Economy
NDPB Marvels at SEC Nigeria’s Robust Data Policy
By Aduragbemi Omiyale
The National Commissioner of the Nigeria Data Protection Bureau (NDPB), Mr Vincent Olatunji, has commended the Securities and Exchange Commission (SEC) for its robust data policy, expressing the readiness of his organisation to collaborate with the apex capital market regulator in Nigeria.
Mr Olatunji gave this applause when he held a meeting with the Director-General of SEC, Mr Lamido Yuguda, in Abuja recently.
He stated that due to the fact that the issue of data is a global one as almost everything online, there is a need to ensure the safety of personal data.
“The whole world is a global village, and we are constantly interacting over various issues. The sector had the highest contribution to our GDP last year and that speaks volumes. Over 104 million Nigerians go on the internet daily and now we are looking at digitizing everything.
“We are committed to ensuring the protection of the data of Nigerians and to ensure we have globally competitive businesses as most countries will not want to go into business with you if you do not have your data protection and a supervising authority in place,” Mr Olatunji stated.
In his remarks, Mr Yuguda said SEC will work together with the agency to build trust in the capital market.
“The bureau and the commission can collaborate to ensure that institutions under my supervision should comply with NDPR (Nigeria Data Protection Regulation) as we have a lot of leverage over the institutions that work in the capital market so, we can put more emphasis on compliance in our interaction.
“There is a huge gap and big capacity for the agency and the agency will need more people and resources. The world is moving towards an online world which means that data is going to be given and stored somewhere and it can be compromised. That is the core purpose of your agency, to ensure that the data is properly used to the benefit of Nigeria and Nigerians, and I believe that this is an important task.
“Looking at the capital market, people buy investments, remove money, get dividends etc., everything about it is data because no one wants to go to a stockbroker’s office now.
“We will give you the maximum support that we can. We know that when you work well, our own industry also functions better,” he stated.
The SEC DG used the occasion to announce that in a bid to contain issues of fraud in the capital market as well as reduce to the barest minimum the quantum of unclaimed dividends, capital market participants will be given unique identifiers.
He said the identity management project already on-going in the capital market is to ensure that every participant within the capital market has a unique identifier that will be given to them so all capital market transactions will be secured and done on a Straight Through Processing basis, leaving very little human intervention in the processing of data, noting that efforts are being made to harmonise various databases of investors and facilitate data accuracy in the market.
“This is an institution that is going to be a strong partner to your bureau in the discharge of your functions, to ensure there is data integrity, data security and all agencies and capital market operators do comply with the NDPR and as far as the commission is concerned, at the moment, we have an IT transformation project underway that seeks to strengthen our data protection within the commission, the capital market, as well as our entire IT environment so it will be up to speed in terms of modernity, efficiency and protection of the database of the commission and the capital market,” Mr Yuguda said.
By Modupe Gbadeyanka
Nigeria’s First Lady, Mrs Oluremi Tinubu, has given Nigerians business advice that may not involve a lot of money to start.
Speaking with newsmen recently, the wife of President Bola Tinubu said businesses like akara (fried bean cake), kulikuli (a crunchy snack from roasted peanuts or groundnuts) and roasted corn can be set up without breaking the bank.
She disclosed that to support her husband’s Renewed Hope agenda, she has provided funding packages to traders and others to the tune of N3.5 billion.
“To start akara business doesn’t take a lot of money. To start roasting corn and kuli-kuli doesn’t take much. We didn’t give them a loan; we gave it to them as a grant,” she stated.
She further said, “We’ve encouraged Nigerians as best as we could, what is within our hands, I have given, and I keep giving. Those are the things we’ve done.”
“I remember giving for TB (tuberculosis) when I heard of many TB cases; I gave N2 billion, to breast cancer, I gave N1 billion, and to [tackle] malnutrition, I gave N500 million.
“These are the things we’ve been doing to assist the government. So, we’ve had impact in agriculture, social investment, education (as scholarship and ICT training) and others. We are still open to doing more,” she disclosed.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rallied by 1.70 per cent on Thursday, June 25, after three price gainers overpowered the two price losers recorded at the close of business.
Consequently, the market capitalisation of the trading platform increased by N43.79 billion to N2.618 trillion from N2.574 trillion, and the NASD Security Index (NSI) improved by 72.96 points to close at 4,362.32 points, in contrast to Wednesday’s 4,289.36 points.
Yesterday, the price advancers were led by Nipco Plc, which chalked up N31.79 to close at N349.76 per unit versus the preceding day’s N317.97 per unit. Okitipupa Plc gained N18.00 to end at N298.00 per share versus the previous session’s N280.00 per share, and Central Securities Clearing System (CSCS) Plc went up by N7.11 to N86.79 per unit from N79.68 per unit.
On the flip side, Nitrox Industrial Gases Plc crumbled by 32 Kobo to close at N21.09 per share compared with the N21.41 per share it closed at midweek, and Food Concepts Plc depreciated by 25 Kobo to N2.51 per unit from N2.76 per unit.
During the session, the value of securities traded by investors went down by 86.7 per cent to N10.9 million from the preceding session’s N82.9 million, and the volume of securities dropped 84.9 per cent to 10.9 million units from the previous 82.9 million, while the number of deals grew by 84.2 per cent to 35 deals from 19 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, trailed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units valued at N6.5 billion, and CSCS Plc with 68.4 million units exchanged for N4.7 billion.
GNI Plc was also the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited further suffered a 0.64 per cent decline on Thursday as the bears tightened their grip on the bourse.
For the second straight session, all the key sectors of Customs Street pointed south, with the energy counter down by 5.22 per cent. The insurance index slumped by 2.59 per cent, the banking space depreciated by 0.28 per cent, and the consumer goods segment moderated by 0.06 per cent, while the industrial goods sector was flat, though with a marginal fall.
As a result, the All-Share Index (ASI) contracted by 1,493.71 points to 233,580.83 points from 235,074.54 points, and the market capitalisation retreated by N959 billion to N149.888 trillion from N150.847 trillion.
Investor sentiment remained weak after a negative market breadth index, as there were 21 price gainers and 34 price losers.
Aradel and Deap Capital went down by 10.00 per cent each to N1,575.00 and N4.05, respectively. Trans-Nationwide Express fell by 9.90 per cent to N3.64, Regency Alliance slipped by 9.57 per cent to N85 Kobo, and C&I Leasing dipped by 9.48 per cent to N28.12.
Conversely, Red Star Express grew by 9.60 per cent to N24.55, Legend Internet expanded by 9.09 per cent to N6.00, Neimeth appreciated by 7.10 per cent to N8.30, Abbey Mortgage Bank rose by 5.45 per cent to N8.70, and Ellah Lakes improved by 4.65 per cent to N9.00.
Yesterday, market participants traded 393.7 million equities valued at N19.2 billion in 45,813 deals compared with the 488.1 million equities worth N20.9 billion transacted in 46,239 deals recorded a day earlier, implying a shortfall in the trading volume, value, and number of deals by 19.34 per cent, 8.13 per cent, and 0.92 per cent, respectively.
The most active stock for the session was Access Holdings with a turnover of 39.1 million units worth N896.2 million, Chams traded 24.5 million units valued at N96.5 million, Fidelity Bank sold 24.1 million units for N436.9 million, Sterling Holdings exchanged 23.8 million units valued at N182.2 million, and Zenith Bank transacted 18.9 million units worth N2.1 billion.
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