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Business News

NITDA issues non-compliance notice to 100 companies over data protection

No less than 100 companies are to be issued non-compliance notices by the NITDA for failure to comply with certain processes of the NDPR of the agency.

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No less than 100 companies are to be issued non-compliance notices by the Nigerian Information Technology Development Agency (NITDA) for their failure to comply with certain processes of the Nigeria Data Protection Regulation (NDPR) of the agency.

The companies, which operate in the financial technology, aviation, and betting sectors, failed to submit their initial data audit as the NDPR stipulated.

A staff of the e-Government Development and Regulation Department at NITDA, Femi Daniel, disclosed that companies in the public and private sectors were expected to have updated their privacy policies in line with the NDPR by April 25 and file their initial data audit report by October 25, 2019.

However, the 100 companies in question are yet to provide these requirements. “While NITDA desires to enforce the NDPR, we want to ensure that the requisite processes for justice administration are fully complied with to avoid unnecessary judicial backlash” Daniel said.

According to Daniel, who spoke with Punch, part of the requisite processes for justice administration being put in place include the constitution of a data breach investigation team, which is working with the Inspector-General of Police and other security operatives. The team is said to be in charge of examining cases of data breaches.

[READ MORE: NITDA targets 300,000 job creation with data protection policy launch]

So far, since the introduction of the NDPR, Daniel said only 94 companies had fully complied with the NDPR while 200 firms had been granted an extension to submit their initial data audit reports based on request they made to the agency.

What you should know: The NDPR was created to provide a clear framework for the security and privacy of Nigerians using, collecting, storing or transferring personal data. Recall that Nairametrics had reported NITDA launched the NDPR 2019 and assured that with effective implementation, about 300,000 jobs would be created for unemployed Nigerians.

The agency had then disclosed that about 11 data administrators/processors had been licensed while the applications of 16 others were being processed to ensure that the industry operates based on international best practices and standards.

Chidinma holds a degree in Mass communication from Caleb University Lagos and a Masters in view in Public Relations. She strongly believes in self development which has made her volunteer with an NGO on girl child development. She loves writing, reading and travelling. You may contact her via - [email protected]

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Stock Market

Bamboo’s current rate for buying U.S Stocks weakens to N492/$1

Bamboo is currently offering its users a premium of more than 20% compared to the official exchange rate.

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The fast-rising Nigerian stock broking application, Bamboo, is currently offering an exchange rate of N492 to the dollar.

About two weeks ago,  the Nigerian stock trading app offered an exchange rate of about N484 to $1.

The green-coloured trading app known for allowing local-based Nigerians invest in stocks listed on the world’s biggest stock market (New York Stock Exchange and NASDAQ) is currently offering its users a premium of more than 20% compared to the official exchange rate set by the Nigerian apex bank.

READ: Nigerian Bitcoin P2P surges by 15% since CBN Crypto ban

That being said, other leading fintech platforms reviewed by Nairametrics also presently offer exuberant rates as high as about N519 to a dollar, thereby adding more transaction costs on a significant number of Nigerians hoping to trade such financial assets.

A growing number of Nigerians are currently increasing their exposure to the U.S stock market taking to the current bearish trend that is being witnessed in the Nigerian Equity market and growing urge in hedging against the weakening local currency.

READ: Many Nigerians are trooping into foreign stock markets

Bamboo: It is an investment platform that gives Africans real-time access to invest in or trade over 3,500 stocks listed on the American and Nigerian exchanges right from their smartphones or personal computer.

In partnership with US-based Drive Wealth LLC, Bamboo provides seamless, secure access to US and Nigerian securities.

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Obituaries

Supreme Court Judge, Sylvester Ngwuta reported dead

Justice Sylvester Ngwuta, has been reported dead.

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A Supreme Court Judge, Justice Sylvester Ngwuta, has been reported dead.

He was said to have died in the early morning of Sunday, March 7, 2021, in his sleep at his official residence in Abuja at almost 70 years.

According to a report from the News Agency of Nigeria (NAN), Justice Ngwuta who is from Amofia-Ukawu, Onicha Local Government Area of Ebonyi State, was said to be getting set for his retirement from the Supreme Court on March 30, 2021, upon attainment of the mandatory retirement age.

READ ALSO: The Supreme Court never ordered AMCON to pay Bi-Courtney N132bn

What you should know

  • It can be recalled that Justice Ngwuta was arraigned before the Federal High Court in Abuja in 2017 over money laundering and passport charges after large sums of money were discovered in his residence following a raid by security officials
  • He started his private legal practice at Abakaliki in July 1978 to October 1995, from where he was appointed a judge of the High Court Abia in October 1995 and then promoted to the Court of Appeal on May 22, 2003, was finally sworn-in as Justice of the Supreme Court of Nigeria in May 2011.
  • He was the chairman of a judicial panel of inquiry into the Obegu Enyibichirikwo Disturbance 1997-1998 and has been a member of several Election Petition Tribunal, Governship and legislative House Election Petition Tribunal; Nasarawa State held at Lafia in February 1999, National Assembly Election Petition Tribunal Plateau State held at Jos in April 1999, among others.

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