in the pipeline to deepen investor education?

We have a lot of plans. However, it must be understood that Capital Market Literacy drive is expensive. That is the reason we continue to request for grants: From government, market regulators, quoted companies and the general public. As you are aware, we launched CIS Academy last year and in just a small space of time, they have done so much in imparting skills to the larger financial industry; an example being the recent joint training Programme with Lagos Business School on Board Leadership in the Securities and Investments industry. We have so much to do, but the financial capacity is limited.

Oluwaseun David Adepoju is a creative technologist, the founder of TECHmIT Africa and a curator of a collective called ‘ghetto silience.’ The firm seeks to accelerate technological resilience in underserved communities in Africa. In an interview with MOYOSORE SALAMI, he speaks on the significant role technology played in shaping politics today

What are some of the most significant ways technology is shaping politics today?

Technology is fundamentally changing the way politics is done today. One of the most significant ways technology is shaping politics is through the use of social media platforms. Social media has become an integral part of political campaigns and a powerful tool for engaging with constituents. Additionally, data analytics and machine learning algorithms are being used to target specific voters and craft tailored messaging. This can lead to more effective campaigning but also raises concerns about manipulation and privacy.

What are some of the biggest challenges and concerns related to technology and politics?

One of the most significant challenges related to technology and politics is the issue of privacy. With the rise of big data and artificial intelligence, there is a growing concern about how personal data is being collected, used, and shared by political campaigns. There is also the issue of disinformation, where false or misleading information is spread through social media, leading to a polarised public discourse. Bias is another concern, as algorithms can perpetuate and amplify existing biases, resulting in discriminatory outcomes.

How can technology be used to promote democracy and civic engagement?

Technology can be used to promote democracy and civic engagement by facilitating access to information, enabling online voting, and fostering public discourse. Social media platforms can be used to promote political engagement and mobilise voters, while digital tools can make it easier for individuals to participate in the political process.

What are some potential solutions to the challenges posed by the intersection of tech and politics?

The intersection of technology and politics poses several challenges that require innovative solutions. One potential solution is increased transparency and accountability for tech companies, particularly in their handling of personal data and use of algorithms. This can be achieved through regulation, such as the GDPR in the EU, or through industry self-regulation. Another solution is to promote digital literacy and critical thinking skills among the public to combat disinformation and online manipulation.

What role should the government play in regulating social media and other tech platforms?

Regarding the role of government in regulating social media and other tech platforms, there is a need for balanced and informed policymaking. Governments should ensure that tech companies uphold ethical standards and protect users’ privacy and data, while also balancing free speech and innovation. It is crucial to strike a balance between protecting users and promoting innovation.

How do you see emerging technologies like AI and blockchain changing the way we live and work?

Emerging technologies like AI and blockchain have the potential to revolutionise the way we live and work. AI can automate repetitive tasks and enable more personalised experiences, while blockchain can enhance security and transparency in transactions. However, these technologies also raise concerns about job displacement, privacy, and ethical considerations around AI development and deployment. I believe we can get the best out of these technologies and understand how to regulate them better with time.

Cybersecurity is becoming an increasingly important concern for individuals and businesses alike. What are some of the most pressing cybersecurity issues that we need to be aware of?

Some of the most pressing cybersecurity issues we need to be aware of include data breaches, ransomware attacks, and phishing scams. These attacks can compromise personal data and financial information, causing significant harm to individuals and businesses alike. It is crucial to stay informed about cybersecurity threats and take proactive measures to protect ourselves and our organisations.

With the rise of remote work and the gig economy, how do you see technology shaping the future of work?

Technology is transforming the future of work by enabling remote work, freelancing, and the gig economy. With the rise of digital platforms, individuals can work from anywhere and take on projects that align with their skills and interests. Working in the future will be more of “experience” than “employment” with the rise of more distributed systems technologies. Global collaboration will continue to increase and distributed team systems at organisations will become mainstream. However, this also raises concerns about job security, income inequality, and the need for new policies and regulations to protect workers’ rights.

Do you think technology can be used to address some of the world’s challenges such as climate change, inequality?

Technology can certainly be used to address some of the world’s challenges, including climate change and inequality. For example, AI and machine learning can help optimise energy consumption and reduce waste, while blockchain can enable transparent and secure transactions in the fight against corruption and inequality. However, technology is not a silver bullet, and it needs to be complemented by broader policy and societal changes.

What is your advice for young people who are interested in pursuing a career in technology?

For young people interested in pursuing a career in technology, my advice would be to stay curious and keep learning. Technology is constantly evolving, and it is essential to stay up-to-date with the latest developments and trends. Building a strong foundation in computer science, mathematics, and critical thinking will provide a solid base for a career in technology. It is also crucial to develop soft skills, such as communication and teamwork, as technology often requires collaboration across different domains and disciplines.